Entain Australia CEO Lachlan Fitt is the third exec to quit following AUSTRAC investigation

IMAGO

Lachlan Fitt, deputy chief executive officer of Entain Australia, has quit the business, following on the heels of Entain NZ managing director, Cameron Rodger and global chief executive, Gavin Isaacs. 

The departures have been prompted by the Australian Transaction Reports and Analysis Centre (AUSTRAC) suing the company for what it described as “serious and systemic non-compliance with anti-money laundering and counter-terrorism financing laws.”

Entain is one of Australia’s leading gambling companies and forms part of the global Entain plc, listed on the London Stock Exchange. The company launched in Australia in 2013, as Ladbrokes, when it bought the established bookmaker.com.au website, before going on to purchase Neds in 2018. Today, Entain Australia operates the Ladbrokes, TAB, betcha, and Neds betting brands, among others. 

Entain plc is a British casino and sports betting conglomerate, founded in 2004, operating: BetMGM, Ladbrokes, Coral, Sportingbet, bwin and more in the UK.

Despite the company’s success, AUSTRAC announced in December 2024 that it was suing the betting company. The action was the first taken by the Australian finance commission against an online betting company. It said, at the time, that Entain had allowed 17 high-risk customers to use its betting platform and that the group had intentionally hidden the customers’ identities using pseudonyms. The group allegedly accepted more than £75m in bets from the customers. 

When AUSTRAC announced its action, Isaacs said the company took the allegations seriously and that they were cooperating with the commission. 

On 11 February, Isaacs stepped down from his position, having only been in the position since the previous September. On his departure, Stella David took on the role of interim chief executive. 

In a statement to the London Stock Exchange David thanked Isaacs for his service and said: “The board and management remain aligned on the Group’s focus on operational excellence and maximising shareholder value.”

Entain’s share price fell from a December high of £830 to below £615 within a month of the news breaking. Although the price had recovered to £770 in the proceeding weeks, the latest departure has seen a dip and is currently trading at around £705, having briefly fallen below £700. 

The group has warned that the legal action could lead to “potentially material” fines being levied against them. Experts have warned that a decision could take some time, as the betting giant waits for the Australian courts to make their decision. 

Globally, Entain has endured a difficult time. They were forced to pay HM Revenue and Customs nearly £600m in fines following a high-profile bribery case in the UK, and their failure to declare this has led to Turkish investors seeking more than £100m in compensation.  

There has been no suggestion that any of the executives are involved in any of the shortcomings, or that they are personally negligent. Fitt said of his departure: “I am grateful to Entain for backing me, and particularly for the recent opportunity to work on starting the revitalisation of the New Zealand racing industry.”