Entain has taken legal action to claims damages against Sports Entertainment Media (SEM), the former owner of BetEnt (BetCity) following its acquisition of the brand in 2022.
The acquisition of BetEnt, trading as BetCity in the Netherlands, came to $484.2 million. The deal was first announced in June 2022 but took about six months to finalize.
Entain Launches Legal Action Against Former BetEnt OwnersThese events trace back to 2022 prior to the acquisition. Entain alleges that BetCity’s executives, who knew about the violations, failed to report them in formal documents. One investigation by the KSA focused on the brand’s practice of sending promotional emails to young adults, resulting in a €400,000 ($433,000) penalty for BetCity.
Another investigation concerned anti-money laundering (AML) and counter-terrorism financing violations. The KSA began this probe in May 2022, leading to a €3 million ($3.2 million) fine for BetCity.
Entain Launches Legal Action Against Former BetEnt Owners Entain Launches Legal Action Against Former BetEnt Owners Entain Launches Legal Action Against Former BetEnt Owners Entain Launches Legal Action Against Former BetEnt Owners