Publishing its full-year 2017 results (period ending 31 December), Toronto TSX-listed The Stars Group Inc declares a year of transformative change and evolution for its services and operations.
The TSX online gambling group sustains double-digit growth across its core metrics and KPIs, with Stars Group further strengthening its product diversification and international growth strategy.
In 2017, Stars Group corporate revenues hit the $1.3 billion mark (FY2016: $1.15 billion), with the company reporting a richer product revenue split between its poker and casino/sports verticals.
The Stars Group records online poker revenues of $877.3 million for the year (+3.7%) supported by its ‘fast growth’ casino and sportsbook verticals reporting revenues of $384 million for 2017, up 45.4% on corresponding FY2016 performance.
The firms strengthened revenue position, would see Stars Group record a 2017 corporate adjusted EBITDA $600 million (FY2016: $526 million).
Closing its full-year 2017 accounts, Stars Group governance declares 2017 net revenues of $259 million, a 91% increase on FY2016’s $135 million.
During 2017, the Stars Group restructured its Executive management team, focusing on product diversification, under the leadership of Chief Executive Rafi Ashkenazi.
Furthermore, the TSX enterprise launched its new Stars Rewards player loyalty programme, its major product initiative for 2017.
This march, Ashkenazi and his new executive team completed their first major investment, purchasing 80% equity in Australian online betting operator CrownBet.
Updating investors Rafi Ashkenazi, The Stars Group Inc Group CEO commented on 2017 corporate performance;
“We maintained our global dominance in online poker, with the business experiencing year-over-year growth in that vertical, our online casino has already become one of the largest in the world since its launch in 2014, and our emerging online sportsbook not only recorded meaningful growth in turnover and revenues but started to become a secondary customer acquisition channel.”
“During the year, we strengthened our core senior management team, delivered another year of record revenues, significantly deleveraged and continued to strengthen our balance sheet, all while investing in marketing, growth initiatives and technology infrastructure to support the long-term growth of our business,” added Ashkenazi. “In 2018, we are continuing to execute on our growth initiatives, including through geographic expansion, inorganic growth, and improving our focus on and understanding of our customers, and we are beginning to realize our goal of becoming the world’s favourite iGaming destination.”
Source: SBC News
