TIDMENT
RNS Number : 0863B
Entain PLC
31 May 2023
31 May 2023
Entain plc
("Company" and, together with its subsidiaries, "Group")
Update on HMRC Investigation
Entain plc (LSE: ENT), the leading global sports betting,
gaming, and interactive entertainment group, announces that it is
in deferred prosecution agreement (DPA) negotiations with the Crown
Prosecution Service (CPS) and is working towards achieving a
resolution of the ongoing HMRC investigation.
As previously disclosed, on 28 November 2019, Entain Holdings
(UK) Limited, a subsidiary of the Company, received a production
order from HM Revenue & Customs (HMRC) requiring it to provide
information relating to the Group's former Turkish-facing online
betting and gaming business, which it held from 2011 until it was
sold in 2017. At that time, the Group understood that HMRC's
investigation was directed at a number of former third-party
suppliers, relating to the processing of payments for online
betting and gaming in Turkey. On 21 July 2020, the Company
announced that HMRC was widening the scope of its investigation and
was examining potential corporate offending by an entity (or
entities) within the Group.
The offences under investigation include, but are not limited
to, section 7 of the Bribery Act 2010.
The Company understands that the HMRC investigation, which is
ongoing, includes a review of its former Turkish-facing business
and acknowledges that historical misconduct involving former third
party suppliers and former employees of the Group may have
occurred.
The Group continues to co-operate fully with HMRC and the
CPS.
It is not possible at this stage to say how the investigation
into the Company will conclude. Whilst prosecution of a Group
entity or entities, which may defend the action successfully or be
convicted, remains a possibility, the Group is seeking to conclude
DPA negotiations with the CPS. Negotiations remain ongoing and any
resolution would be subject to judicial approval.
While the Company cannot say at this stage what the consequences
of the investigation will be, it is likely that they will include a
substantial financial penalty which is yet to be determined. The
Company cannot identify reliably at this stage the size of any
financial penalty.
Since the investigation first commenced, the Group has
undertaken a comprehensive review of anti-bribery policies and
procedures and has taken action to strengthen its wider compliance
programme and related controls.
Whilst the discussions with the CPS remain ongoing, the Board is
content with progress to date and looks forward to pursuing an
orderly conclusion to this matter.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
Company Secretary secretary@entaingroup.com
Investor Relations - Entain plc investors@entaingroup.com
David Lloyd-Seed, Chief IR & Communications david.lloyd-seed@entaingroup.com
Officer davina.hobbs@entaingroup.com
Davina Hobbs, Head of Investor Relations aimee.remey@entaingroup.com
Aimee Remey, VP US IR callum.sims@entaingroup.com
C allum Sims, IR Manager
Media - Entain plc media@entaingroup.com
Lisa Attenborough, Head of Corporate lisa.attenborough@entaingroup.com
Communications jay.dossetter@entaingroup.com
Jay Dossetter, Head of Corporate jodie.hitch@entaingroup.com
PR
Jodie Hitch, PR Manager
Media - Powerscourt Tel: +44 (0) 20 7250 1446
R ory Godson / R ob Greening / Sam entain@powerscourt-group.com
Austrums
About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the
world's largest sports-betting and gaming groups, operating both
online and in the retail sector. The Group owns a comprehensive
portfolio of established brands; Sports brands include BetCity,
bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet,
Sports Interaction and SuperSport; Gaming brands include Foxy
Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and
PartyCasino. The Group owns proprietary technology across all its
core product verticals and in addition to its B2C operations
provides services to a number of third-party customers on a B2B
basis.
The Group has a 50/50 joint venture, BetMGM, a leader in sports
betting and iGaming in the US. Entain provides the technology and
capabilities which power BetMGM as well as exclusive games and
products, specially developed at its in-house gaming studios. The
Group is tax resident in the UK and is the only global operator to
exclusively operate in domestically regulated or regulating markets
operating in over 40 territories.
Entain is a leader in ESG, a member of FTSE4Good, the DJSI and
is AA rated by MSCI. The Group has set a science-based target,
committing to be carbon net zero by 2035 and through the Entain
Foundation supports a variety of initiatives, focusing on safer
gambling, grassroots sport, diversity in technology and community
projects. For more information see the Group's website:
www.entaingroup.com
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END
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