Segev has a six-month notice period and will remain at Entain for the full notice period unless his successor is hired before then.
“We are sorry that Shay has decided to leave us but recognise that we cannot match the rewards that he has been promised,” said Barry Gibson, Entain chief executive.
“Entain has a wealth of talent across its leadership team and the business has never been stronger.”
Gibson added: “I can confirm that this changes nothing with respect to the board’s view of the recent proposal from MGM Resorts International to acquire Entain.”
“The board remains unanimous in our view that the proposal significantly undervalues the company and its prospects.”
Segev, meanwhile, said: “I will be sad to leave the company after five years but I have been offered a role which offers me a very different type of opportunity.”
In a separate statement, for DAZN, he added: “It is incredible to be given an opportunity to lead a business with global reach and ambition as well as the technology and resources to deliver sports to the world.”
“This role allows me to combine my passion for sport and transformative technology to disrupt and improve the consumer experience.”
DAZN is a sports focussed video-on-demand and streaming platform which has grown strongly worldwide, with high profile broadcast rights in key territories. Overall the app is available in over 200 countries.