Entain to pay £585m after bribery investigation

Entain’s £585M Shake-Up: Navigating the High-Stakes Investigation

In a recent development, leading industry player Entain has encountered a significant financial setback, as it confirms the payment of a substantial penalty and disgorgement of profits amounting to £585 million ($737.4 million) related to its historical Turkish business dealings. The charges stem from alleged violations under Section 7 of the Bribery Act 2010, coupled with the absence of robust anti-bribery measures within the company.

The penalties, long foreseen by the operator, include a charitable contribution of £20 million and an additional payment of £10 million to cover costs for HMRC and the CPS. Entain’s Chairman, Barry Gibson, acknowledged the gravity of the situation, stating, “This legacy matter concerns a business which was sold by a former management team six years ago. The Group has changed immeasurably since these events took place.”

Gibson emphasized the transformation of Entain from the GVC era to the present, underlining the company’s commitment to operating exclusively in regulated markets and its recognition as a responsible operator with top-tier corporate governance standards.

Entain plans to make further announcements post the December 5, 2023 hearing, with details of the final Deferred Prosecution Agreement disclosed at an appropriate juncture. Despite these challenges, the company remains optimistic about capitalizing on significant growth opportunities and assures stakeholders of its dedication to address any concerns constructively.

This development serves as a turning point for Entain, marking a departure from its historical challenges and signaling a renewed commitment to transparency and accountability in the ever-evolving landscape of sports betting.