Gambling operator GVC Holdings’ new CEO Shay Segev is placing a seven-figure bet on his company’s future success.

On Monday, GVC announced that its new chief executive had exercised options to boost his holdings in the company from 111k shares to just over 1.6m. Segev’s options entitled him to acquire the shares at the discounted price of £3.17, well below Monday’s opening price of £7.66.

Segev’s options, which are now fully exercised under the company’s 2016 Management Incentive Plan, required him to draw down a £2m loan from a ‘third party bank.’ Said bank received a pledge from Segev involving his GVC shares as security for this loan.  

Segev, who until last month was GVC’s chief operating officer, assumed the CEO position following the abrupt resignation of Kenny Alexander in July. Alexander came under sharp criticism in March 2019 when he and then-chairman Lee Feldman sold off the bulk of their GVC shares, reaping a combined windfall of nearly £20m.