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Entain, a prominent sports betting and online casino group, is on the verge of resolving an ongoing investigation by Her Majesty’s Revenue and Customs (HMRC). The investigation primarily focuses on its former Turkey-based operations, which were sold back in 2017. In an effort to address this matter, the company has been engaged in Deferred Prosecution Agreement (DPA) discussions with the Crown Prosecution Service (CPS).
An Overview of the Settlement Terms
Entain remains optimistic about reaching a favorable resolution in the HMRC investigation, encompassing not only the company itself but also its broader group. While the final terms of the DPA await judicial approval, the company’s unwavering confidence has prompted the allocation of a substantial provision of £585 million. Subject to approval, this payment will be spread over a four-year period, serving as restitution for alleged infractions of Section 7 of the Bribery Act 2010.
The calculation of Entain’s provision underscores its unwavering commitment to collaborating fully with the investigation, checking transfer methods like bank wire and payments with crypto, both prior to and during the DPA discussions. Anticipating the fourth quarter of 2023, the company’s Board aims to seek judicial authorization, marking a significant step towards resolving this matter.
A Shift in Management and Standards
Barry Gibson, Chairman of Entain, did not shy away from attributing responsibility to the previous management team of GVC Holdings, the former name of the group. He emphasized, “We are pleased to be making good progress towards drawing a line under this historical issue, which relates to a business that was sold by a former management team of the Group nearly six years ago.”
Gibson further highlighted the transformation of the company, asserting that the present-day Entain bears no resemblance to the old GVC. Under new management, with a different strategy and a heightened commitment to ethical practices, Entain’s journey has been marked by a notable shift in standards. The resolution of this case will serve as a significant milestone, solidifying Entain’s dedication to compliance and ethical conduct.
By providing additional details and context, the revised text offers a more comprehensive understanding of Entain’s ongoing HMRC investigation and its commitment to rectifying past issues while moving forward with integrity.
