Information from the Financial Reporting Council (FRC) today highlights the closure of an investigation into KPMG’s audit of Entain’s full year 2022 financial results report.
Indeed, this formal review of the information outlined in the report has now been concluded, with the FRC’s Executive Council specifying that no enforcement action will be taken against KPMG in relation to this matter. As such, the consolidated financial statistics provided by the operator as part of this report can be considered legitimate – and KPMG’s auditory reputation intact.
As part of its recent press release, the FRC concluded: “Having reviewed the evidence obtained in the investigation, and having considered all relevant factors, the FRC’s Executive Counsel has decided not to bring Enforcement Action.”
This review was officially announced in January 2025 after the FRC’s Conduct Committee decided to open the investigation during the last quarter of 2024. At the time, KPMG clarified that it intended to fully cooperate with the FRC’s investigation – which, contextually, came after Entain agreed to pay a financial penalty of £585m ($773m) financial penalty related to bribery charges at a former Turkish subsidiary in 2017.
During 2022, the operator reported a net gaming revenue of £4.35bn, with underlying EBITDA of £993.2bn and £32.9m in profit after tax. More recently, the operator recorded an 8% year-on-year rise in revenue for the full year 2025 period, with group underlying EBITDA reaching £1.16bn for the period.
Indeed, earlier this week Entain also announced a £7.5m Gibraltar office refurbishment, signalling long-term commitments to the jurisdiction regardless of recent financial pressures affiliated with rising tax costs in the UK market.
The Financial Reporting Council acts as the official UK accounting watchdog
