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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Gaming giant Flutter Entertainment’s UKI-facing brands, Sky Betting and Gaming, Paddy Power and Betfair, are considering a partnership that would allow them to tap into the increasing female customer base in the United Kingdom and Ireland.

To that end, the UKI division is looking to team up with a “high potential startup” that would help it serve female players in the region. This initiative is part of Flutter’s Alpha Hub program and reflects the company’s desire to engage its female audience.

Flutter’s goal is to tailor a product to the unique playstyle of the female players. According to the company, women tend to discover gambling through social circles, meaning that they are statistically more likely to focus on social and community gaming. As a result, Flutter is looking to provide such players with a “digital entertainment destination” that helps them unwind, have fun and relax.

However, the company added that it is also open to other interesting ideas that don’t quite fit this description. Applicants who wish to explore a different product than the one described by the operator can select the wildcard option when submitting their solutions on how Flutter can create safe and fun experiences for its customers.

Flutter Seeks to Partner with an Innovative Startup

The partnership arrangement proposed by Flutter Entertainment would offer the winning startup a variety of symbiotic benefits. These include a commercial partnership with Flutter and opportunities to scale their solution across the United Kingdom and Ireland. Furthermore, the winner will get to participate in a demo day to showcase their business to an audience of investors, gaming leaders and technology experts.

That is not all, however, as the winner will get access to workshops and networking with senior Flutter leadership. Finally, the winning startup will get access to Alpha Hub Startup Support.

Sky Betting & Gaming’s chief commercial officer, Steve Birch, commented on the matter, saying that he cannot wait to see what startup companies have to offer.

We see this as a really exciting gap in the market, and we’re looking forward to finding and partnering with innovative startups through the Alpha Hub program to seize this opportunity.

Steve Birch, CCO, Sky Betting & Gaming

Startups can submit their applications until March 15.

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The leading gaming and entertainment company, Flutter Entertainment, announced that its ordinary shares on the New York Stock Exchange (NYSE) will begin trading at 9:30 ET today. Ahead of the planned NYSE listing, last week, the company revealed its plans to exit the Dublin Stock Exchange.

The exit coincides with the listing on NYSE with Flutter confirming that its ordinary shares on Euronext Dublin will cease trading as of 8:00 GMT today. At the same time, the company confirmed that its shares will continue trading on the London Stock Exchange (LSE).

Currently, Flutter’s shares on the LSE trade under the existing ticker “FLTR.” On the other hand, once the company’s shares start trading on the NYSE, they will be using the ticker symbol “FLUT.”

The start of trading on NYSE represents an important moment for Flutter as it anticipates its transition to primary US listing. Ultimately, the listing is expected to generate long-term benefits for the company that will contribute toward its growth in the country.

Flutter’s chief executive, Peter Jackson, highlighted the importance of the NYSE listing for the company, adding that it will deliver long-term benefits. Finally, he pointed out: “We believe a US primary listing is the natural home for Flutter given FanDuel’s #1 position in the US, a market which we expect to contribute the largest proportion of profits in the near future.”

“With our NYSE listing effective today, this is a pivotal moment for the Group as we make Flutter more accessible to US based investors and gain access to deeper capital markets.“

Peter Jackson, chief executive at Flutter Entertainment

Transition to Primary US Listing to Unlock Benefits

In February last year, Flutter acknowledged the potential of a strategic NYSE listing. At the time, the company evaluated that the listing would help grow its US profile and boost the retention and recruitment of US talent. Additionally, the listing would grant Flutter access to new US domestic investors and deeper capital markets. Another significant benefit of the NYSE listing is that Flutter will be able to access different US indices by pursuing a primary listing in the US.

The company indicated strong support for the proposed move after discussions with existing shareholders and US investors. Consequently, Flutter’s Board identified that a transition to NYSE as a primary listing is an “optimal location” for its shares. The aforementioned topic will be up for discussion at the company’s upcoming 2024 AGM scheduled to take place on May 1, 2024. If the transition receives approval of Flutter’s shareholders, it is expected to come into effect in either late Q2 or early Q3 2024.

