Entain has taken key strides in its compliance drive by announcing its departure from a plethora of markets.
According to a report from the Financial Times, the group has ceased operation in an excess of 140 markets, where the likelihood of regulatory framework is dwindling.
The operator’s chair Barry Gibson underlined that the moves were progressive for the business as it seeks to overhaul operations.
A report seen by the FT detailed that Argentina, Russia and Ukraine were among the list of markets that Entain departed from as it continues to move towards its stated goal of only earning revenue from regulated markets. .
The move comes after Entain reached a £585m deferred prosecution agreement with the Crown Prosecution Service (CPS) after being subject to a bribery investigation by HM Revenue & Customs. The case was related to its previous Turkish business, which it sold in 2017.
Entain emphasised that it has since transformed as a company and it is a legacy issue for the company as the illegal activity occurred prior to its 2020 rebrand when it traded as GVC Holdings.
Gibson commented on that case: “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.”
There has also been a reshuffle at the top of the company as it embarks on a new approach in the year ahead. Most significantly, it saw the departure of Jette Nygaard-Andersen as the group’s CEO, with Stella David being appointed as Interim CEO.
This was one of five appointments for the group, with Pierre Bouchut also appointed as Senior Independent Director, Virginia McDowell named Chair of the Remuneration Committee, Barry Gibson becoming Chair of the People and Governance Committee and Rahul Welde taking the role as a member of the People and Governance Committee.
