Gillon McLachlan’s shake-up of Tabcorp has hit full steam with confirmation the Hong Kong Jockey Club executive Michael Fitzsimons has been appointed to the role of Chief Wagering Officer.
Fitzsimons’ appointment has been rumoured for the past fortnight and Tabcorp confirmed to the ASX on Thursday morning that the current Executive Director Wagering at Hong Kong Jockey Club will be coming on board in the next few months.
“Michael Fitzsimons is one of the world’s most sought-after wagering executives and brings extensive global sports betting experience to Tabcorp,” McLachlan said in a statement.
“He has a deep knowledge of international sports betting, trading and tote. Michael is a rare find - he knows digital and retail wagering and is one of the few people in the world who can connect both to grow a wagering product.”
Fitzsimons has been with the HKJC for four years, firstly as Director of Trading, then in his current role since September 2022. He is also chairman of the Asian Pacific Lottery Association and a committee member of the World Tote Association.
Before that, he spent seven years with The Stars Group – now Flutter – as director of international trading and operations. He has extensive experience as a trader in the UK market.
He brings a specific skill set to his Tabcorp role having operated across both fixed odds and parimutuel commercial environments, something that will be of significant use in his new employer, which is the licensed parimutuel operator in all but one state in Australia.
Tabcorp had been criticised for not boasting enough pure wagering experience, with McLachlan coming into the role in September 2024 having previously been the long-term CEO of the Australian Football League.
McLachlan arrived after the sudden departure of his predecessor Adam Rytenskild, who is pursuing an unfair dismissal case against Tabcorp.
Bren O’Brien
The new CEO has set about making major changes. Soon after his arrival, Tabcorp announced a $1.4 billion loss, with significant write-downs in its wagering businesses in New South Wales and South Australia.
The share price hit a low of 37 cents in early September, but has since rebounded to 62 cents after a series of reforms by the new management.
While a headcount reduction of around 200 was made in November, McLachlan confirmed three new executive appointments shortly before Christmas, with former Channel Ten executive Jarrod Villani appointed as Chief Commercial and Media Officer, Narelle McKenzie as Chief Legal Officer and Robert Fraser as Chief Technology and Transformation Officer.
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The wagering role was seen as the most crucial appointment given the challenges Tabcorp faces. It faces the likelihood of a renegotiated deal in New South Wales, currently before the state government for a review, while McLachlan has also mooted the desire for a national tote in order to re-energise the struggling parimutuel model.
Fitzsimons’ experience with World Pool as well as in trading, will be seen as a big boost to the publicly listed company’s wagering credentials
“The creation of a Chief Wagering Officer is a significant uplift in wagering capability within our executive team. The simpler vertical structure brings all levers that grow wagering together under one executive to ensure first-class execution,” McLachlan said.
McLachlan said in October that increasing the company's wagering capability was a key priority.
“A key focus will be bringing in additional wagering capability and experience at senior leadership levels. Wagering is the foundation of our company,” he said.
The fact that the new chief wagering officer comes from outside the Australian wagering system is perhaps surprising, given the experience available among Tabcorp’s chief corporate rivals and the relative maturity of the Australian market.
The HKJC facilitates one of the biggest horse racing betting jurisdictions in the world, but does have the advantage of being a monopoly, something Tabcorp has not enjoyed for the better part of 20 years.
The Tabcorp share price rose to 62 cents on the back of the announcement.
Bren O’Brien
