Entain has agreed a £585m settlement with the Crown Prosecution Service (CPS) after being subject to a bribery investigation.
The case stemmed from its previous Turkish business, which it sold in 2017. The owner of Ladbrokes and Coral will pay the settlement to HMRC.
Entain emphasised that it has since transformed as a company and it is a legacy issue for the company as the illegal activity occured prior to its 2020 rebrand when it traded as GVC Holdings.
The original HMRC investigation commenced in 2019, over Entain’s former subsidiary, Headlong, and its online gambling activities in Turkey.
Chairman Barry Gibson commented: “This legacy issue pertains to a business divested by a past management team six years prior. The company has undergone significant changes since then, and the DPA process has underscored the profound evolution from the GVC of the past to today’s Entain.
“We remain focused on advancing our operations exclusively within regulated markets and are acknowledged as a leading, responsible entity with unparalleled corporate governance across our business.”
Investors have been notified that the finalisation of the settlement is forthcoming, with Entain poised to seek final judicial approval for the DPA on 5 December.
