The international software company that is a part of the world’s leading gaming and sports betting operator Flutter Entertainment, Singular, announced an important senior-level appointment. The company revealed on Tuesday it selected Phil Garner for the role of managing director. In his new position with Singular, he is expected to play an instrumental role in its growth and expansion.

Joining Singular, Garner fills the position of George Shamugia, the company’s co-founder who used to hold the managing director role for more than 10 years. While Shamugia will no longer serve in the capacity of managing director, he will oversee the smooth transition of responsibilities to Garner. At the same time, Shamugia will remain a part of Singular and serve as its chief architect.

Currently, the company is renowned for its innovative and award-winning software solutions that power operators across the globe. Singular has a growing team of seasoned experts and remains dedicated to delivering software and solutions that stand out with reliability, scalability, flexibility and innovation. The company was acquired by Flutter back in 2021 and joined its international division.

“The major focus will be to enable Singular to be part of the Flutter Edge and charge our capabilities in markets with high-growth potential.“

Phil Garner, managing director at Singular

Sharing his excitement about the new role, Garner said that he will focus on spearheading the company’s growth and capitalizing on emerging opportunities. He thanked Shamugia for the dedication and success he brought to the company. “I’m glad we will continue working together as we pursue our vision and grasp the new opportunities that lie ahead for the team and the business,” said Garner in conclusion.

The Senior Executive Brings Extensive Experience

Darko Gacov, Singlular’s co-founder and director of operations, added that it is exciting to see Garner as the company’s new managing director. He welcomed Garner to the C-suite, acknowledging that he brings “extensive industry experience and profound understanding” of Singlular’s products, making him a perfect fit for the new role. Finally, Gacov predicted that the company will continue to deliver exceptional experiences for the brands it supports, guided by Garner.

Before joining Singular, Garner was a part of another Flutter-owned operator, PokerStars. During his tenure with the company, he held the role of senior director of infrastructure and platform services. His professional background includes more senior-level roles within Flutter Group, which enabled him to accumulate significant knowledge in payments, PAM and sports, among other gaming-related verticals.

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New South Wales (NSW) and Queensland regulators appointed special managers to oversee the company’s operations after the scandals surrounding its risk management failures and unethical behaviors. The beleaguered operator has recorded substantial progress in remedying its deficiencies but must still convince authorities it is ready to resume control.

Both Regions Expect Swift Progress

In ASX filings on Friday, Star disclosed the extension of Nicholas Weeks’ term as Manager of The Star Sydney by nearly six months, lasting until 30 June 2024. Similar to NSW, the position of the Special Manager for The Star Gold Coast and Treasury Brisbane casinos in Queensland has been extended by 12 months to 8 December 2024. 

These extensions aim to demonstrate that Star is capable of the necessary remedial actions to regain suitability and resume gaming activities as per its casino license provisions in NSW and Queensland. This change necessitates Star to demonstrate its adherence to the ongoing remediation plans and regain suitability by summer 2024.

Queensland’s decision to extend its special management follows a recent decision by Attorney General Yvette D’Ath to alter the effective date of a 90-day casino license suspension from 1 December 2023 to 31 May 2024. Meanwhile, the NSW Independent Casino Commission (NICC) clarified that its extension will likely mark the final continuation of the Manager’s term, with the option to conclude the tenure earlier if deemed appropriate.

The Operator Faces Growing Pressures

Star Entertainment managing director and CEO Robbie Cooke commented on the recent developments, expressing satisfaction with the Remediation Plan’s approval in Queensland. He stressed the need for unwavering commitment, accountability, and diligence to implement the measures successfully and prove that Star Entertainment can operate without additional supervision.

Despite the operator’s steady progress towards compliance, it faces substantial financial issues. Recent casino duty rate increases threaten to undermine the company’s long road to profitability as its FY 2022/23 results reported an unpleasant full-year loss of $1.6 million. However, all revenue-related policies must wait until the company regains regulatory compliance.

