Entain Announce Gavin Isaacs as new CEO

• Industry News
• 22. 07. 2024.
• Dusan Savic

Entain, an internationally renowned sports betting and gambling company, has announced Gavin Isaacs will become its new CEO, with the appointment taking effect on September 2, 2024. The experienced industry stalwart is to replace Stella David, an interim CEO who has held that position since late 2023.

Isaacs has carried multiple senior positions in the industry and will now take the top role. His most recent position was chair of Games Global, but he will resign with immediate effect. He has also held responsible positions at companies such as DraftKings and Scientific Games.

An exciting new challenge

Before joining the gambling industry, Gavin Isaacs worked in the legal sector for 12 years. Now he will lead Entain, a venture he is very excited about, showing his confidence that the company has a bright future.

“I look forward to leading the group in capitalising on the opportunities ahead and creating value for all its stakeholders,” he added. The interim CEO, Stella David, has noted the business already has a strong foundation for the future. She underscored her confidence that Entain would realise its plans with the help of Isaacs and his leadership.

In addition, Barry Gibson, the outgoing chair, noted that Isaacs was the right person for the job, mentioning his leadership and experience. He also thanked Stella David for numerous operational improvements and for respecting strategic priorities. David will now replace Gibson as chairman.

Gavin Isaacs arrives as the new CEO at the company, which has been looking for one since December 2023. Prior to the new appointment, Jette Nygaard-Andersen served in the role since January 2021. She said Entain was stable and sustainable upon her departure, but there were problems.

Times of upheaval

Andersen resigned days after the resolution of the Turkey-related case with the UK’s CPS (Crown Prosecution Service). The resolution in question led to a net loss of £936.5m for Entain in 2023. Furthermore, Entain is due to pay £585.5m, including disgorgement of profits and financial penalty. Other donations and costs will amount to £30m.

However, that’s not all. Several investors have announced a group claim against Entain, arguing they were not familiar with the historical offences committed in Turkey.

While the times have been difficult, the most recent financial update offers a more positive picture. The document published in April showed that Entain’s performance was in line with the Q1 expectations. Still, the UK and Ireland revenue was down, while the group revenue declined by 3% on a proforma basis.

Entain shares were trading up 5.53% at almost 680 pence per share in London on July 22, 2024.