Stars Group’s M&A activity drives revenue up to $572m
The Stars Group has cited its acquisition of Sky Betting & Gaming as the driving force behind a 74% year-on-year increase in revenue.
Total revenue was €498.3m in the third quarter, while gross profit also rocketed 66%.
Star’s Group CEO, Rafi Ashkenazi, commented, “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 favourite iGaming destination.”
Ashkenazi continued, “We completed our acquisition of Sky Betting & Gaming, which was cleared by the CMA in October, making us the leader in the UK online betting and gaming market. We also launched BetEasy in Australia and sports betting in New Jersey.”
Ashkenazi added, “We are pleased with our quarterly results, which reflect both continued organic growth from our International business and contributions from both BetEasy and Sky Betting & Gaming, despite unfavourable sporting results during the period.”
Ashkenazi concluded, “As we continue our transformation and look towards 2019, we are excited to take advantage of the opportunities ahead of us by leveraging our leading positions in attractive markets, strong brands, technology and operating expertise.”
Ashkenazi expanded on this in an investor call, picking out a number of key markets where the Group hopes to grow during 2019. These include Pennsylvania, where the firm has applied for a licence ahead of an expected launch across all verticals next year.
The Group is also looking to build on its early success in New Jersey, as well as take advantage of re-regulation in Sweden, where it has also applied for a licence ahead of the relaunch in January.
The Stars Group is the ultimate owner of industry-leading gaming brands such as PokerStars, PokerStars Casino, BetStars, Full Tilt, and the PokerStars Live brands, and through its ownership of Sky Betting & Gaming, a mobile-led leading online gaming operator, licenses the Sky Bet, Sky Vegas, Sky Casino, Sky Bingo and Sky Poker online gaming brands.
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