Internet gambling giant The Stars Group has posted their third-quarter 2019 financial results, revealing that they saw higher revenues but a net loss for the period.
Financial results ending September 30th, 2019 were:
- Total revenue of $622.5 million, up from $572 million last year
- UK revenue up 34.8% to $227 million
- Sportsbetting revenue in the UK reaching $130 million, with gaming generating $85.2 million
- Australian operation revenues up 36.4 to $71.2 million
- Poker revenue was down 10.8% to $189.9 million
- Costs rose 25.6% to $335.5 million
- Operating income down 77.1% to $16.3 million
- Loss before taxes skyrocketed from $3.5 million last year to $41.9 million
- Net loss for the period of $51.7 million
Speaking about the results Stars Group CEO Rafi Ashkenazi said, "Our third quarter results were robust and in-line with our expectations, supported by strong revenue growth in our UK 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.
"We have also made rapid progress in the US following our landmark Fox Sports deal in May, with the launch of our Fox Bet products at the start of the professional football season in New Jersey and Pennsylvania, and some very encouraging early signs from our Fox Sports Super 6 nationwide free-to-play games."