Entain appoints US industry veteran Gavin Isaacs as new CEO

Entain has named Gavin Isaacs as the FTSE 100 operator’s new CEO 222 days after predecessor Jette Nygaard-Andersen stepped down with immediate effect.

Investors reacted positively to the news that a permanent successor had been found, as shares in Entain rose almost 4% in early trading to 667p.

Isaacs’ reign will officially begin on 2 September, at which time interim CEO Stella David will work alongside the new boss to ensure a smooth transition period.

Entain announced that Nygaard-Andersen’s replacement will pocket a basic annual salary of £875,000, alongside an exclusive Entain benefits package that will cover the cost of his relocation from the US.

Isaacs will receive an annual bonus of up to 250% of his salary, alongside a long-term incentive plan that could amount to 450% of his basic pay.

He will also be required to build a shareholding in the multi-brand operator to the value of 450% of his salary, the firm said.

Entain’s new CEO brings a wealth of experience to the position, having served in a number of high-profile roles within the global sports betting, gaming and lottery industries, as well being inducted into the American Gaming Association’s Hall of Fame in 2022.

By taking on the role at the parent company of Ladbrokes, Coral and the BetMGM JV in the US, Isaacs has called time on his more than two-year spell as chairman of supplier Games Global.

He also occupied roles as an adviser to the board at provider PureSoftware and lottery courier Jackpocket, both of which he began in 2019 and continues to hold to date.

Isaacs was chairman of blank-cheque company Altitude Acquisition Corporation between December 2020 and September 2022.

Preceding that, Isaacs spent just over one year as a non-executive director of Boston-based DraftKings from April 2020 to May 2021.

The spell with DraftKings succeeded a one-year reign as chairman of sportsbook supplier SBTech, where Isaacs operated out of the company’s Nevada-based office.

In June 2014, Isaacs was appointed as president and CEO of land-based and online games provider Scientific Games, a title he occupied for two years and seven months. There was a brief overlap between his time as CEO and as the company’s vice-chairman of the board until he exited entirely in December 2018.

Over the course of his career, Isaacs has also served as president of Aristocrat for seven years between December 1998 and May 2006, alongside stints as the COO of Bally Technologies and Shuffle Master CEO.

Taking to LinkedIn to express his delight at the news, Isaacs wrote: “I am delighted to share the news of my appointment as the new CEO of Entain, joining the business in September.

“I’m thrilled to be stepping into this role, inspired by Entain’s exceptional talent, iconic brands and commitment to progress. The opportunity to lead the group on its journey ahead is an exciting prospect and one that fills me with renewed energy, eagerness and huge motivation.

“To my future colleagues, I really look forward to meeting and working with you to drive Entain’s strategy forward and make the most of what lies ahead. I have no doubt that we’ll continue to build on the great work that you’re all doing, together.”

It was a sentiment echoed by interim CEO and chair designate David, who added: “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.”

Barry Gibson, Entain chair, heaped further praise on Isaacs while also singling out David for the work she has done in guiding the firm while the search for Nygaard-Andersen’s successor was conducted.

“On behalf of the board, I am delighted to welcome Gavin to Entain,” Gibson explained. “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.” 

In the months following Nygaard-Andersen’s departure, several industry professionals were linked with the job, including former Sky Bet CEO Richard Flint and the ex-MD of Rank Group, Henry Birch.

Confirmation of Isaacs’s arrival comes amid Entain’s ongoing legal battle with the former owners of Entain subsidiary BetCity, who are alleged to have incorrectly calculated its bonus costs and used a wrong VAT exemption structure to avoid paying the proper tax liability.

Entain has argued that Dutch-licensed BetCity should have accounted for higher bonus costs due to an impending ban on untargeted advertising, a claim that BetCity has countered as invalid, given it had been known 18 months beforehand that the ban would come into effect in July 2023.

In March of this year, BetCity filed a €104m countersuit against Entain in response to the operator claiming it failed to disclose ongoing anti-money laundering investigations by the Netherlands Gambling Authority (KSA).

Arnold Ash is EGR’s Executive Recruitment Partner. They support ambitious organisations to identify and attract industry leading executive talent. Find out more here.