Entain CEO Gavin Isaacs to step down from role with immediate effect

Entain

Industry giant Entain have confirmed CEO Gavin Isaacs has stepped down from his role with immediate effect.

The company announced Isaac’s departure this morning, on 11 February, despite the Australian having only entered the role back in September. 

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The news comes after former CEO Jette Nygaard-Anderson’s resignation in December 2023, raising questions over the company’s leadership stability.

Former interim CEO Stella David will resume the role while the company searches for Isaacs’ permanent replacement. 

She said: “Entain is making strong progress in delivering our strategic priorities. We would like to thank Gavin for his contribution. The board is pleased with the group’s performance in 2024 and trading so far this year. As announced on 13 January 2025, FY2024 group EBITDA (earnings before interest, tax, depreciation and amortisation) is expected to be at the top of the £1.04bn-£1.09bn guidance range.

“The board and management remain aligned on the group’s focus on operational excellence and maximising shareholder value. I look forward to leading the business as we continue to accelerate our performance.”

Entain boasts high-profile brands such as Ladbrokes, Coral, half of BetMGM, Sportingbet, Bwin - and more - as part of its portfolio. 

Their joint-venture of US behemoth BetMGM, which began in 2018, was a large driver in an 8% increase in net gaming revenue (NGR) for the company during Q3 of 2024.

Yet, the company has been battling a declining share price which has fallen by an alarming 27% over the previous 12 months. 

In fact, initial reports suggest the price has fallen by another 10-11% following news of Isaacs’ resignation.

Recent high-profile public scandals haven’t helped the company’s cause. Entain agreed to pay £585m to the UK’s Crown Prosecution Service for alleged bribery offences in a Turkish subsidiary in 2023.

The Australian financial crime regulator AUSTRAC also initiated civil proceedings against them for alleged breaches in anti-money laundering laws in December, while the UK’s Financial Reporting Council has launched an investigation into KPMG’s audit of the company’s financial statements from 2022.

Nevertheless, Entain have reiterated their previous FY24 EBITDA forecast in guidance published last month.

This comes despite the added threat of an increase in ‘customer-friendly results’ in the US market, which pose an additional threat to the company’s profitability and led to competitor Flutter Entertainment walking back some of their own initial estimations for the fiscal year.

Entain’s guidance, published on 13 January, reads: “Following operator friendly sports results during Q4, we now expect Group EBITDA to be at the top of the £1.04bn-£1.09bn guidance range.”

Entain have also confirmed they remain comfortable with market expectations for 2025, despite the ongoing uncertainty at leadership level and the several investigations currently taking place.

The company’s full FY2024 results are set to be announced on 6 March.