SBC News Voice of the Sports Betting Industry
Further to this morning’s announcement of H1 2023 interim results, Barry Gibson, Chairman of Entain Plc, has issued a separate statement on the FTSE100 firm’s ongoing HMRC investigation.
The news that corporate governance had reserved a £585m legal provision to settle the HMRC dispute related to the former Turkish business terminated in 2017 dominated Entain’s half-year results.
“Whilst negotiations with the CPS remain ongoing, we believe that they have progressed to the point where we are likely to be able to agree on a resolution to the investigation, subject to Court approval,” Gibson informed investors.
Gibson reiterated that Entain has undergone a complete transformation from its predecessor, GVC Holdings, executing a change in management, strategy, and standards.
A deliberate effort has been made to become a best-in-class operator with responsible practices and strong corporate governance.
“The Entain of today bears no resemblance to the GVC of yesterday, which had a different management team, a different strategy, and – to be blunt – different standards.”
“Every aspect of our business model, strategy, and culture has been reviewed, analysed, and changed,” in which Entain now exclusively operates in ‘regulated or regulating’ markets, claiming to be the only gambling PLC that can make this claim. As such, Entain has withdrawn from markets where it does not show clear signs of regulation.
The company’s board stands by the new leadership team assembled by Chief Executive Jette Nygaard-Andersen, who operates on the “ethos of doing the right thing.“
“We’ve carried out a complete overhaul of the Board and leadership team, and we have a fantastic CEO in Jette Nygaard-Andersen,” Gibson continued.
“She is from outside our industry and has a background of running fast-growing digital entertainment companies. One of the many reasons that I picked Jette for the role is that she so clearly has an ethos of ‘doing the right thing.'”
Gibson highlighted the many breakthrough initiatives undertaken by a changed business in which Entain has introduced innovative technology like ARC to keep customers safe and committed 1% of its UK gross gambling revenue to Research, Education, and Treatment.
Of significance, Entain was the first gambling Plc to end shirt sponsorship deals in UK football and committed £100m through the Entain Foundation to positively impact communities.
“None of this is to say that we’re complacent,” the group’s Chairman concluded. “There is still a huge amount more for us to do, not least in capturing the growth opportunities that we see in front of us.
“These are exciting times for our industry as the worlds of entertainment, media, and gaming converge, so in many ways, we are only just getting started. We’re getting to a place where we can focus entirely on Entain’s future, rather than concerning ourselves with GVC’s past.”
