Entertainment

Investors plan £150 million lawsuit against Entain after corruption settlement

Published

3 months ago

September 17, 2024

Investors are preparing a £150 million lawsuit against Entain, one of the world’s largest sports betting and gaming companies, following the company’s recent settlement over corruption allegations. The settlement, which involved Entain agreeing to pay £17 million to UK authorities, has sparked a backlash among shareholders who feel misled about the company’s ethical practices and the potential impact on their investments.

The background of the corruption settlement

The lawsuit stems from a corruption investigation into Entain’s overseas operations, particularly its business activities in Turkey. According to reports from the UK Gambling Commission (UKGC), the company had engaged in practices that violated anti-corruption laws, including failing to ensure compliance in its Turkish operations and facing allegations of bribery and money laundering.

Entain, formerly GVC Holdings, reached a settlement agreement with the UKGC, agreeing to pay £17 million in fines to avoid further legal proceedings. The settlement drew significant attention to the company’s internal governance and compliance procedures, raising serious questions about how these breaches were allowed to occur.

The fallout from the settlement also led to changes in leadership. Jette Nygaard-Andersen, who had guided the company through this tumultuous period, resigned in December 2023. Her resignation followed the resolution of the investigation, marking a major shift for Entain’s leadership. Stella David was appointed interim CEO, taking on the task of managing the company’s response and stabilising its operations.

Although Entain has since taken steps to overhaul its compliance structure, tighten policies, and improve staff training, the damage to its reputation has already been significant. These efforts, while essential, have come too late for many shareholders, as the scandal has already impacted the company’s market value and projected earnings.

Challenges of the gambling industry

The gambling industry, particularly for large multinational operators like Entain, frequently encounters ethical and legal challenges, especially in regions with weaker regulatory frameworks.

In countries like Turkey, where Entain’s bribery scandal emerged, regulatory oversight is less stringent compared to more regulated markets like the UK. This disparity can foster environments conducive to unethical practices such as bribery and money laundering.

Modern features like casino instant withdrawal enhance convenience for players but also present additional compliance risks. Entain’s issues in Turkey—highlighted by a significant bribery scandal—illustrate these risks.

The company’s failure to adhere to anti-corruption laws has led to a major settlement and a pending lawsuit, eroding investor trust. This situation underscores the importance of maintaining robust governance and compliance measures to mitigate risks associated with less regulated markets.

It serves as a reminder of the need for strong ethical standards and effective compliance programmes in the gambling sector. Investors must remain vigilant and advocate for rigorous governance practices to protect against the risks inherent in such environments.

Shareholders’ reaction and the planned lawsuit

Shareholders are proceeding with a £150 million lawsuit against Entain, claiming mismanagement and lack of transparency. They argue the company failed to fully disclose its legal risks during the corruption investigation, leaving investors unaware of the significant financial threat.

Several institutional investors are accusing Entain’s leadership of neglecting to mitigate risks tied to its overseas operations, especially in areas prone to bribery. The investors seek compensation for losses from the company’s stock decline following the settlement, alleging the financial performance and stock value were artificially inflated due to the lack of disclosure.

The online gambling industry & Entain’s future

Gavin Isaacs was recently appointed CEO to help stabilise Entain and rebuild investor confidence. With extensive experience in the gaming industry, Isaacs is expected to focus on strengthening governance, transparency, and driving growth, especially in global markets, following the fallout from the corruption scandal

They also made some positive headlines as their shares recently jumped by 7.6%, driven by strong growth in its UK arm, boosted by the Paris Olympics and Euro 2024. The company also benefitted from new product launches ahead of the NFL season, signalling that its marketing and product development strategies may be yielding positive results

As companies continue to expand into international markets, the risks associated with corruption and weak regulatory oversight increase. For Entain, the consequences of failing to address these risks have been significant, leading to a financial and reputational crisis. The outcome of this lawsuit could set a precedent for how shareholders in the gambling industry respond to corporate mismanagement and ethical breaches in the future.

Entertainment

Newport Winter Wonderland is the ideal treat for the family this Christmas holiday

Published

2 hours ago

December 24, 2024

Tom Sinclair

THERE is still a chance to attend the Newport Winter Wonderland and experience a magical winter experience. Located next to Friars Walk Shopping Centre (NP20 1UH), the festive attraction opened its doors on Thursday, November 21, and will run until Sunday, January 5, closing only on Christmas Day and Boxing Day.

Visitors can look forward to a real ice rink under cover, ensuring skating fun whatever the weather. Alongside the rink, a large Christmas funfair offers thrills and entertainment for all ages, while stalls serving various Christmas foods promise festive treats to keep everyone warm and satisfied.

