Toronto TSX-listed The Stars Group Inc, has today published its Q1 2018 trading update (period ending 31 March), detailing strong corporate progress as the firm prepares for a significant enlargement of its operations, products/services, and overall business entity.
The TSX enterprise reports growth across its core corporate metrics and KPIs, recording period group revenues of $393 million, up 23% on corresponding Q1 2017’s $317 million.
In its update, the Stars Group governance details the positive uptake and player engagement of its ‘Stars Rewards’ loyalty program, which has been expanded across multiple territories, running alongside the firm’s ongoing ‘diversification strategy’.
The firm’s flagship PokerStars division recorded a 12% revenue uplift to $245.9 million, supported by a 55% increase to $134.5 million, in combined online casino and sportsbook revenues.
“The Stars Group’s strong first quarter results continued our organic growth trajectory,” stated Rafi Ashkenazi, The Stars Group’s Chief Executive Officer.
“We are pleased with the performance of each of our verticals, poker, casino and sportsbook, which are benefiting not only from the continued success of Stars Rewards but also from our strategy of focusing on the customer and continued improvements to our product offerings.”
Closing a busy Q1 2018 trading period, the Stars Group governance declares corporate net earnings of $74 million (Q1 2017: $65 million), as the firm prepares to absorb the new assets of CrownBet ltd, William Hill Australia and Sky Betting & Gaming.
“Moving forward, the exceptional foundation of our existing business will be complemented by our acquisitions of CrownBet and William Hill Australia, and expected completion of the Sky Betting & Gaming acquisition.”
“These acquisitions will help diversify our revenue base, increase our exposure to regulated markets, and transform our combined sportsbook into a second customer acquisition channel. These new additions will accelerate not only the organic growth we are seeing in our existing business but also our progress towards realizing our vision of becoming the world’s favorite iGaming destination.”
The firm’s enlargement will see the Stars Group governance deliver a new 2018 full-year guidance alongside its half-year corporate update, which is scheduled for this August.