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Entain makes each-way bet with new CEO and deputy CEO appointments


Entain PLC (LON:ENT) has bounced outgoing chief executive Shay Segev out the door six months early and promoted non-executive director Jette Nygaard-Andersen to the top role with immediate effect, along with some other board changes.

The Ladbrokes owner also confirmed full-year underlying profit (EBITDA) for 2020 will be around GBP825mln-GBP845mln after 41% growth in online net gaming revenue in the fourth quarter counterbalanced declines from the closure of its bookmaking shops due to coronavirus lockdowns.

Trading at BetMGM, its US joint venture with MGM Resorts International, which earlier in the week pulled out of a takeover bid for the FTSE 100 company, was said to be going “from strength to strength” as it prepares to go live in its 12th state on Friday, with a US market share of roughly 18%.

Full-year US net revenues is now expected to be in the range of US$175mln-US$180mln, the group said, ahead of its previous guidance.

Segev, who recently gave his notice after accepting an offer to be boss of sports streaming group DAZN, said “the short-term outlook remains uncertain as a result of the ongoing impacts of COVID-19, [but] we have entered 2021 with good momentum”.

Dane Nygaard-Andersen joined what was GVC Holdings in 2019 with a wide-ranging CV, most lately as divisional CEO of Swedish broadcasting and esports group Modern Times, and before that CEO of satellite group ViaSat Inc (NASDAQ:VSAT) and chair of Danish esports organization Astralis.

Entain highlighted that Nygaard-Andersen has an “extensive track record of working with fast-growing digital next generation online and mobile entertainment companies offering video gaming, e-Sports, and social media video content” and so “brings significant experience to the CEO role that reflects the evolution of Entain into an entertainment focused company”.

Chief financial officer Rob Wood is also being given the role of deputy CEO alongside his current role, where he will be responsible for all retail operations and overseeing M&A activities.

The group said that chief operating officer Sandeep Tiku, who was promoted from chief technology officer last July, will join the board later in the year.

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