Betting giant GVC may regret its Turkish gamble despite the rewards
HMRCâs expanded investigation could threaten its Nevada Gaming Commission licence renewal
So much for the idea that GVC, owner of Ladbrokes and Coral, would become dull and predictable after last weekâs sudden exit of Kenny Alexander, the deal-doing chief executive who built the firm at a pace few rivals could match. Alexander left only a few days ago but HM Revenue & Customs is now banging on GVCâs door wanting to know more about the companyâs past adventures in Turkey.
GVCâs shares fell 12%, removing about Â£500m of stock market value, and one can understand why. The HMRC investigation had previously been seen as a tame affair â an inquiry into third-party payment processors used by GVC in Turkey. The new and expanded version of the taxmanâs investigation is very different. It is examining âpotential corporate offending by an entity (or entities) within the GVC groupâ, said the company.