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The Stars Group’s global expansion drives 34.8% revenue boost in 2Q18

Newsdesk by Newsdesk
Tue 14 Aug 2018 at 05:37
PokerStars ceases real money play for Hong Kong residents as regulatory crackdowns bite
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Online poker and gaming operator The Stars Group has reported a 34.8% increase in consolidated revenue to US$411.5 million for the three months to 30 June 2018, boosted by its recent push into the Australian sports betting scene via the acquisitions of CrownBet Holdings Pty Limited and William Hill Australia Holdings Pty Ltd.

Gross profit for the period grew 29.8% year-on-year to US$327.9 million while Adjusted EBITDA grew 14.8% to US$168.3 million.

Discussing the results, The Stars Group CEO Rafi Ashkenazi said they “reflect both continued organic growth within our international business and the contributions of our Australian acquisitions.

“We continued enhancing our products and user experience across all verticals and executing on our cross-selling strategy. The continued emergence of our sports betting and casino offerings and the addition of our 2018 acquisitions have transformed our business and greatly enhanced the foundation and diversity of our consolidated revenue base, which will now be nearly equally split among verticals and roughly 75% locally regulated or taxed.”

The Stars Group acquired an 80% stake in CrownBet Holdings in April through which it subsequently purchased William Hill Australia Holdings – positioning itself as a clear number three in Australia’s highly competitive online sports betting landscape behind Tabcorp and Sportsbet.

The company has since also acquired the UK’s Sky Betting & Gaming (SBG).

Despite its increased presence in the sports betting space, The Stars Group – owner of PokerStars – still generated 52.7% of its revenue through online poker, with 24.8% from gaming and 19.7% from betting. Betting revenue for the quarter was US$19.6 million, an increase of 122.2% year-on-year.

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Tags: acquisitionsAustraliabettingconsolidated revenueCrownBetEbitdaGross profitonline pokerresultsThe Stars GroupWilliam Hill Australia Holdings
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Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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