Dual departures: Lachlan Fitt and Cameron Rodger to leave Entain

Two of Entain’s most senior Australasian executives, deputy chief executive Lachlan Fitt and New Zealand managing director Cameron Rodger have announced they are departing the wagering company.

In a significant double blow for Entain, it was announced on Thursday that Fitt and Rodger would depart, winding up their commitments over the coming weeks.

Fitt, who has an extensive background in finance and wagering, joined Entain in 2019 and was soon appointed chief financial officer before assuming the deputy CEO role as well in 2023.

He has played a key role in Entain’s business development strategy over that time and has been a major player in the TAB NZ deal.

Rodger joined Entain in 2023 after the takeover of TAB NZ, having previously been chief commercial officer and TAB NZ, and before that in legal and commercial roles at the New Zealand Racing Board.

Together they have been the two most important players in Entain’s entrance into the New Zealand market and the implementation of the landmark 25-year agreement to operate TAB NZ.

Fitt, who worked at Tabcorp for four years before joining Entain after a role as a business and research analyst for Macquarie Bank, told The Straight the timing was right for him to leave.

“After a decade as an international wagering executive, now is the right time to move on to my next chapter,” Fitt said.

“I am grateful to Entain for backing me, and particularly for the recent opportunity to work on starting the revitalisation of the New Zealand racing industry.

“I am proud of the transformation of Entain’s wagering and media business in New Zealand – there is still more to do, but it is in great shape.”

Fitt is based in Australia but has spent substantial time travelling across the Tasman over the past two years and has served as chairman of New Zealand Thoroughbred Marketing for the past year.

“Whilst I’m resigning from Entain, I’m not resigning from New Zealand. Racing in New Zealand still has a tremendous amount of opportunity, and it is critical that the industry focuses on improving its efficiency in order to achieve sustainable long-term funding,” he said.

Fitt and Rodger both backed the recent appointment of Matt Ballesty as CEO of NZTR and emphasised it had nothing to do with their departure.

Similar to Fitt, Rodger said it was time for a new chapter in his professional career.

“The journey with TAB and Entain has been rewarding beyond words, and I’m incredibly proud of the transformation we’ve delivered for the industry,” he said.

“The progress made in modernising the New Zealand wagering landscape has been extraordinary, and I leave knowing the business is in great shape. The platform for wagering growth is now firmly in place, and my focus is shifting to the next chapter – one that allows me to continue contributing to the industry in new ways.

“While my time in wagering is coming to an end, my commitment to New Zealand racing remains. There are still big challenges ahead for the industry, and I want to play a role in ensuring it thrives for the long term.”

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The TAB NZ managing director said he had been considering his future for some time and was “excited” about what was next. He also backed the executive appointment made by NZTR.

“Having worked with Matt already, I believe he is an excellent choice to lead New Zealand racing forward, and I look forward to supporting him however I can,” he said.

What is next for both men, and whether that may involve something in partnership, has not been confirmed.

“There are a number of opportunities that combine my passion for racing and bloodstock, and the global opportunity both present,” Fitt said.

The departure comes at a time of upheaval for the Entain business in Australia and New Zealand. Executives Karl deKroo, Ryan Stanaway and Andy Hoad have taken jobs elsewhere in recent months, while Ladbrokes has shut down the bloodstock aspect of its racing club due to rising costs.

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Global CEO of Entain, Gavin Isaacs, departed suddenly last week.

It is also facing an AUSTRAC enforcement action, with Entain having to defend charges of a lack of compliance with anti-money laundering and counter-terrorist financing. An adverse finding would likely result in fines in the hundreds of millions of dollars.

Fitt said those clouds over Entain were not a factor in his decision to depart.

The dual departure also creates a major challenge for NZTR, which is charged with implementing key aspects of the Entain/TAB NZ deal within the first five years.

Ballesty will now have to deal with a new executive regime with the wagering partner, which is set to get exclusivity as New Zealand parliament prepares to introduce geo-blocking legislation.