Ladbrokes owner Entain has appointed Gavin Isaacs as its new chief executive, ending a months-long search for a new head of the struggling gambling giant.
Mr Isaacs, who was previously chairman of Games Global and was on the board of Entain’s US rival DraftKings, will join the sports betting giant on September 2.
DraftKings tried to buy Entain in 2021 in a 22 billion US dollar bid, but eventually abandoned the deal.
Mr Isaacs’ appointment comes amid a challenging year for Entain, which also owns Coral and BetMGM.
Earlier this year, the London-listed firm pledged to carry out a review of its betting brands after posting an £879 million loss in its most recent annual results.
Part of that was from a £585 million penalty agreed with HM Revenue & Customs to settle charges related to alleged bribery offences in Turkey.
Former chief executive Jette Nygaard-Andersen resigned in December last year after the settlement agreement, following reports that shareholders were unhappy with her leadership.
The group has also been hit by increased scrutiny from regulators in the UK and other markets, while the cost-of-living crisis has also hit gambling firms’ revenues.
Shares in Entain, which is listed on the FTSE 100, have fallen more than 50% over the last year.
Mr Isaacs said: “The company’s iconic brands, exceptional talent and ongoing execution of its refocused strategy will enable the business to return to a leadership position across all aspects.”
Stella David, Entain’s interim chief, will replace Barry Gibson as company chairman following his retirement on September 30.
Ms David said: “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.”