Entain’s Chief Financial Officer, Rob Wood, has stepped down from the role after 13 years, with Michael Snape now tasked with guiding the company’s fiscal strategy through what is likely to be a transformative 2026.
The FTSE100 group announced this morning that Snape will replace Wood as Group CFO and Executive Director of the Board on 6 March 2026, though will begin working with the Ladbrokes, Coral and Bwin owner as CFO Designate in February.
Snape will commence his tenure as Entain CFO at a critical juncture for the company and how it responds to inbound headwinds as 1 April 2026 begins the UK new tax regime on online gambling services.
From April 2026, the Remote Gaming Duty (RGD) on online gaming will rise from 21% to 40%. This will have a huge impact on Entain’s finances, as will the General Betting Duty (GBD) increase from 15% to 25% in March 2027, though the firm’s Ladbrokes Coral retail estate will be spared from this to the tax hikes exempting in-person betting.
Preparing for these challenges, Snape remarked: “I am thrilled to be joining Entain at such an exciting time in its growth and transformation story. I look forward to working with Stella, the Board and the leadership team to deliver value for all Entain’s stakeholders.”
Before joining Entain, Snape built up a varied career in financial leadership roles, having worked as Group CFO at International Distribution Services (IDS), Group CFO of the Boots pharmacy’s No.7 Beauty and International, and International CFO of supermarket chain Tesco, among other roles.
Wood legacy
Rob Wood calls time on his 13-year tenure as an Entain executive. He joined the company in 2012 as CFO of Retail, and would be promoted to Group CFO in 2018, tasked with developing a new finance unit following GVC Holdings £4bn acquisition of Ladbrokes Coral – a transformative M&A for UK gambling.
In 2021, he took on the role of Deputy CEO to Jette Nygaard-Andersen, charged with leading strategic expansions and M&As, as Entain moved its status to become one of the highest valued gambling Plcs.
Entain significantly expanded its UK presence, both retail and online, in 2017 with the acquisition of Ladbrokes Coral, which made it one of the biggest betting companies on the British high street alongside Betfred and William Hill.
The company has also been expanding internationally, with its bwin brand already a prominent name across continental Europe. Wood’s tenure also saw the start of the BetMGM joint venture in the US in 2018 and new European acquisitions, such as the takeover of Croatia’s SuperSport in 2022.
Recent years have seen a number of regulatory and financial challenges, however, particularly in the UK. The Gambling Act review of 2020-2023 led to a lot of regulatory uncertainty for operators, and the newly announced tax hikes have been the biggest blow by far.
Entain’s stock prices initially took a hit after Chancellor of the Exchequer, Rachel Reeves, announced the taxes last month. However, it has since rebounded – perhaps aided by its commercial lifeline in the US via BetMGM and potential interest in acquisition of some of its assets – and its market cap currently sits at £4.6bn.
Reflecting on his time at Entain, Wood said: “It has been a privilege and a pleasure to be part of Entain’s growth over the last 13 years, and I am proud of the transformation the Group has undergone during that time.
“With Entain’s and BetMGM’s pathway to long term success well established, now is the right time for me to pass the reins on, and I am confident that the Group has an extremely bright future.”