News International review

British gaming holding Entain earmarks $745 million to settle bribery case

One of Britain’s largest gambling companies Entain has set aside £585 million ($744.5 million) to settle a dispute with local tax authorities and delay bribery trials. The offence relates to a Turkish betting company that Entain owned until 2017.

According to The Guardian newspaper, the company is in talks with the UK Crown Prosecution Service.

Entain’s chief financial officer Rob Wood confirmed that the company intends to repay the funds over four years and believes the court will approve the deal.

The UK’s HM Revenue & Customs (HMRC) is continuing investigation from 2019. Entain is accused of failing to take anti-corruption measures and using bribery in the interests of the business. At the same time, Entain acknowledges the fact of illegal actions by former employees of the Turkish bookmaker, which it owned from 2011 to 2017.

Entain Gambling Holding, formerly known as GVC, is the parent company of Ladbrokes and Coral bookmakers and manages well-known online gambling brands Bwin and PartyPoker. The holding’s annual profit is more than 1 billion pounds (1.27 billion US dollars).