We need to regain the trust and confidence of all our stakeholders and communities and continue to have an unwavering focus on transformation.

Robbie Cooke, Star Entertainment managing director

While Star Entertainment has recorded steady progress with its remedial measures, many industry experts express skepticism about whether the operator can salvage its influence and reputation. Even if the company regains the trust of regulators, it must still struggle with mounting losses and macroeconomic pressures, meaning a return to profitability may take years.

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Last week marked the debut of ESPN Bet, the newly rebranded sports gaming app owned by Penn Entertainment. The new sports gambling app launched for 17 US states, entering important markets such as New Jersey, Pennsylvania, Colorado, Iowa, Maryland and Michigan, among others. The latest launch comes after a $1.5 billion deal announced between Penn Entertainment and ESPN, granting the gaming company the permit to use the name for the sports gambling app for the next decade.

The recent launch of ESPN Bet immediately impacted positively the stock of the leading gaming and entertainment company. On Monday, the Bank of America upgraded the rating for Penn’s stock from neutral to buy. Shaun Kelley, the leading analyst for Bank of America, highlighted the positive change and spoke about the strong launch of ESPN Bet across the country.

In a note to clients, he explained that the new sports gambling app is gaining popularity quickly, moving its way up charts and reaching more clients. Kelley outlined that ESPN Bet has been among the top apps on the Apple store since Tuesday last week. Moreover, he outlined that the sports gaming app has accumulated a 4.8 rating on the App Store along with a staggering 865,000 downloads.

“ESPN Bet is dominating initial download activity and charts, proving it is cutting through to customers. ESPN Bet has been #1 or #2 of all free apps on the iOS store since last Tuesday, with 865K cumulative downloads and a 4.8 app store rating, even without data from NFL Sunday.“

Shaun Kelley, analyst for Bank of America

Penn’s Stock Price Target Increases

The upgrade in Penn’s casino stock from neutral to buy by Bank of America undoubtedly underlines the expected growth of ESPN Bet and highlights its successful launch. When it comes to the price target, it increased from $27 to $30 as of Monday. Additionally, as of Monday, Penn Entertainment’s stock was more than 7% higher.

According to Kelley, ESPN Bet “creates an asymmetric risk-reward.” He explained that the app performed much stronger than expected when it came to initial downloads. Moreover, Kelley pointed out that its promotional offers showed discipline. Finally, he highlighted the importance of Penn’s core gaming business which demonstrated stable third quarter earnings.

While ESPN Bet is just penetrating the regulated gambling sector, it is up against fierce competition in the face of giants such as DraftKings, FanDuel and Caesars, among other sportsbooks that have already established their presence in different states across the country.

Yet, ESPN Bet anticipates offering a one-stop-shop experience for sports fans and bettors alike, offering not only betting options but highlights, scores and stories, a move that is likely going to help it engage with new customers.

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Star Entertainment Group’s recent bans on poker players don’t sit well with many professionals. The Australian Poker Schedule, a website that allows enthusiasts to keep track of upcoming events, has launched a petition against Star’s allegedly “unjustified” measures.

Craig Abernethy, founder of the Australian Poker Schedule, addresses the issue in the petition, saying that in around 12 months, the casino company has banned more than half a dozen of Australia’s best poker players.

Some of the recipients of allegedly unjustified bans include Alex Lynskey, Jarred Graham, Hun Wei Lee, Najeem Ajez, Rehman Kassam and Chris Zenonos. These players, among others, are currently unable to enter Star’s properties, lest they risk intervention from the police.

Not only have these players practiced and honed their poker skills, built their careers around poker and performed at the highest level of competition for more than a decade, but they have exemplary and long-standing reputations and are highly respected among the poker community including some internationally recognized.

Craig Abernethy, founder, Australian Poker Schedule

The worst part, Abernethy says, is that Star Entertainment never provided any details on the reasoning behind the bans. When contacted, the company reminded the disgruntled players that “it is not required to provide reasons” for its decisions.

