International online gaming tech developer The Stars Group is Canada’s shining star when it comes to the provision of casino gaming services, going from strength to strength since its recent rebranding. Now, the firm has announced that its group revenues have grown by a whopping 21% in Q3 this year, up considerably over the figures posted for the same quarter of 2016. In its most recent financial report, The Stars Group revealed considerable group revenues of $329 million for the three months ended on September 30.
As mentioned above, this is an impressive increase over Q3 2016’s figures of $270 million, showing valuable progress for the Canada-based gaming firm. Revenues for real money online poker in Q3 rose to $221.4 million – an increase of around 12.5% year on year – while revenues from real money online casino and sportsbook services amounted to a massive $95.2 million combined. This reflects an increase of around 49.3% year over year for both The Stars Group’s casino and sportsbook verticals.
The group’s adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) grew 26.5% in the third quarter of this year, jumping from $123.1 million last year to $155.7 million during the quarter in review. The firm’s total long-term outstanding debt, on the other hand, dropped to just $2.45 billion. Furthermore, at the end of Q3,
The Stars Group chose to repay a $75 million second term loan using cash on its company balance sheet. Earlier this year in July, the gaming giant also launched its new Stars Rewards programme, which is an in-house loyalty scheme that focuses on customer experience, engagement, and retention. In the five months following the programme’s debut, more than 85% of The Stars Group’s active players chose to participate, with the firm awarding more than $45 million’s worth of loyalty offers and promotions during this time.
CEO of The Stars Group Rafi Ashkenazi praised the impact of his group’s new rewards programme, noting that the firm’s management and operations have continued to perform strongly in Q3, delivering exceptional year on year growth in part thanks to the launch of Stars Rewards. The chief executive also stated that not only did The Stars Group see improvements in its poker business, but its casino vertical has also grown continuously with a large active player base. The firm’s sportsbook is also seeing meaningful turnover growth, according to Ashkenazi, who revealed that the firm plans to reinvest in its core products and marketing for the remainder of the year.