Entain has announced seven months after the resignation of its previous chief executive that Gavin Isaacs will be its new CEO. [Image: Shutterstock.com]

UK gambling group Entain has named its new CEO after a seven-month searching. Previous chief executive Jette Nygaard-Andersen handed in her resignation in December after a disappointing period in charge that was plagued with regulatory issues and underwhelming acquisitions.

Gavin Isaacs is taking over the role on September 2

Entain announced on Monday that Gavin Isaacs is taking over the role on September 2 after holding significant positions at numerous gambling companies over the years. The US citizen was previously the CEO of Scientific Games Corporation (now Light & Wonder) for more than two years. He has also held prominent positions at Aristocrat Technologies, Bally Technologies, SBTech, and DraftKings.

Isaacs will be looking to help Entain rebound, as its share price has dropped almost 49% over the past year. Revenue from online gaming operations fell 2% in Q1 despite an uptick in active customers across its umbrella of brands that includes Coral and Ladbrokes. Increasing regulatory restrictions and strong competition in the sector remain challenges.

Talking about the new appointment, Entain Chairman Barry Gibson said that Isaacs has “proven leadership and operational experience” to take the company to the next level. His annual salary will be £875,000 ($1m), which is the same as what interim CEO Stella David received.

The markets responded positively to his appointment, with Entain’s share price closing up 1.8% for the day.