Entain Reaches £585 Million Settlement with HMRC Over Historical Turkish Operations

Entain plc, the London-listed sports betting and gaming group that owns Ladbrokes, Coral, Bwin, Foxy Bingo, PartyPoker, and the BetMGM US joint venture (with MGM Resorts International), reached a settlement of approximately £585 million with HM Revenue & Customs in 2023, resolving a criminal investigation into historical conduct of operations that had served customers in Turkey.

The settlement was structured as a Deferred Prosecution Agreement (DPA) — a legal mechanism available under English law that allows organisations to resolve criminal liability by meeting specific conditions, typically including financial penalties and compliance reforms, without entering a formal guilty plea. DPAs require approval from a Crown Court judge who must determine that the agreement is in the interests of justice.

The investigation by HMRC related to conduct that predated Entain's current corporate identity. The business units involved operated under the former GVC Holdings plc entity (which became Entain through rebranding and acquisition activity). The historical Turkish-facing operations generated revenue from a market where online gambling was not legally regulated under Turkish law.

The £585 million settlement figure was among the largest in the history of the UK gambling industry and reflected the scope and duration of the historical conduct under review. Entain's existing leadership team, which took control after the period in question, cooperated with the HMRC investigation.

The settlement had no direct bearing on Entain's UK Gambling Commission licence or its US partnership with MGM Resorts through the BetMGM joint venture. Entain stated at the time that the resolution removed material uncertainty that had been a concern for investors and stakeholders since the investigation was disclosed.