Sightline Payments has been on the type of hot streak that bettors – and gaming operators –only dream about.
In June the Las Vegas-based digital payments provider helped launch the first true cashless ecosystem through its Play + platform at Resorts World Las Vegas, the shiny new gambling emporium on the Vegas Strip. Also in June, Sightline acquired JOINGO, a mobile engagement and loyalty platform that serves the casino gaming industry.
Those milestones were topped in August when Sightline achieved fintech unicorn status with a funding round of $244 million, increasing the company valuation to over $1 billion.
With those results, a leadership change might be unexpected. But Sightline Payments Wednesday announced that co-founder Omer Sattar will serve as co-CEO with Joe Pappano, who currently serves in that role.
During an interview with Pappano and Sattar, they insisted being co-CEOs will increase efficiency and better accelerate the company’s growth.
“Omer and I have had a shared vision,” Pappano says, “about what we’ve been able to do together in leading the digital transformation of the gaming industry for well over 10 plus years. Omer and I have gone shoulder to shoulder to build out this industry, and this is the perfect opportunity given our market position, given the movement from a macro perspective, of what’s happening with the digital transformation.”
Sattar co-founded Sightline Payments 10 years ago with Tom Sears and Kirk Sanford to give consumers a way to safely and securely fund their online gaming experiences. Since then, he’s served as the company’s executive vice president.
Under the new arrangement, Sattar will oversee internal operations, including product and compliance with regulated markets, and Pappano will concentrate on strategy, sales, clients, and marketing.
“Our goal is to deliver a product that makes sense in the industry,” Sattar says, “a product that makes sense for regulators and operators, and most importantly for the patrons. We just feel doing that together in a shared vision will be much better for Sightline.”
Pappano says the co-CEO status merely formalizes how he and Sattar have been working together.
“Our skill sets complement one another,” Pappano says. “We have a similar work ethic, we are truly aligned on what the goals are and defining what success looks like at Sightline, and now is the time to optimize our strengths.”
The new arrangement has the blessing of Sightline’s board of directors. Sattar says that Bill Foley of Cannae Holdings, a major investor in the company and owner of the Las Vegas Knights, was particularly helpful when they sought guidance for the new arrangement.
“Getting Bill’s valuable feedback on a day-to-day basis about how to structure this, and the support of the board, was important to us,” Sattar says.
