Ladbrokes-owner Entain Plc said on Wednesday it was likely to incur a “substantial financial penalty” as part of an investigation by Britain’s tax authority into issues including possible misconduct involving former third-party suppliers.
Entain, formerly known as GVC Holdings, said it was in deferred prosecution agreement talks with the Crown Prosecution Service and was working towards resolving the issue.
“We are keen to achieve a resolution to what is an historical issue relating principally to a business that was sold by the group nearly six years ago,” Entain Chairman Barry Gibson said in a separate statement.
Entain, which owns Coral betting shop as well as the bwin and partypoker online brands, has overhauled its board and leadership teams and transformed its business model in recent years, with its entire revenue now coming from regulated and regulating markets.
