Like a long-suffering punter down on their luck, ASX-listed wagering group Tabcorp is chasing its losses with a high-risk, high-reward bet on a new CEO: the former boss of the AFL, Gillon McLachlan.

There’s a strong argument that McLachlan, who finally left the AFL late last year after a prolonged farewell tour, is one of the country’s more recognisable executives. But he’s also wildly inexperienced for the Tabcorp role.