New Entain CEO Gavin Isaacs is expected to help turn the company’s performance around, including gaining market share for the online gambling giant’s US joint venture, BetMGM. On Sept. 2, the board chairman at iGaming content supplier Games Global begins work at Entain.
Entain appointing Isaacs appears to show the half-owner of BetMGM wants to regain the market share it lost to DraftKings. In November 2023, DraftKings declared itself No. 1 in US online casino market share. BetMGM had held that honor for years.
Entain (Entain PLC 813,20 -0,10%) is best known in the US as half-owner of BetMGM. Las Vegas-based MGM Resorts International (MGM Resorts International 36,66 -0,49%) co-owns the online gambling operator.
Isle of Man-headquartered Entain calls itself “one of the world’s largest sports betting and gaming groups.”
In the US, BetMGM remains one of the Big Three US online casino operators. DraftKings (DraftKings 44,26 -1,29%) and FanDuel are also in that category. BetMGM Casino is the flagship skin for the joint venture.
Entain says it more plainly on its LinkedIn company page:
Our partnership with MGM Resorts International has allowed us to make waves in the US by powering BetMGM with our bespoke and top-of-the-line technology.
It’s with this unique technology that we’re revolutionising our industry, and we’re boldly working towards being THE world leader in sports betting and gaming.
Isaacs Replaces CEO Present for BetMGM Slide
Former Entain CEO Jette Nygaard-Andersen resigned in December 2023. Board member Stella David has served as CEO since her departure.
Last year was a period of “necessary, but ultimately positive, transition” for the group, according to Entain Chairman Barry Gibson.
Gibson continued in the March 7 report on Entain’s 2023 results:
We have significantly strengthened the quality of our revenue base, enhanced our Board, and delivered a resolution to a critical, historic, regulatory issue.
That regulatory issue was the deferred prosecution agreement (DPA) with the Crown Prosecution Service (CPS). That entity pursued Entain for “a failure by the Company to have adequate procedures in place to prevent bribery in relation to its legacy Turkish-facing business.” Entain sold that part of its business in 2017, before Nygaard-Andersen worked for the company.
David emphasized in that March 7 announcement that Entain planned to increase its market share in the US. Entain’s only US brands are BetMGM and Borgata Bingo.
In Entain’s Q1 2024 earnings report, announced on April 17, David added:
Overall, we are pleased with the progress being made against our plan to accelerate Entain’s operational performance. There is still more to do, but the team is fully engaged in delivering operational improvements, product enhancements, as well as greater organisational agility and efficiency. We look forward to building on this momentum as we focus on our strategic priorities of organic revenue growth, margin expansion and winning in the US. We remain confident that our continued focused execution will drive organic growth into 2025 and beyond.
She said on July 22, in the press release about the new CEO:
I am confident that with Gavin’s leadership we will realise the ambitious plans that we have for Entain.
A BetMGM earnings benchmark will arrive on July 29, with the BetMGM H1 2024 update.
How Isaacs May Differ as CEO
Entain’s shareholders weren’t happy with the amount of money Nygaard-Andersen spent acquiring companies, primarily because they associated it with lowered stock prices.
For the past decade, Isaacs has been known for overseeing high-dollar sales of the companies he’s led.
For example:
- Isaacs is a Jackpocket board adviser. DraftKings bought lottery ticket courier Jackpocket in 2024 for $750 million.
- Entain points out in the announcement about hiring Isaacs that “Gavin was previously Chair of SB Tech prior to its sale to DraftKings Inc in 2020.” iGB reported DraftKings bought SB Tech for $634.1 million. Isaacs then served on the DraftKings board for a year.
The New York Times reported in July 2013, when Isaacs was CEO of Shuffle Master two years after serving as COO of Bally Technologies:
Bally Technologies has agreed to acquire SHFL Entertainment, a maker of casino games, for nearly $1.3 billion in cash. Formerly known as Shuffle Master, SHFL makes products like automatic card shufflers and roulette chip sorters, as well as proprietary table games and electronic gambling machines.
Light and Wonder (LNW) now owns Bally Games.
As for more qualitative differences, Isaacs has worked in online gambling, retail gaming supply, and lottery businesses for 25 years. His professional life began in 1986 as an attorney. Isaacs attained his first gaming supplier leadership position — “President Americas” — during his tenure with Aristocrat Technologies. The Australian gambling machine manufacturer is now known as Aristocrat Leisure.
That experience is a contrast to Nygaard-Andersen’s strengths, which were in eSports, entertainment, and finance.
Resume Filled With Gaming Supplier Leadership
Entain found a retail and online gaming supplier leader in Isaacs.
Google immediately surfaces his previous role as Scientific Games Corporation CEO. While he left that position in December 2016, Entain also cited SG first in the recitation of his previous leadership positions.
The iGaming-focused SG became LNW (Light & Wonder Inc 97,63 0,00%) in 2022.
Isaacs, a Las Vegas resident, will relocate to the Isle of Man and earn a “basic annual salary” of £875,000.
On Sept. 2, the board chairman at iGaming content supplier Games Global will step down from that position as Isaacs begins work at Entain. Isaacs will stay on the board of Games Global as an independent non-executive director.
His many leadership roles and lengthy tenure in the gaming industry may be part of the reason his 3-day-old LinkedIn post about his new Entain role already has 1,633 reactions and 462 comments.
Either way, the online gambling industry is noticing the new Entain CEO, who wrote:
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.
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