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Flutter Entertainment, the operator of FanDuel, has spent significant time preparing for this strategic move as it pivots its attention to the lucrative US market. The global gambling giant will maintain its listing on the London Stock Exchange, signifying its ongoing commitment to maintaining a presence in its core jurisdictions. However, the move to the NYSE heralds a new era for the company and should open significant growth opportunities.

The NYSE Listing Is Just a Few Steps Away

Flutter confirmed that its shares will be delisted from the Irish stock exchange as it prepares for the final step required for the US exchange listing, the migration of the settlement system of its shares from Euroclear Bank to the Depository Trust Company. This move has the full approval of shareholders and should be finalized by 6 am GMT on 29 January.

The decision to suspend trading on Euronext Dublin on 24 January aims to facilitate the settlement of pending trades and repositioning instructions ahead of the NYSE listing. This strategic move also aims to minimize regulatory complexities by retaining only two listings – one on the LSE and the other on the NYSE.

Flutter Entertainment shares will remain available on the London Stock Exchange (LSE) under the FLTR ticker symbol. For its NYSE listing, the company will use the symbol FLUT. The move to dual-listing is part of Flutter’s strategy to maximize its presence in the US market, which is responsible for an ever-growing share of its profits.

The Company Remains Focused on the US Market

Flutter’s decision to gradually shift its focus away from Europe comes amidst a series of setbacks on the Old Continent, primarily due to rising regulatory uncertainties. Meanwhile, Flutter’s preliminary Q4 2023 financial results highlighted its robust position in the US market, reporting a 43% share of the country’s sports betting market and a 26% share of the iGaming market. 

Flutter Entertainment CEO Peter Jackson outlined a three-year strategy for success in the US in a recent earnings call. FanDuel, Flutter’s US-facing brand, is ranked as the number one sports betting and number two online casino operator in the US and is uniquely positioned to capitalize on the growing number of jurisdictions offering regulated online gambling.

“The business is in a good place. We’ve got a great product and great momentum to exit the year in the States.”

Peter Jackson, Flutter Entertainment CEO

Investors and industry observers are keenly watching Flutter’s moves as it positions itself for success in the dynamic US gaming landscape. This move to dual-listing is a strategic step to enhance Flutter’s North American profile, recruit and retain US talent, and tap into deeper capital markets, seeking growth opportunities in the expanding American market.

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Renowned betting and gaming operator Flutter Entertainment experienced a significant surge in its share value. Despite increased competition, the company’s FanDuel brand has maintained its leadership position in the USA, and its overseas investments also pay significant dividends. This development aligns with Flutter’s plans to enter the New York Stock Exchange after it stops trading its ordinary shares on Euronext Dublin by 23 January.

The US Market Presents Significant Opportunities

The notable 5% share price increase is primarily due to Peel Hunt’s favorable opinion on the company’s prospects, centering around its FanDuel brand. The investment firm projects Flutter’s US business to generate an adjusted EBITDA of $180 million for the full year of 2023. The following year should allow the gambling giant to cement its positions in established jurisdictions, doubling down on profitable markets.

Peel Hunt’s forecast for Flutter aligns with the company’s November guidance, predicting an adjusted EBITDA of approximately £1.44 billion ($1.83 billion), excluding the US market, and revenue of £3.75 billion ($4.77 billion) from the US. Despite this stellar performance, Flutter’s shares declined over 10% in the last six months, driven by regulatory uncertainties in the UK and Australia.

These developments highlight Flutter’s increasing reliance on the US market, which saw a significant expansion in 2023 and should remain the company’s most important revenue driver. Sisal is another promising Flutter subsidiary, as its lottery business was a standout performer within the company’s international division, successfully tapping into growth markets.

Overseas Operations Remain Vital

Flutter Entertainment is preparing for a dual listing of its shares on the New York Stock Exchange starting 29 January 2024, contingent upon regulatory approvals. This move aligns with the company’s strategy as it revealed that over 30% of its Q3 2023 revenue stemmed from the burgeoning US market.

