The Stars Group Reports on Constant Poker Numbers

stars groupThe Stars Group, parent company of online poker group, PokerStars, reported its third quarter numbers to investors this week. One of the key points from the Q3 report was that the group’s online poker numbers remained constant year on year, while sports betting grew impressively.

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The Stars Group saw revenues grow by 74% compared to the same period last year.

“This was a landmark quarter during a transformative year for the company as we begin to deliver on our vision to become the world’s favorite iGaming destination,” noted the chief executive officer of TSG, Rafi Ashkenazi.

Highlights of the report were as follows:

* Adjusted EBITDA growth was 27% year on year.
* Launch of the BetEasy brand
* The launch of the BetStars brand in New Jersey
* The successful migration of William Hill Australia customers to BetEasy.

Regarding online poker, The Stars Group reported that revenue declined 4% in the third quarter of the year, which was in line with its expectations. The group said that growth was negatively impacted by foreign exchange headwinds, the loss of certain markets (notably Australia), and cross-selling to other verticals (especially during the FIFA World Cup).

“Despite these additional headwinds, poker revenue was up +0.3% year over year on a constant currency basis,” said the group.

Poker Stars was forced out of the Australian online poker market following changes in the laws Down Under. Online poker players put on an impressive fight in the hope of changing the government’s mind, but the ban was eventually passed.

The Stars Group continues on its mission to become the industry’s leading igaming destination. Earlier this year, it bought Sky Betting and Gaming for a record $4.7 billion.

In the not too distant past, online poker represented 63% of The Star Group’s revenue. Today, it barely makes up 35%. It will be interesting to see in which direction The Star Groups heads as markets change across the world.

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