Entain Penalty Could Be Up To £300 Million Says Citigroup

Entain the owner of brands such as Ladbrokes and Coral are fearing that the financial penalty incurred by the investigation into “possible misconduct involving former third-party suppliers” in relation to the companies previous business in Turkey could be as large as £300 million.

The company has already said in a previous statement it expects a “substantial financial penalty”, the investigation began in 2019 when the Majesty’s Revenue & Customs (HMRC) asked for information on the then GVC Holdings company in relation to its Turkish facing online gambling business which the company sold in 2017.

In 2020 according to reports the investigation has been expanded to review any “potential corporate offending by entities within the group.”

Only last week Entain said: “While the company cannot say at this stage what the consequences of the investigation will be, it is likely that they will include a substantial financial penalty which is yet to be determined.”

Now financial services provider Citigroup has been quoted as saying that Entain penalty could be as large as £300 million, that figure comes from the gross profit the company generated in Turkey during 2011 and before it sold the business in 2017.

Citigroup believes the lower possible end of the penalty could be £200 million and worse case scenario £300 million.