Conversely, the gambling giant’s imminent exit from the Dublin Stock Exchange should streamline its operations and minimize regulatory complexities. Flutter’s ordinary shares will stop trading on Euronext Dublin on 23 January 2024. However, the company will keep its listing on the London Stock Exchange, highlighting its substantial regional investments.

Analysts believe that favorable industry trends can further propel Flutter’s shares as it draws renewed interest from US investors. The company’s diverse, globe-spanning portfolio enables it to capitalize on new developments, delivering long-term and sustainable growth. While 2024 will undoubtedly present significant challenges for the broader industry, Flutter remains well-equipped to capitalize on its strengths.

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Earlier in the week, the leading online sports betting and gaming company that operates some of the most innovative, versatile, and easily distinguishable brands, Flutter Entertainment, announced that its UK and Ireland division had committed up to £8 million ($10 million) to charitable initiatives in 2023. 

The gambling conglomerate also took the opportunity to announce upcoming funding campaigns in the books for its three main three brands, Paddy Power, Sky Betting & Gaming, and Betfair. 

During a Bloomberg podcast, Flutter’s chief executive operator, Peter Jackson, emphasized the company’s effective strategy and excellent capacity to branch out into new verticals while discussing FanDuel’s development and further plans aimed at the US market.

Now, the company that is determined to streamline its operations and minimize regulatory complexities has announced that it will only maintain two stock exchange listings. Here is a quick breakdown of the fresh information. 

Flutter to Cancel Its Euronext Dublin Listing by January 23, 2024

According to the latest news which follows the previous November announcement, Flutter’s ordinary shares will stop being traded on Euronext Dublin on January 23, 2024. After that, a trading suspension will be implemented to allow the settlement of all pending trades.

The impending delisting from the Dublin stock exchange will also translate to Flutter’s removal from the Eurostoxx index by Stoxx, which will go into effect starting December 18, 2023.

This does not, however, mean that Flutter’s premium listing on the London Stock Exchange will suffer. The same goes for the company’s inclusion in the FTSE 100 index.

In other words, Flutter Entertainment’s shares will keep being traded on the London Stock Exchange under the ticker symbol FLTR. 

Getting Ready for the NYSE Listing

While preparing to bid farewell to the Dublin stock exchange, Flutter is also getting ready to list its ordinary shares on the New York Stock Exchange (NYSE) by January 29, 2024.

This is a strategic decision that perfectly blends into Flutter’s plans to optimize its operations while capitalizing on the strengths of the NYSE market and still holding on to its presence in the UK market.

The NYSE listing is currently waiting for the US Securities and Exchange Commission’s ruling over the Form 20-F Registration Statement submitted by Flutter. 

Once it receives the green light for the NYSE, the company will trade under the symbol FLUT. On January 18, 2024, Flutter will also introduce a brief trading update for the three months ending December 21, as well as the full year 2023. 

The full-year results for the 12 months ending December 31, 2023, will be published under US GAAP on March 26, 2024.

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Flutter Entertainment, the parent company of FanDuel, has decided to delist from Euronext Dublin, Ireland’s stock exchange, as part of its strategy to add a New York listing in the first quarter of 2024. The move comes amid regulatory considerations and technical challenges in maintaining the company’s Dublin listing.

Europe Remains a Challenging Regulatory Environment

While Flutter plans to remain listed on the London Stock Exchange, it has opted to delist from Euronext Dublin. The decision is rooted in the desire to streamline operations and facilitate easier regulatory compliance. The company stated it preferred to maintain a listing in Ireland but cited challenges and technical difficulties that hindered the retention of its Dublin listing.

Flutter’s decision to gradually shift its focus away from Europe comes amidst a series of setbacks on the Old Continent. While the gaming giant’s UK & Ireland division showed an 11.2% year-on-year revenue increase, reaching $566 million, the region’s uncertain regulatory landscape has impacted the company’s operations, causing significant concern.

