The Stars Group Thriving In Online-Only Gambling Landscape

• The Stars Group Inc. reported that it saw record revenue in the first quarter.
• Online Poker and casino games have seen an increase in players since the beginning of the coronavirus pandemic.
• The Stars Group will soon be launching sports betting in West Virginia and Colorado later this year.

LAS VEGAS — The Stars Group had a record setting first quarter in terms of revenue generated despite the coronavirus pandemic negatively affecting businesses across the board.

In a way, the pandemic has helped the Stars Group reach new heights as they’ve seen an uptick in players using their online casino into the second quarter of 2020. Consolidated average daily revenues in the first two weeks of the second quarter are approximately 33% higher as compared to the first quarter of 2020.

Per the company’s press report, “The Stars Group saw increased customer activity across its online poker and casino product offerings largely beginning in March, with year-over-year International revenue growth of approximately 44% for the month, which more than mitigated the disruption from the cancellation or postponement of sporting events during that time.”

In total, the Stars Group expects to bring in a record $735 million dollars, which is an increase from the $580 million they brought in at this time a year ago. They are one of the few businesses in the legal gambling industry thriving due to their online nature.

CEO of the Stars Group, Rafi Ashkenazi said, “We saw record revenues in the first quarter with 27% year-over-year growth and are continuing to see strong momentum into April, with strong growth in poker and gaming revenues helping to mitigate the cancellation of sporting events. With these encouraging trends, a well-diversified and cash-generative business, and our strong balance sheet, we believe that we remain well-positioned to navigate further headwinds related to the COVID-19 pandemic in 2020, and remain fully committed to our combination with Flutter, which we now expect to close in the second quarter and are confident will enhance and accelerate our growth strategy.”

As more and more bettors turn to online casinos to gamble, the Stars Group has made sure to keep growing its business in the American market. They recently received operating approvals in Colorado and West Virginia to launch their sports betting platform in those states. However, with so much uncertainty in the sports betting world today, Ashkenazi assured consumers that their safety is the top priority.

“During these exceptional times, our top priority, however, is the health and safety of our employees and customers, which includes enhancing our responsible and safer gambling measures as well as ensuring that we provide our customers with all the help and support they may need.”