Stars Group Stocks Achieve New High in 2018
Rafi Ashkenazi of the Stars Group has been in the centre of media attention in the past few months and for all the right reasons. This week, the Group’s Chief Executive shared the news about Stars’ success in the first quarter of 2018.
Before that, Ashkenazi acknowledged the Stars Group acquisition of Sky Bet and Gaming as a “landmark moment in Stars history.” The group launched an epic promotion called the Stars £100 Million Challenge. The company appears to be unstoppable as they continue to make history in the gaming industry.
On May 10th, the Stars Group reported that their revenues for the first quarter of the year were up 23% compared to profits in the same period last year. The group had the income worth $392,891 from January to March. In 2017, the same period brought the group $317,320, which is approximately $75 million less than in 2018.
The Stars poker brands saw an increase in revenues of 2.3% for the quarter and 12.4% on a yearly basis. The company’s sports betting revenues increased this year as well. Combined revenues for Stars casino and sports betting products amounted to $134.5 million. This is a 55% increase from last year.
The group sees their acquisition of CrownBet majority equity interests as the primary reason for the sportsbook profits going up. CrownBet alone made an $11-million contribution to the overall sportsbook and casino earnings. Apart from this, the group acquired William Hill Australia, hoping to increase their presence in the Australian market.
In 2017, Stars reported yearly revenue of $1.3 billion, which was 14% higher than in 2016. The group’s start in 2018 is strong, and they can only expect the numbers to go up.
The way things are going we cannot but wonder if Stars casino brands would find their place among the best PayPal casinos. In Stars’ Rafi Ashkenazi’s words, the group is closer to becoming the world’s favourite iGaming destination with their every move.