Flutter’s recent announcement about the closure of 21 Paddy Power betting shops in Ireland further destabilized its position in the region, as the Irish government announced a new Gambling Bill to restrict betting ads between 5:30 am and 9:00 pm. Flutter urged policymakers to reconsider, fearing such a change could impact revenues.

US Operations Enjoy Stellar Growth

Flutter has had significantly more success in the USA, as Q3 results revealed robust growth. The company’s US-facing operations saw revenues of £668 million ($820.2 million), up year-over-year by 12%. New York was one of Flutter-owned FanDuel’s most successful jurisdictions, as it became the first state to surpass the $2 billion handle mark.

Other highlights of Flutter’s latest trading update included the successful acquisition of a 51% stake in MaxBet, a leading betting and gaming operator with a presence in Serbia. This move signifies that despite Flutter’s increasing focus on the USA, the company will maintain its foothold in its core markets and continue investing in promising European jurisdictions.

The move to delist from Euronext Dublin and seek a New York listing aligns with Flutter’s broader vision and ongoing efforts to navigate the dynamic landscape of the global gambling industry. The company has maintained impressive momentum, but rising industry challenges have forced it to adapt and reconsider its priorities.

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SKS365 Malta Holdings has officially engaged in dialogue with Playtech as the major player in the global iGaming industry confirmed its interest in pursuing an acquisition. A successful deal would significantly strengthen Playtech’s presence in the lucrative Italian iGaming market, but interest from competitors Flutter Entertainment and Lottomatica may mean a harsh negotiation process.

Playtech Can Expand Its Existing Regional Presence

SKS365 Malta Holdings, the operator behind the successful PlanetWin brand, is a prominent player in Italy’s online and land-based gambling sectors. The company’s success makes it a prime acquisition target for Playtech, which has been actively involved in the region through its subsidiary, Snaitech. An SKS365 acquisition should be a significant strategic win, solidifying Playtech’s Italian operations.

Playtech released an official statement confirming it had begun preliminary acquisition talks. The company was adamant that it had not progressed beyond initial negotiations, adding that a future deal remained uncertain. However, Snaitech’s consistently strong performance highlights the Italian market’s significant untapped potential, giving Playtech a heavy incentive to pursue an acquisition.

There can be no certainty that Playtech will be successful in the process nor that any transaction regarding the potential acquisition of SKS will be agreed.

Playtech statement

This potential acquisition aligns with Playtech’s broader expansion plans, which include a minority equity ownership stake in Hard Rock Digital (HRD). Investing in the Italian market should provide significant long-term benefits for the operator, capitalizing on lucrative opportunities and streamlining its regional operations to create new synergies. 

The Other Competitors Also Have Distinct Advantages

Despite Playtech’s swift actions, two other high-profile operators have also expressed interest in a potential SKS365 acquisition. Flutter Entertainment, the parent company of well-known brands like Paddy Power and Betfair, has not officially confirmed its bid. However, industry insiders suggest it has also engaged in discussions, potentially giving Playtech a run for its money.

Lottomatica, another leading player in the Italian gambling market, is reportedly considering a bid for SKS365 Malta Holdings. Last year, Lottomatica acquired Betflag, an Italian online sports betting and casino operator, for €310.0 million ($328.26 million), consolidating its position in the Italian market. Another high-profile purchase would further elevate its status, cementing it as a regional leader.

As these discussions progress, it remains to be seen which company will ultimately secure the acquisition and cement its foothold in Italy’s thriving gambling industry. All three potential buyers possess distinct advantages, meaning SKS365 could play them against each other to secure a superior deal. Regardless of the victor, an acquisition would significantly impact the Italian gambling market, elevating the winner above the competition.

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Gambling giant Flutter Entertainment announced that it is parting ways with Mary Turner, one of its non-executive directors. According to the announcement, the Canadian national will officially leave the board at the end of September, ending a three-year tenure.

In addition to departing from her position as a NED, Turner will also resign as chair of the workforce engagement committee. That position will be assumed by Nancy Cruickshank, another non-executive director, starting in October.