Abernethy Asks Fans to Stand Up

The biggest problem stemming from the bans is that the banned players are now essentially excluded from the World Poker Tour Australia because of the World Poker Tour’s exclusive partnership with Star Entertainment Group.

As a result, the aforementioned players will lose the opportunity to play at the prestigious event without even knowing why they have been banned. According to Abernethy, the “scariest thing” is that this can happen to any poker player at any time.

Australian Poker Schedule’s founder emphasized that Star’s actions are worrying and that players should be wary of the company. He asked the poker community and their friends to stand up against Star Entertainment, which he accused of being “cruel, arrogant and bullish.”

The petition has 527 signatures as of the time of this writing.

Casino.org later spoke with Abernethy on the matter. Abernethy told the news outlet that Star Entertainment likely flags the activity of poker players who transfer large sums of money as suspicious, believing it to be related to money laundering.

Considering Star’s recent regulatory trouble, it is possible that the company wants to be extra safe when implementing its remediation measures.

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Q2’s impressive growth follows a significant restructuring effort Allied Gaming & Entertainment undertook last year, which aimed to realign its operations and strategic focus for improved financial performance. The company has managed to leverage its newfound financial stability to deliver sustainable financial performance and create a stable foundation for further growth in new and existing markets.

Net Loss Decreased Significantly

Allied’s Q2 revenue recorded groundbreaking growth, rising 182.3% year-on-year to $3.3 million. The company’s multiplatform content operations contributed most to the company’s bottom line, reporting quarterly revenues of $2.0 million. Land-based revenue marked a significantly lower 18.2% increase but remained healthy at $1.1 million.

A lack of foreign currency translation adjustments and a 2.1% decrease in operating costs contributed to a Q2 pre-tax loss of just $691,218, down from $3.8 million for the same period in 2022. Adjusted EBITDA grew accordingly, improving from a loss of $2.7 million in Q2 2022 to a $1.1 million loss.

Q2’s impressive results also contributed to a significantly bolstered first half. Revenue for the first six months reached $4.5 million for a 25% year-on-year increase. With operating costs down 22.0% compared to H1 2022, Allied sits at a net loss of $2.6 million– a significant improvement compared to last year’s $7.5 million loss.

New Initiatives Will Bring Additional Revenue

Q2 2023 marked the second full quarter since Allied Gaming & Entertainment completed its restructuring initiative. The process involved a comprehensive overhaul of the company’s operations, positions, and strategies. Allied aimed to optimize operational efficiency, streamline processes, and enhance the overall customer experience across the company’s offerings in the esports and poker sectors.

These encouraging results indicate a positive trajectory for Allied’s prospects and a hopeful return to profitability. The company founded two new subsidiaries, Allied Mobile Entertainment (AME) and Allied Experiential Entertainment (AEE). These will focus on developing the mobile games market and exploring experiential entertainment venue operations, creating new revenue streams.

We expect that AME and AEE will enable us to break into new markets, creating additional revenue streams and enhancing our financial performance within the next 12 months.

Allied Gaming & Entertainment president and CEO Yinghua Chen 

Although Allied is yet to reach profitability, its recent efforts mark a significant milestone in its recovery efforts. As the company continues to leverage the momentum generated by its restructuring efforts, it is well-poised to capitalize on the continued growth and evolution of the gaming and entertainment industry and achieve sustainable success in a dynamic and ever-changing market landscape.

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In mid-February, PENN Entertainment announced it finished the acquisition of Barstool Sports, Inc. after previously acquiring a 36% stake in the company three years ago. The remaining interest in the media brand specialized in sports, entertainment, and lifestyle was acquired for around $388 million.

Now, Barstool Sports has announced it leased a new office space in Chicago, this way marking its second launch in the third-largest city in the US.

While other corporations are leaving the city scared by the high crime rate, the company founded in the suburban parts of Boston decided to go forward and open a second office measuring 400,000 square feet.

