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STS appoints new CEO and chair following Entain CEE buy-out

| By Richard Mulligan
STS has announced a management reshuffle with a new CEO and chairman appointed in the wake of its acquisition by Entain CEE.

Radim Haluza will become the Polish sports betting operator’s new chief executive, while also remaining as CEO of Entain CEE. Long-serving STS chief executive Mateusz Juroszek switches from that role to become chairman of the supervisory board.

The changes come four months after Entain CEE acquired STS in a £750m deal. Entain CEE is a joint venture between Entain, investment management company Emma Capital and the Juroszek Family.

Juroszek said the changes to STS management will improve structure and operations within STS and Entain CEE. Juroszek, as chairman, is charged with taking further care of the group’s strategic development.

Haluza, who takes over his new role on 1 January, is also the CEO of SuperSport, Croatia’s largest gaming and sportsbook operator. This business was bought by Entain CEE for £690m in November 2022.

“I will continue to be actively involved in the development of Poland’s largest sports betting companies – nothing is going to change in this respect,” said new chair Juroszek.

“My primary activities at the moment are to focus on strategic goals and oversee their implementation both at STS and Entain CEE. Operational management will instead be the task of Radim Haluza. Our priority is to continue to grow in Poland – where the betting market is growing dynamically – and to exploit opportunities for growth across the region with Entain CEE.”

Entain CEE targets region’s potential

Entain CEE confirmed that the remaining composition of STS’ management board, managerial structure and plans for growth in the Polish market remain unchanged.

Central and Eastern Europe-facing Entain CEE was created in 2022 to make acquisitions across the region. Entain has a 75% stake in Entain CEE, while Emma Capital holds the remaining 25% stake.

Speaking earlier this year, Mikolaj Cymerman, head of corporate development at Entain CEE, said the group was formed to exploit the region’s potential.

“CEE used to be an important market for tier-one operators and throughout the years, while it started regulating, it became less important for many companies,” he said. “The dotcom model didn’t work anymore; you had to localise the product. Operators were struggling to make a more meaningful market share.”

STS made a strong start to 2023

The company saw net profit grow by 56.4% to PLN97m (£18.1m/€21.1m/$22.6m) in the first half of 2023. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the half-year rose by 34.1% to PLN157m.

STS did not provide a full breakdown of its H1 results. Revenue grew 13.7% to PLN299m during the period. The revenue rise was aided by the 26.0% year-on-year increase in revenue reported in the second quarter of the year. In the first quarter, revenue ticked up by 7.4%.

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