Stars Group Reports Record Figures For Q1
It would seem that there’s no stopping the household brand name for all things Poker, the Stars Group. The group has reported a 34.8% year-on-year increase in revenue for Q2 and the end of growth is nowhere near in sight.
This makes for a landmark figure for the first half of the year, what the group having earned an astonishing $411.5m between the months of April and June. Compare this to the $305.3m reported during the same period last year, and the incredible growth can be seen quite clearly. In fact, this equates to an impressive 29% growth rate.
The company has confirmed that the increase stems from a 7% increase in Poker earnings, a 26.3% increase in gaming revenue, and a whopping 122% rise in betting revenue income. Much of the recent growth is thanks to well-considered acquisitions.
During the first couple of months of the year, The Stars Group acquired giant industry player Sky Betting and Gaming for $4.7 billion, as well as having bought a 62% equity interest in CrownBet for a lion-share acquisition price of €117.7 million. Not small change by any measure, but if he reported figures are anything to go by, certainly acquisitions worth having been made.
Diversification Key To Success
Stars Group Chief Executive in charge, Rafi Ashkenazi, described the quarterly results as the kind of results that reflected continued growth within the scope of the group’s international business endeavours, as well as the fruit from the labour of having acquired Australian business interests.
Ashkenazi put the group’s immense success down to diversification and an ever-growing footprint in the international landscape. He described the group having ventured increasingly more into sports betting and casino offerings, coupled with new acquisitions for the current year, as having had a transformative effect on the company as a whole. He also said that the new acquisitions went a long way towards diversification as well as extending the group’s reach into new regulated markets.
The company used to be involved mainly in Poker endeavours, but has now grown into the full package, so to speak, offering a full range of betting, gaming and sportsbetting services to its players all over the world.