Australian wagering giant Tabcorp June 17 appointed Gillon McLachlan as its new CEO and managing director, effective Aug. 5 and subject to regulatory approvals.
McLachlan is a well-known figure in Australian sports, having served as CEO of the Australian Football League (AFL) from 2014-23.
During that time, the league’s commercial revenue grew more than 150 percent, according to the Australian Financial Review. His tenure also included AU$4.5 billion media rights deal for the league in 2022.
He will earn a base salary of AU$1.5 million with a lucrative bonus structure, the company said in filings to the Australian Securities Exchange (ASX).
Tabcorp’s Executive Chairman Bruce Akhurst said in a statement that McLachlan “brings an added dimension of having been responsible for some of the most significant media rights deals in Australian sports history and we’re excited about the potential growth opportunities for our wagering and media business under his leadership.”
The company had been without a chief executive since mid-March, following the unceremonious departure of former CEO Adam Rytenskild.
Rytenskild was forced to resign March 13 after he was accused of using offensive sexual language towards a female regulator from the Victorian Gambling and Casino Control Commission (VGCCC) in 2023. At the time, the two sides were negotiating a lucrative extension of Tabcorp’s exclusive retail sports betting license in the state.
The ousted CEO reportedly told the regulator he would perform sexual favors for her if the AU$860 million, 20-year extension was granted, which it eventually was in December.
Rytenskild came to power when Tabcorp demerged its lottery and keno businesses in 2022 to focus solely on sports betting, but its market share has slowly eroded to competitors such as Sportsbet and PointsBet.
The appointment of McLachlan is the latest attempt to regain some of that market share, and analysts for Jefferies wrote in a research note that his appointment “should be seen as a positive” for the company moving forward.
