Stars Group Report Strong Q3 Results As Revenues Increase
The Stars Group released last week, the results for its third quarter which showed that the company’s net revenues went up by $329.4 million which was an increase of 22 percent year-on-year. The results surpassed analysts’ expectations which were set at 5.5 and so did the company’s adjusted EBITDA which saw an increase of $155.8 million year-on-year, which was a 26.5 percent increase compared to the expected 13 percent.
Stars Group which is the parent company of online poker giant PokerStars had relied heavily in the past on online poker revenues. However things have changed for the Stars Group in the last couple of years and now online casino and live dealer casino revenues also provide a significant percentage to the company’s revenues.
Online poker revenues increased by $221.4 million which was a 12.5 percent increase while sportsbook and online casino revenues increased significantly and brought in $95.2 million year-on- year which was a 48 percent increase.
In a statement, Rafi Ashkenazi, CEO said
Not only did we see improvement in our poker business, but our casino continues to grow with a significant active player base, and our online sportsbook continues to see meaningful growth in turnover. We are now one of the world’s largest online casino and online live dealer casinos among our public competitors based on active players, which is an outstanding achievement for such a young offering
The Stars Group reported that its active quarterly users went up by 2.1 percent which is around 2.1 million. The vast majority of these users (2 million) played online poker while online casino users increased by 20 percent (553,000) and its sportsbook whose demography is restricted by jurisdiction went up by 14 percent (270,000).
The company now has its sights on the online gaming market in Pennsylvania. Legislators approved an online gambling bill in Pennsylvania recently, making it the first state in over 5 years to have legalized online gaming. Marlon Goldstein who is the chief legal officer said that the company was looking at applying for an online gaming license as well as evaluating different partnership options to enter the Pennsylvania market.
The Stars Group has been one of the major lobbyists who have campaigned for the legalization of online gaming throughout the United States. The company remains confident that other states will soon follow in the footsteps of Pennsylvania.
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