Entertainment
Investors plan £150 million lawsuit against Entain after corruption settlement
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
What are the best Welsh versions of Monopoly?
Monopoly is one of the most beloved board games in history, enjoyed and argued over by groups of players since the 1930s. The original board was named after streets in Atlantic City, New Jersey, and the London version of the game is iconic, but now fans can find editions of just about any locale, from Hong Kong to Preston.
There are no fewer than six Welsh Monopoly games to choose from, including a Welsh-language version, and the newest, set in the mountainous locale of Snowdonia, which launched in Portmeirion earlier this year. Let’s check it out.
Rhifyn Eryri/Snowdonia edition
There’s no doubt that Monopoly is a phenomenon — it’s a sprawling empire of a franchise, with video games and theme parks, as well as a Monopoly casino site. A review describing this particular platform explains that it gets its name because it devotes an entire section to “custom Monopoly games”, giving players a hybrid board-game/casino experience. With the Monopoly name so widespread across game types and genres, it’s unsurprising to see the game take on not only the world’s great cities but also the wonders of the natural world. Released in March this year, the Snowdonia edition was launched with a special event at Portmeirion and Porthmadog.
The public was invited to suggest landmarks, towns, and organisations when the game was announced, and Yr Wyddfa took the prestigious “Mayfair” square on the board. The highest mountain in Wales is a national symbol and a major tourist attraction year-round – so arguably has the prestige to be able to take the place of one of London’s most affluent streets. At the other end on “Old Kent Road” is Ty Hyll (‘ugly house’ in English), the mysterious 15th century house in Betws y Coed. Legend tells that it was built overnight to pass a law that such rapid construction on common land meant the house could stay. In between are all manner of other iconic landmarks from the region.
Other Welsh Monopoly editions
But the Rhifyn Eryri/Snowdonia edition isn’t the only Welsh version of the classic game — there are actually five others. 2000 saw the release of the first Wales edition, featuring Brecon Beacons, Holyhead, and Caernarfon Castle, amongst plenty of other locations which reflect Welsh history, identity, and natural beauty. Although the rules for that edition came in Welsh and English, a Welsh language (Yn Cymraeg) version also hit the market in 2007, with a distinct board layout — players pass Ewch, rather than Go.
Monopoly fans can also work their way around the capital city of Cardiff, landing on the Millennium Stadium, the National Museum and Cardiff Castle, amongst many others. There are also editions for Anglesey, Swansea, and Newport.
Roots of Monopoly
Monopoly originated from “The Landlord’s Game,” created in 1904 by Lizzie Magie, an American game designer, to demonstrate the unfairness of land monopolies. In the 1930s, during the Great Depression, Charles Darrow, an unemployed salesman, played a homemade version of the game with friends and decided to publish it.
He modified the rules and sold the game to Parker Brothers, who bought the patent from Magie and credited Darrow as the creator, launching it in 1935. Monopoly was a huge success, symbolising both the allure and pitfalls of capitalism, and has been providing rainy-day entertainment ever since.
The idea of owning an iconic mountain might seem a bit strange, but there’s no doubt that the Rhifyn Eryri/Snowdonia edition of Monopoly is an interesting and fun entry in the franchise. With many instantly recognisable landmarks, the region is well suited to the classic game.
Entertainment
Miles Jupp: On I Bang
SINCE Miles’ last tour finished at The London Palladium in 2017, he’s been in The Full Monty on Disney Plus, The Durrells and Why Didn’t They Ask Evans? on ITV, as well as a heap of episodes of Frankie Boyle’s New World Order and Have I Got News For You. He’s made an award-winning radio series and he’s published a novel. But for Covid, he would have played a lead at the RSC. Hey ho. Nevertheless, he’s done a play in the West End and played the Emperor of Austria and Europe in a Ridley Scott film and now he heads here to the Torch Theatre in Milford Haven!
Yet one sunny day in the middle of all this, he suddenly suffered a brain seizure. This led to the discovery of a tumour the size of a cherry tomato, and a rather pressing need to undergo major neurosurgery. Obviously, one doesn’t wish to make a big deal of it, but the experience has left him with a story to tell and a few things that he’d like to share with the room. So that’s exactly what he’s doing in his new show On I Bang – a tale about surprise, fear, luck, love and qualified medical practitioners.
