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Fact-checked by Stoyan Todorov
UK Auditing Regulator to Investigate KPMG’s Audit of Entain
The announcement clarified that the FRC division will investigate KPMG’s audit of Entain’s financial statements for the year ended December 31, 2022

The Financial Reporting Council (FRC) of the United Kingdom, an independent regulator responsible for auditors, accountants and actuaries, has launched an investigation into KPMG’s audit of Entain’s financials. The probe comes amid KPMG’s shaky reputation in the wake of recent scandals.
FRC to Investigate the 2022 Audit
As confirmed by the FRC, the body has commenced an investigation in relation to the audit conducted by KPMG, one of the Big Four accounting organizations. The FRC added that the decision to open the probe was taken at a meeting of the FRC’s Conduct Committee on November 21, 2024.
The FRC further added that its Enforcement Division will be responsible for the investigation, which will be conducted under the Audit Enforcement Procedure.
The announcement clarified that the FRC division will investigate KPMG’s audit of Entain’s financial statements for the year ended December 31, 2022. This was notably the sixth financial reporting audit KPMG has done for its gaming client.
Entain has yet to issue a statement on the matter but KPMG representatives told Reuters that they are prepared to fully cooperate with the FRC to wrap up the matter as quickly as possible.
KPMG Was Involved in a Huge Scandal
Entain is one of Britain’s leading gambling operators and co-owner of the famous BetMGM betting brand. Although the company has cemented a strong position within the gaming sector, its operation hasn’t been without controversies.
In 2023, Entain agreed to pay GBP 585 million under a deferred prosecution agreement with the Crown Prosecution Service. The matter was related to the company’s historic business in Turkey and alleged bribery-related offenses. Entain was also told to cease its operation in unregulated markets.
KPMG, on the other hand, has likewise had its fair share of trouble. The auditor was involved in several scandals, including the one related to Carillion, a British multinational construction and facilities management services company that was liquidated in January 2018. Several years later, the auditing firm was slammed with a GBP 21 million fine for its accounting failures.
Entain & BetMGM Reaffirm EBITDA Guidance
Speaking of Entain, the BetMGM co-owner recently reaffirmed its 2024 guidance ahead of the publishing of its FY 2024 results. While the company’s shares have taken some blows, Entain indicated that group EBITDA will reach the upper end of its previously announced $1.27 billion to $1.33 billion guidance range.
BetMGM likewise reaffirmed its guidance, expecting H2 EBITDA loss to be similar to the one delivered in the first half of the year. As a result, BetMGM projected a full-year EBITDA loss of approximately approximately $250 million.
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