Entain appoints Gavin Isaacs as new chief executive following seven-month search

Entain's search for a new chief executive officer is over after the parent company of Ladbrokes and Coral announced the appointment of Gavin Isaacs to the role.

Isaacs, a US citizen with 25 years of experience across the global sports betting, gaming and lottery industries, will take up the position from September 2.

The betting giant had been looking for a permanent replacement since Jette Nygaard-Andersen stepped down with immediate effect in December.

Stella David, who has been acting as interim chief executive, is to work alongside Isaacs before succeeding Barry Gibson as chair of Entain following his retirement on September 30.

Gibson said: "On behalf of the board, I am delighted to welcome Gavin to Entain. We are confident that his proven leadership and operational experience mean that Gavin is the right person to take Entain into its next chapter. 

"I would also like to thank Stella David and Entain colleagues for the significant operational improvements and progress made so far towards our strategic priorities."

David said: "I am looking forward to working with Gavin and transitioning into my new role as chair of this fantastic business. The positive progress we have already achieved means the business has strong building blocks in place for the future. I am confident that with Gavin’s leadership we will realise the ambitious plans that we have for Entain."

Isaacs has held roles with companies such as Scientific Games Corporation, DraftKings Inc, SB Tech, Bally Technologies Inc, and Aristocrat Technologies. In 2022, he was inducted into the American Gaming Association’s Hall of Fame.

Isaacs said: "I am very excited to be joining Entain. The company’s iconic brands, exceptional talent and ongoing execution of its refocused strategy will enable the business to return to a leadership position across all aspects. 

"I am confident that Entain has an extremely bright future, and I look forward to leading the group in capitalising on the opportunities ahead and creating value for all its stakeholders."

Entain will be looking for the new appointment to bring stability following a particularly turbulent time for the company.

Last year Entain paid a total of £615 million in penalties, charitable donations and costs following the conclusion of a long-running investigation by HMRC into bribery claims surrounding a Turkish-based business owned by Entain's predecessor, GVC Holdings, between 2011 and 2017.

Nygaard-Andersen's departure last year came following a period of investor unrest about the company's performance.

Entain has also been hit by stricter regulation with net gaming revenue in the UK & Ireland down seven per cent – online down nine per cent and retail down six per cent – in the first quarter of the year. In March, the company warned that regulatory changes in the UK and abroad, such as affordability measures, would continue to hit earnings in 2024 by around £40 million.

David Brohan, gaming and leisure analyst with stockbrokers Goodbody, expects Isaacs' appointment to be "well received".

"This looks like a strong appointment for Entain given Mr Isaacs' extensive experience in the gambling industry," he said.

"While Stella David has been well received in her role as interim CEO, the lack of a permanent CEO was one of the key overhangs on the stock. 

"We expect today’s announcement should be well received. The focus now will turn to returning its online business to organic growth, while also improving the fortunes of the BetMGM business. We continue to like Entain and view the valuation as undemanding." 

Entain's share price was up 1.83 per cent to 656p at the end of Monday's trading.

Read these next:

Entain chairman Barry Gibson to step down in September as search for new chief executive continues 

Ladbrokes owner Entain reports fall in online revenues as regulatory challenges continue to bite 

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