The New Location to Host a Full-Size Basketball Court & a Golf Simulator

Located west of the Chicago Loop at 400 N. Noble St. nearby Fulton Market, the industrial building purchased by Jeff Shapack and Alec Litowitz will host a full-size basketball court along with a golf simulator, several music studios, and additional spaces that will be used for media creation of media content.

The new location will also be near a plethora of office and large apartment building projects that are currently under construction.

Barstool Sports’ spokesperson Debra Duffy announced that the company’s employees will swap their New York offices with the brand new Chicago office.

While these amenities are usually found with most offices belonging to gaming companies, they have gradually started to be eliminated across a number of different other industries in the context of certain corporations trying to cut their expenses to get ready for a potential upcoming recession.

Rampant Crime in Chicago Scaring Off Big Players

As mentioned earlier, the decision to open a second office also came in the context of big corporations fleeing the city because of the rampant crime rates.

The list includes prestigious names like Boeing, Tyson Foods, and Caterpillar. They all decided to relocate to different states or different parts of Illinois because of the growing crime, even though Boeing did not specifically use the city’s crime as a primary argument for the decision to relocate to Northern Virginia.

Located on the outskirts of Chicago, McDonald’s also expressed concerns regarding the criminal activity in the area, even though there are no palpable plans to move out of the city or out of state.

In 2022, American billionaire, hedge fund manager, entrepreneur, and founder, CEO, co-CIO, and 80% owner of Citadel LLC Ken Griffin announced he would be taking his $57 billion hedge fund to Miami, again using Chicago’s crime and budget woes as a main reason.

PENN Entertainment currently operates four separate casinos in Illinois while Barstool Sportsbook also provides mobile sports betting services in the Prairie State.

Barstool Sports’ first office in the Windy City is found in the Lakeview area where it hosts a sports bar in the River North.

Last November, Barstool Sportsbook went live in Maryland, allowing customers in the state to place wagers on top global sports leagues.

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The global gaming and entertainment industry giant, Flutter Entertainment, confirmed recently that it identified the best strategy for delivering interest for its shareholders. At the time, FTSE 100-listed company confirmed its plans for an additional listing of stocks in the United States.

That plan comes at a time when the company’s entertainment and sports betting brand, FanDuel, continues to hold a significant market share in the US. Flutter’s Board identified that a US listing, in addition to the one in the UK, would help boost the presence of the company in the US and positively impact the retention and recruitment of employees.

Additionally, Flutter said that the US listing will give “the Group access to much deeper capital markets, and to new US domestic investors” and provide overall greater liquidity of its shares. Such a listing would also mark an important first step for the company considering it decides the US to remain a primary listing.

The Company Explores Opportunities for a New Chairman

Now, a new report suggests that the gambling company behind Paddy Power is in talks about hiring a new chairman. That strategic hire may also contribute to the plan for the US listing, announced by Flutter recently. According to Sky News, the company is in “advanced talks” with John Bryant, a proven expert in leading US-based companies, to appoint him to the role of chairman.

Reportedly, that strategic hire may also impact the company’s UK listing. If that happens, Flutter may consider abandoning its presence on the London stock market and strengthening its US-facing presence via a primary listing. Bryant will likely play a key role in the process and that’s no surprise, considering his extensive experience in leading US businesses.

Besides an Australian, Bryant also has American citizenship and spends a lot of his time in the US. What’s more, he is currently a part of the Board of multiple companies including Ball Corporation, Macy’s Inc, as well as Coca-Cola Europacific Partners. What makes his appointment even more plausible is that two of the companies where Bryant is part of the Board, Macy’s Inc. and Ball Corporation, currently trade in the US.

Still, it’s important to mention that Flutter is yet to officially confirm who its new chairman may be. At the same time, the company hasn’t yet revealed whether or not its US listing will impact its UK listing. Later this month, Flutter will hold its annual investor meeting. During the meeting, shareholders are likely to vote for the company’s proposal for a US listing but an announcement about the new chairman isn’t impossible.

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