Statement from Entain Chairman Regarding HMRC Probe into Turkish Operations; Envisions Significant Financial Sanction
Entain has released a statement regarding the current investigation being conducted against the company by the UK’s HMRC (His Majesty’s Revenue & Customs), where it is accused of historical misconduct with its former Turkish iGaming business. The investigation, initiated in 2019, is focused on corporate shortcomings during the period of 2011 to 2017, which may result in Entain facing a considerable financial penalty. Looking to put this issue behind them, Barry Gibson, Chairman of Entain, said, “We are eager to come to a resolution for a historical matter concerning a business that was sold by the Group almost six years ago. Entain has undergone a significant transformation since then, taking appropriate and responsible steps to be an excellent operator with exceptional corporate governance.”
Furthermore, Entain has acknowledged that it does not yet have information regarding the extent of the penalty that may be imposed. However, the company has taken steps such as conducting a thorough evaluation of its anti-bribery guidelines and processes since the investigation began.
Gibson emphasized that the Board and leadership teams have undergone changes. Entain now earns 100% of its revenue from regulated or regulated markets, and the corporation has examined, assessed, and tested its business model, strategy, and culture. Entain is working closely with both the CPS and HMRC to bring this issue to a close as quickly as possible.
Last year, the Gambling Commission found Entain guilty of multiple social responsibility and anti-money laundering violations, and the company agreed to pay a £17m ($21.5m) regulatory settlement.