Having received rave reviews by The Times, The Guardian and The Telegraph, On I Bang with Miles Jupp is one not to be missed here at the Torch, and tickets are selling like hot cakes. Awarded four stars and described as “Elegantly funny, terrible English account of a tumour” by The Guardian and awarded five stars by The Arts Desk 2024, this a performance that will be talked about for months to come.
Join Miles Jupp: On I Bang when he visits the Torch Theatre on Friday 10 January at 8pm.Ticket price: £25. For tickets phone the Box Office on 01646 695267 or visit torchtheatre.co.uk.
Entertainment
How to improve your home in a cost of living crisis
Welsh households have faced an increase in the cost of living over the last few years. Between 2022 and 2023, nearly half of Welsh residents (43%) reported a worsening of their financial situation.
With bills ever on the rise, things like home improvements have taken a back seat in an effort to save money. However, making some improvements to your home can be advantageous and there are plenty of ways to make positive changes without having to break the bank.
Benefits of home improvements
Enhanced comfort
Your home should be a positive and comforting place to be. When there are aspects of your home that you’re not happy with, it can create a negative environment. As the cost of living crisis takes its toll on people’s mental wellbeing, creating a safe and comfortable space is more important than ever.
Increased house value
Perhaps the biggest advantage to home improvements – increasing the value of your home. It’s important to make your home as valuable as possible if you’re looking to sell. A few touch ups and improvements here and there can make a significant difference to your home and increase its value substantially.
Better energy efficiency
Swapping out older elements, like lightbulbs, for more energy efficient ones is a great way to not only improve aesthetics but also keep costs down in the long run.
How to improve your home for less
Get painting
Painting is one of the easiest and most effective ways to transform a home. A fresh coat of paint on a tired looking wall or a splash of colour in a dull room can make all the difference in a bedroom, living room, or hallway. Professional decorators in Wales cost around £15 to £25 per hour or £150 to £190 per day, but you can save a lot of money by doing it yourself.
Kitchens and bathrooms can also benefit from a lick of paint. Painting kitchen cabinets is an easy way to modernise the space and bathrooms can be completely revamped with a bit of colour.
Upcycle furniture
With platforms like Facebook Marketplace, eBay, and Gumtree, it’s easy to find inexpensive furniture that you can transform into great pieces for your home. Instead of spending hundreds of pounds in IKEA, you can spend significantly less purchasing old furniture that with some cleaning, sanding, and painting, can be remoulded into a lavish piece for your home.
Swap out old lighting
Lighting can make a huge difference to the ambiance of a room. Consider replacing old bulbs with energy efficient warm white LEDs. Not only will the room have a cosier feel, but you’ll also be lowering your energy bills.
Add a touch of nature
Plants are a great way to make a house feel more like a home, and they have plenty of health benefits. To keep costs down, fake plants are a great alternative. They offer the same aesthetic benefits but are less expensive and require very little maintenance.
Home improvements worth spending more on
Some aspects of home improvements are better left to the professionals in order to get it right the first time.
Upholstery cleaning
Refreshing something you already own is almost always a cheaper and easier alternative to buying brand new. Professional upholstery cleaning services start from £49 per hour which is significantly cheaper than re-carpeting your entire house or purchasing a new sofa which could set you back thousands. By giving dull furniture a good clean, you can give your home a new lease of life.
Electrics and plumbing
Whilst there is a lot you can do yourself, it’s important to leave things like plumbing or electrical elements to the professionals as it can be difficult, or even dangerous, and getting it wrong could cost you considerably more in repairs. On average, the hourly rate of an electrician is £33 and a plumber is £32 per hour in Wales.
Small changes can have a big impact
Improving your home during a cost of living crisis is entirely possible as long as you’re smart about it. By doing things yourself or giving old items a new lease of life, you can massively cut down on costs and give your home the refresh that it needs.
-
Business2 days ago
Specsavers relocates to landmark new store following £1.2 million investment
-
Crime4 days ago
Pembroke man faces rape and sexual assault charges
-
Community6 days ago
Special guests for Torch showing of ‘Attack on Sorpe Dam’
-
Community3 days ago
Waldo Lounge in Haverfordwest is now officially open!
-
News3 days ago
A tribute to Honey Arteya Foxx French, written by her family
-
Top News5 days ago
Pembrokeshire’s ‘coal king’ lifts one of world’s oldest 127 kg lifting stones
-
News5 days ago
Police appeal after Nerf gun bullet hit baby
-
Farming7 days ago
Farmers fight back: Inheritance tax row at Welsh Labour conference