For those looking to unwind, a fire pit provides a cosy spot for roasting marshmallows, and a licensed bar offers seasonal drinks to enjoy. Entry to the Winter Wonderland is free, with tickets required only for specific attractions.

Families can also meet Santa Claus himself, making it a perfect outing for creating cherished holiday memories.

For more details, including ticket bookings and opening hours, visit www.newportwinterwonderland.co.uk.

Make sure to wrap up warm and head down to Newport Winter Wonderland for a truly festive day out this Christmas season.

Festive fun: Newport Winter Wonderland features an ice rink, funfair, and Santa Claus (Pic: Herald).

Entertainment

Unearthed Festival 2025: Headliners announced for 10th anniversary celebration

Published

4 days ago

December 20, 2024

Tom Sinclair

THE UNEARTHED FESTICAL is set to celebrate its 10th anniversary in style, with headline performances from Macka B, Natty, and Ozric Tentacles.

Adding to the excitement, Marcus Gad is anticipated to join the lineup, though this awaits final confirmation, as stated in a recent newsletter to the festival’s mailing list.

The much-loved festival, renowned for its vibrant blend of music and arts, is gearing up for its milestone year. Organisers are urging festival-goers to secure their spots early, as campervan spaces, dog passes, and parking permits are in limited supply.

Early bird tickets for Unearthed 2025 sold out in record time, a testament to the festival’s enduring popularity among its dedicated fan base.

In a statement to attendees, the festival team said: “These epic artists are Unearthed icons, and as it’s our 10th anniversary festival, we couldn’t imagine celebrating without them.”

To mark the occasion, a redesigned festival website was unveiled last Friday, alongside the opening of applications for performers, volunteers, traders, and other contributors. The team encourages prompt submissions to ensure a chance to participate in this landmark event.

Adding to the festive spirit, organisers have also extended an invitation to their New Year’s Eve party—a warm-up to the main event next summer.

The Unearthed Festival has built a reputation over the past decade for delivering a unique community experience, blending diverse music, art, and culture in a way that resonates deeply with attendees.

As part of the broader summer festival scene, Unearthed continues to stand out as a celebration of creativity and connection, promising another unforgettable year in 2025.

Entertainment

Does Deal or No Deal need to attract more Welsh players?

Published

5 days ago

December 19, 2024

Staff Writer

With ITV’s reboot of Deal or No Deal now in full swing, fans have noticed that some of the most exciting moments have involved Welsh contestants. With viewers highlighting the charm and entertainment value of Welsh players, we’ve discussed why the hit game show could benefit from getting more locals involved.

The popularity of Deal or No Deal

The initial run of the UK’s Deal or No Deal was broadcast on Channel 4 between 2005 and 2016 before quietly being axed. In 2023, a new revival returned to ITV with a slightly altered format. With viewers flocking to the series in droves, the broadcaster was quick to renew the show for another season this year.

As the game is entirely luck-based, it has made it a great source of inspiration for online gambling games. This includes multiple online slots and even live dealer game shows with Deal or No Deal branding. These are featured at several quality sites that offer UK casino bonuses to new players in Wales, including 888Casino. Until the Welsh get more representation on the show, this is one of the best ways for players to experience being a contestant.

Welshman centre of memorable episode

During the early weeks of the series’ revival in 2023, an episode featuring Portsmouth-based Welsh player Simon inspired a passionate response from viewers after he played a comically bad game. Simon was adamant that his case contained £100,000, only to watch his chances at fortune slowly dwindle.

His confidence ultimately saw him make poor decisions after poor decisions, turning down strong offers and even inspiring viewers to back the Banker in frustration. The game culminated with Simon opening his case to win 10p. Despite his poor efforts, the episode generated widespread online conversations, leading us to believe that more Welsh players deserve a go at the jackpot.

The case for more Welsh players

After Simon’s disastrous performance, it seems fair that another Welsh player is invited along to do their country proud. In the final episode of the series’ ITV broadcast in 2023, Welsh player Jamie Foulkes from Cefn Mawr became an audience favourite after displaying the natural charming and quick wit characteristic of our locals.

His gameplay saw him nicknamed “mystic Jamie” for his ability to correctly guess case amounts, and after an extended moment of consideration, accepted a life-changing Banker’s offer of £14,850. This is a considerable amount when considering the top prize in the relaunched edition is £100,000 rather than the previous £250,000 offered.

The revival series is produced in Salford’s Media City complex, making it only a short drive away from residents in Northern Wales. This was one of the reasons that Foulkes applied for the show, so there’s no reason why more Welsh players couldn’t be selected.

Welsh players bring something special

Whether it’s the captivating yet frustrating performance of Simon or the charming run of Jamie Foulkes, Welsh players have already made a splash on the revived series of Deal or No Deal. We hope that the future season will showcase more local players to display our unique charms across the UK.