Entain’s CFO, Execs step down amid money laundering case

Entain, the parent company of Ladbrokes and leading bookmaker Neds in Australia, is facing a turbulent period as its third high-ranking executive has resigned amidst an ongoing legal battle with Australia’s financial intelligence agency, Austrac.

Deputy CEO and Chief Financial Officer Lachlan Fitt has stepped down from his role, following the recent departures of Entain NZ Managing Director Cameron Rodger and global CEO Gavin Isaacs.

The resignations come at a critical time for Entain, which was taken to federal court in December over allegations of “serious and systemic non-compliance” with anti-money laundering and counter-terrorism financing laws.

Austrac has accused the company of accepting $152 million in bets from 17 high-risk customers with suspected criminal ties while allegedly obscuring their identities.

Entain’s share price fell by nearly six percent following the allegations.

Fitt, who has served as CFO since 2018, played a key role in the company’s mergers and acquisitions strategy.

In a statement, he expressed gratitude for his time at Entain, saying, “After a decade as an international wagering executive, now is the right time to move on to my next chapter.”

He highlighted his contributions to the revitalisation of the New Zealand racing industry and hinted at his next venture, which will combine his passion for racing and bloodstock.

Rodger, who started as a TAB operator in Auckland and rose to lead Entain NZ, also cited a desire to move into the racing and breeding side of the industry.

“The progress made in modernising the New Zealand wagering landscape has been extraordinary, and I leave knowing the business is in great shape,” he said.

Entain Australia boss Dean Shannon acknowledged their contributions, stating, “We are sad to say goodbye to two members of our executive team who have provided many years of fantastic service and friendship. But at the same time, we are very happy for them both as they embark on their next adventure.”

While Entain has yet to formally respond to Austrac’s allegations in court, the company has reiterated its commitment to strengthening its compliance measures to continue to be one of the top online bookmakers.

“We have cooperated fully with Austrac throughout its investigation and we are implementing further enhancements to Entain Australia’s anti-money laundering and counter-terrorism compliance arrangements,” Isaacs said in December.

As Entain navigates these legal and executive leadership challenges, its commitment to the Australian and New Zealand racing industries remains firm.

Shannon assured stakeholders that the company’s involvement in racing sponsorship and ownership initiatives would not be affected by the recent departures.

Sam Moncur, Entain’s deputy chief financial officer, has been promoted to replace Rodger as the new Managing Director of Entain NZ, a move welcomed by the wagering and horse racing communities.

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