TIDMENT
RNS Number : 8629I
Entain PLC
10 August 2023
10 August 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 has
taken a GBP585 million provision in respect of its ongoing deferred
prosecution agreement (DPA) negotiations with the Crown Prosecution
Service (CPS).
The Company previously announced an investigation by HMRC into
its legacy Turkish facing business, which it sold in 2017, and
subsequently announced that it is in DPA negotiations with the CPS
to resolve the ongoing HMRC investigation.
The DPA negotiations have now progressed to the point where the
Company believes that it is likely to be able to agree a resolution
of the HMRC investigation insofar as it relates to the Company and
the Group. While the full terms of a DPA are subject to judicial
approval, the Company has a sufficient degree of confidence to take
a provision of GBP585 million against a potential settlement, which
would be paid over a four-year period in relation to alleged
offences under Section 7 of the Bribery Act 2010. The Company
currently anticipates judicial approval will be sought during Q4
2023.
Section 7 of the Bribery Act 2010 relates to the failure of a
relevant commercial organisation to have adequate procedures in
place designed to prevent persons associated with it from
undertaking bribery for the benefit of the commercial
organisation.
The amount of the provision has been calculated on the basis
that the Company will receive full credit for its extensive
co-operation with the investigation prior, and subsequent, to
entering into any DPA.
Since the investigation first commenced, the Group has
undertaken a comprehensive review of anti-bribery policies and
procedures and has taken decisive action to significantly
strengthen its wider compliance programme and related controls.
The Board looks forward to pursuing an orderly conclusion to
this matter and drawing a line under these legacy issues involving
former third-party suppliers and former employees of the Group. The
Group is now licensed in more than 40 territories and, as
previously disclosed, is committed to operating only in markets
that are regulated or where it sees a clear path to domestic
regulation.
Barry Gibson, Chairman stated "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. We have been working closely with
the CPS throughout this process, and they have recognised our
extensive co-operation. Following a complete overhaul of our
business model, strategy and culture in the last few years, the
Entain of today bears no resemblance to the GVC of yesterday."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014 as it forms part of English law by
virtue of the European Union (Withdrawal) Act 2018. The person
responsible for releasing this announcement on behalf of the
Company is Simon Zinger, General Counsel . Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
Forward-looking statements
This document contains certain statements that are
forward-looking statements. They appear in a number of places
throughout this document and include statements regarding our
intentions, beliefs or current expectations and those of our
officers, directors and employees. These forward-looking statements
include all matters that are not historical facts. By their nature,
these statements involve risks and uncertainties since future
events and circumstances can cause results and developments to
differ materially from those anticipated. Any such forward-looking
statements reflect knowledge and information available at the date
of preparation of this document. Other than in accordance with its
legal or regulatory obligations (including under the Market Abuse
Regulation (596/2014) as it forms part of English law by virtue of
the European Union (Withdrawal) Act 2018, the Listing Rules, the
Disclosure Guidance and Transparency Rules and the Prospectus
Rules), the Company undertakes no obligation to update or revise
any such forward-looking statements. Nothing in this document
should be construed as a profit forecast. The Company and its
directors accept no liability to third parties in respect of this
document save as would arise under English law.
Enquiries:
Company Secretary secretary@entaingroup.com
Investor Relations - Entain plc investors@entaingroup.com
David Lloyd-Seed, Chief IR & Communications
Officer
Davina Hobbs, Head of Investor Relations
Aimee Remey, VP US IR
C allum Sims, IR Manager
Media - Entain plc media@entaingroup.com
Lisa Attenborough, Head of Corporate
Communications
Jay Dossetter, Head of Corporate PR
Jodie Hitch, PR Manager
Media - Powerscourt Tel: +44 (0) 20 7250 1446
R ory Godson / R ob Greening / Russell entain@powerscourt-group.com
Lynch
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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August 10, 2023 02:01 ET (06:01 GMT)
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