Why this $1.3 billion ASX 200 stock is surging 6% today

A 'rare find' has been appointed by this company. Let's find out more.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Tabcorp Holdings Ltd (ASX: TAH) shares are catching the eye on Thursday.

At the time of writing, the $1.3 billion ASX 200 stock is surging 6% higher to 63 cents.

A group of men in the office celebrate after winning big.

Image source: Getty Images

Why is this ASX 200 stock surging?

As well as getting a boost from a broad market rally, the gambling company's shares have been given a lift from a promising announcement.

According to the release, Tabcorp has appointed global wagering executive Michael Fitzsimons as its Chief Wagering Officer.

The company notes that he is "one of the world's most sought after wagering executives."

The ASX 200 stock highlights that Mr Fitzsimons will oversee all core wagering functions including digital, retail, tote, trading, product and marketing.

It adds that the position is part of the company's evolved Executive Leadership Team structure, which was announced in December. Tabcorp believes that the simpler structure will ensure all wagering functions will fall under one executive.

The appointment is subject to relevant regulatory and probity approvals.

Who is he?

Tabcorp points out that Mr Fitzsimons has over 20 years of global sports betting experience across the EU, US and Asia. He is currently Executive Director Wagering at Hong Kong Jockey Club (HKJC) where he leads strategy, trading, marketing, data and product development for fixed odds, parimutuel and lottery products.

It notes that his current role encompasses oversight of one of the world's largest totes, including the World Pool platform, along with Risk Management of China Sports Lottery's 120,000 betting branches.

Prior to this role, Mr Fitzsimons was director of International Trading and Operations at Canada's The Stars Group. During this time, he successfully launched the PokerStars Sportsbook and relaunched SkyBet in Germany and Italy. Mr Fitzsimons is on the executive of the World Tote Association (WoTA).

'A rare find'

The ASX 200 stock's managing director and CEO elect, Gillon McLachlan, was very pleased with the appointment. He said:

Michael Fitzsimons is one of the world's most sought after wagering executives and brings extensive global sports betting experience to Tabcorp. 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.

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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Consumer Staples & Discretionary Shares

Three women laughing and enjoying their gambling winnings while sitting at a poker machine.
Consumer Staples & Discretionary Shares

How high does Macquarie think this gaming stock will go?

Profit is expected to build throughout the year.

Read more »

Stressed shopper holding shopping bags.
Consumer Staples & Discretionary Shares

3 brokers weigh in on how high Premier Investments shares could go

A strategic reset of the business could have it primed for growth.

Read more »

Image of a shopping centre.
Consumer Staples & Discretionary Shares

A $500 million deal just dropped for Woolworths. Here's what investors need to know

Woolworths sells $500 million in shopping centres to unlock capital.

Read more »

A wine technician in overalls holds a glass of red wine up to the light and studies it.
52-Week Lows

Treasury Wine shares just tumbled to 14-year lows. Screaming bargain or falling knife?

Trading at 14-year lows, are Treasury Wine shares poised for a rebound?

Read more »

Ecstatic woman looking at her phone outside with her fist pumped.
Consumer Staples & Discretionary Shares

A rare buying opportunity for this ASX 200 stock as it rebounds from a historic low

Analysts are expecting big things from this beaten-down ASX 200 stock.

Read more »

One girl leapfrogs over her friend's back.
Growth Shares

This dirt cheap ASX retail stock is tipped to double in value

Better execution and easing pressures could spark a powerful rebound.

Read more »

Stressed shopper holding shopping bags.
Consumer Staples & Discretionary Shares

Which ASX retail stock could soar more than 100% if this broker is right?

A solid first half result has set this business up to win.

Read more »

A man on a phone call points his finger, indicating a halt in trading on the ASX share market.
Consumer Staples & Discretionary Shares

Trading halt, delayed results, and a capital raise: Why this ASX retail stock is under pressure

KMD shares fall after an earnings delay and equity raise announcement.

Read more »