REG - Entain PLC - Statement Regarding Regulatory Settlement

EntainAnnouncement

17/08/2022 10:30

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RNS Number : 3231W  Entain PLC  17 August 2022

17 August
2022

Entain plc

("Entain" or the "Group")

 

Statement regarding regulatory settlement

 

Entain, the global sports betting, gaming and interactive entertainment Group,
can confirm that it has agreed a regulatory settlement with the British
Gambling Commission (the "Commission") in respect of alleged historical
licensing breaches. The regulatory settlement amounts to £14m in respect of
Entain's digital business, and £3m in respect of its retail business.

Entain has entered into the regulatory settlement with the Commission in order
to bring the matter to a close and avoid further costly and protracted legal
proceedings. Entain accepts that certain legacy systems and processes
supporting the operations of its British business during 2019 and 2020 were
not in line with the evolving regulatory expectations of the Commission in
respect to aspects of social responsibility and anti-money laundering ("AML")
safeguards. However, the Group also notes the Commission's statement that it
found no evidence whatsoever of criminal spend within Entain's operations.

The issues raised by the Commission relate to the period between December 2019
and October 2020, which predates the many changes in the area of safer
gambling and AML that Entain has introduced. For instance, in 2021 Entain
launched its Advanced Responsibility and Care™ ("ARC™") programme which,
using revolutionary AI technology, operates in real-time and is individually
tailored for each customer. The initial trials of ARC™ in the UK have shown
a risk assessment accuracy of over 80%, a 120% uplift in the use of safer
gambling tools by those most at risk, and a 30% overall reduction in customers
increasing their risk levels.

Furthermore, in May of this year Entain was awarded the Advanced Safer
Gambling Standard by GamCare, having evidenced the highest standards of player
protection and social responsibility for its online and land-based gambling
businesses in Great Britain.

As part of the settlement, Entain has also agreed to appoint a Board sponsor
to oversee the implementation of any further improvements identified by the
original 2020 compliance assessments and to undertake an independent audit of
the relevant policies and procedures at a future date.

The £17m settlement amount was already provided for in the Group's financial
statements.

 

Enquiries:

 Investor Relations - Entain plc                           investors@entaingroup.com (mailto:investors@entaingroup.com)

 David Lloyd-Seed, Chief IR & Communications Officer       david.lloyd-seed@entaingroup.com (mailto:david.lloyd-seed@entaingroup.com)

 Davina Hobbs, Head of Investor Relations                  davina.hobbs@entaingroup.com (mailto:davina.hobbs@entaingroup.com)

 Callum Sims, IR Manager                                   callum.sims@entaingroup.com (mailto:callum.sims@entaingroup.com)

 Media - Entain plc                                        media@entaingroup.com (mailto:media@entaingroup.com)

 Lisa Attenborough, Head of Corporate Communications       lisa.attenborough@entaingroup.com (mailto:lisa.attenborough@entaingroup.com)

 Jay Dossetter, Head of ESG and Press Office               jay.dossetter@entaingroup.com (mailto:jay.dossetter@entaingroup.com)

 Jodie Hitch, PR Manager                                   Jodie.hitch@entaingroup.com (mailto:Jodie.hitch@entaingroup.com)

 Powerscourt                                               Tel: +44 (0) 20 7250 1446

 Rob Greening/Nick Hayns/Sam Austrums                      entain@powersco (mailto:entain@powerscourt-.com) urt-group.com
                                                           (mailto:entain@powerscourt-.com)

 

 

About Entain plc

Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest
sports-betting and gaming groups, operating both online and in the retail
sector. The Group owns a comprehensive portfolio of established brands; Sports
Brands include bwin, Bet.pt, Coral, Crystalbet, Eurobet, Ladbrokes, Neds,
Sportingbet and Sports Interaction; Gaming Brands include CasinoClub, Foxy
Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino.
The Group owns proprietary technology across all its core product verticals
and in addition to its B2C operations provides services to a number of
third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and
iGaming in the US. Entain provides the technology and capabilities which power
BetMGM as well as exclusive games and products, specially developed at its
in-house gaming studios. The Group is tax resident in the UK with operations
in a total of 31 regulated or regulating territories. Entain is a leader in
ESG, a member of FTSE4Good, the DJSI and is AA rated by MSCI. The Group has
set a science-based target, committing to be carbon net zero by 2035 and
through the Entain Foundation supports a variety of initiatives, focusing on
safer gambling, grassroots sport, diversity in technology and community
projects. For more information see the Group's website: www.entaingroup.com
(http://www.entaingroup.com)

LEI: 213800GNI3K45LQR8L28

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