The Star Group issued detailed information regarding its financial performance over Q3 of fiscal 2019. The third quarter of this fiscal year came to an end on September 30, 2019, and covered some of the busiest months for online gaming, sports wagering, and poker. The company met its revenue projections with a strong performance in the UK and Australia.
Rafi Ashkenazi, The Stars Group’s Chief Executive Officer, said that The Stars Group’s performance met the expectations for the third quarter of this fiscal year, thanks to the revenue growth linked to Sky Bet in the UK, as well as the Crownbet and William Hill AUS merger. When it comes to its US operation, FOX Bet managed to take over the fields of New Jersey and Pennsylvania, as well as introducing premium Sports Super 6 to its fans across the nation.
Total Revenue Reaches US$622,484
Over the three months between the beginning of July and the end of September, The Stars Group succeeded in reducing its net debt with some US$100 million, ultimately swelling its debt prepayments to around US$600 million since the third quarter of fiscal 2018. Projections at this point are for a positive direction of development of Sky Bet in Italy and Germany, as well as US$100 million in projected cost synergies.
The total revenue generated by the gaming powerhouse reached US$622,484 marking an 8.8-percent surge when compared to its performance during Q3 2018. About a year ago, The Stars Group announced total revenue reaching US$571,983. The gross profit for this recent three-month period reached US$456,459, 3.1-percent more when compared to the 2018 performance.
Year-on-year comparison showed that Q3 2018 amassed gross profit of US$442,757. Online sports wagering managed to be a main driving point of the gaming giant, contributing 35 percent of the overall revenue. Last year this percentage reached 27.7 percent of the overall revenue. Online gambling by PokerStars Casino was also among the engines propelling operation, followed by online poker offered by PokerStars.
PokerStars Amassed US$325m
PokerStars saw gaming revenue reaching US$325 million, showing a slight surge when compared to Q3 2018 and its US$352 million. It could be recalled that the month of July saw the end of PokerStars operation in Switzerland. The online gaming giant is collaborating with the local regulator in order to adapt to the changing local field.
November 4 saw PokerStars’ soft launch in Pennsylvania, becoming the first online poker operator in the local field. Moreover, FOX Sports Super 6 managed to attract quite the crowd within the weeks since its official launch, as the mobile application is available on both Android and iOS. Within its first two months of operation, Google Play and the App Store saw some 820,000 downloads.
Players explored its offerings ahead of the November 6 official launch. Shortly after the end of this third quarter, the Toronto-based giant announced its all-share combination with Flutter Entertainment. The group would be shared, with Flutter owning some 54.5 percent of it, while The Stars Group owns 45.36 percent of the share capital.
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