ShareOnline gambling behemoth has agreed to pay a £585 million penalty as part of a deferred prosecution agreement with the UK's Crown Prosecution Service (CPS).
This deal is in connection with legacy activities related to its former operations in Turkey, which violated the United Kingdom's Bribery Act of 2010.
The settlement, announced by Entain, is expected to conclude an investigation launched by HM Revenue and Customs (HMRC) in 2019. The investigation focused on the company's Turkish-facing operations, which were sold off six years ago.
The bribery allegations involved both prior company officials and former third-party suppliers to the firm.
In addition to the £585 million in fines and profit disgorgement, the settlement will also include a charitable donation of £20 million and a £10 million assessment to cover HMRC and CPS expenses.
This takes Entain’s total outlay to settle the matter to more than £615 million ($775 million). The settlement will be paid in four annual instalments from funds that it had previously announced it had set aside to cover its expected penalties in the case.
The deferred prosecution agreement is a voluntary agreement that, subject to final Court approval and compliance with its terms, would fully resolve the HMRC investigation.
Deferred Prosecution Agreements (DPAs) are agreements reached between a prosecutor and an organisation which could be prosecuted, under the supervision of a judge.
The agreement allows a prosecution to be suspended for a defined period provided the organisation meets certain specified conditions.
The offences in question are under the 2007 Bribery Act, and specifically relate to Entain's failure to have sufficient procedures in place to prevent bribery.
The company has fully cooperated with HMRC and the CPS and will continue to cooperate with the authorities into the future, as per the terms of the judgement.
Entain's Chairman, Barry Gibson, said in a statement that the company is now committed to moving forward in a more responsible manner.
“This legacy matter concerns a business which was sold by a former management team six years ago. The group has changed immeasurably since these events took place.
“We are committed to continuing our journey towards operating only in regulated markets, and are now widely recognised as a best-in-class, responsible operator with the highest levels of corporate governance across all aspects of our business.”