Turner is an experienced industry worker who initially served as a corporate director and chair of corporate governance and nominating committee at Stars Group. She joined the company in 2017 and remained on board until its merger with Flutter Entertainment in 2020.

Prior to her time in the gambling industry, Turner worked in senior positions at several other companies. Between 2002 and 2022, she served Mackenzie Financial Corporation as a corporate director. From 2015 to 2017, on the other hand, Turner had a short stint as the senior vice president of finance transformation at Canadian Tire Corporation. From 2012 to 2016, she also served as president and chief executive officer of Canadian Tire Bank.

Flutter Entertainment’s chairman, John Bryant, used the opportunity to thank Turner for her “exceptional contribution” to the board. On behalf of his team, he wished her all the best.

Bryant himself is a fairly new addition to Flutter’s team. He was appointed a week ago, replacing the outgoing Gart McGann.

In other news, Flutter Entertainment recently posted its financial results for the first half of the year. The company reported strong growth in revenue and EBITDA, as well as an increase in its overall number of monthly active players.

Flutter’s H1 revenue sat at $6.12 billion, representing a robust 42% year-on-year increase and underpinning the success of the company’s growth strategy. Group EBITDA, on the other hand, hit $1.04 billion. Flutter Entertainment’s monthly players, meanwhile, skyrocketed from 9.6 million in H1 2022 to 12.9 million in H1 2023.

The results were partially attributed to Flutter’s spectacular success in the United States.

In late July, Flutter Entertainment and Fox Corp decided to shut down their joint sports betting venture, FOX Bet. The decision followed multiple disagreements between the two parties.

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Flutter Entertainment announced that its Alpha Hub startup partnership program is looking for fresh companies that are able to create innovative safer gambling solutions. The program’s goal is to shape a better future for gaming and society as a whole, in line with the Positive Impact Plan.

Flutter’s Positive Impact Plan utilizes the company’s global presence to achieve important sustainability goals. As a company committed to having a positive impact, Flutter helps communities “Do More.” By the end of 2030, the operator hopes to have improved the lives of no less than 10 million people through sport, play and its colleagues’ skills.

In addition, Flutter seeks to help its customers “Play Well” and is working hard to promote its Play Well safer gambling tools to its players. The company hopes that at least 50% of its players will use these tools by 2026 and 75% by 2030.

Flutter’s Positive Impact Plan is reflected in its Flutter Tech4Good Award and the Flutter & RGC: Play Well Challenge initiatives that are focused on responsible gambling and community support.

The Flutter Tech4Good Award initiative seeks to leverage technology to solve pressing social issues and appeals to startups at any stage from around the world to join the initiative. Flutter wants to collaborate with startups that are meeting the needs of disadvantaged groups and have a clear plan to measure the impact of their solution.

Flutter & RGC: Play Well Challenge is a collaborative effort with the Responsible Gambling Council (RGC) that seeks to solve real-world problems for the industry in partnership with promising startup companies. The challenge is seeking entrepreneurs and startups that want to create a better customer experience for everyone.

Flutter Desires to Make a Change

Conor Lynch, CIO at Flutter, commented on the Flutter Tech4Good Award and Play Well Challenge initiatives, saying that they align with the company’s ambitious targets. He added that the company plans to provide full support to promising startups that can make a change.

As part of this, we want to utilize our global scale and in-house talent to support the innovative startups that are developing technology that enhances consumer protection and drives positive change in the communities in which we operate.

Conor Lynch, CIO, Flutter

Meanwhile, Shelley White, chief executive officer of the Responsible Gambling Council, said that her team is proud to join Flutter for the Play Well program and work to minimize the negative impact of gambling-related harm.

The Flutter & RGC Play Well Challenge has the ability to drive real change in Responsible Gambling, globally, and ultimately create a safer gambling experience for millions of people.

Shelley White, CEO, RGC

Startup companies can find more information on how to apply on Flutter’s official website.

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