News Business Stars Group Release Results

Stars Group Release Results

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The Stars Group has released its latest results, for the third quarter of 2019.

The high profile betting Group, which is based in Toronto, says that the results reflect its aim of cutting debt. At the same time, Stars are also integrating new assets. These include Sky Bet of the UK and the merger of Crownbet and William Hill Australia. As a result, Stars have been able to show an 8% rise in revenue to $622 million, against $571 million for this time last year.

Group CEO Rafi Ashkenazi said that the results were strong and boosted by growth in key markets at a tough time for the industry:

“Our third-quarter results were robust and in-line with our expectations, supported by strong revenue growth in our United Kingdom and Australia segments, which helped offset both the ongoing disruption in certain of our lower-priority international markets and continued foreign exchange headwinds across the business.”

However, some parts of the Stars Group are not faring well. Poker Stars showed a fall in revenue due to market changes and currency issues, and its income fell by 35% year on year.

By contrast, Sky Bet has been doing well. The UK firm has seen rising revenue for both betting and gaming, with an operating income of $15 million.

The figures show that Stars’ purchases have led to increased operating costs and overall a loss of $52 million over the three months. The firm also has a long-term debt figure of $5.1 billion, which Ashkenazi says they are focused on reducing. But he also said that they had cut their debt by more than $100 million in the period.

Stars may also face more changes in 2020, after they announced a merger with Flutter Entertainment last month. That deal has yet to earn a regulatory green light, but is set to go through in 2020.

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