Q1 2019 results for The Stars Group show a boost in revenue.
Total revenue increased by 47.7 per cent, with gross profit up 33.6 per cent. Operating income is up 46 per cent and net earnings are up 62.8 per cent.
"During the quarter, we delivered on key components of our 2019 objectives," said Rafi Ashkenazi, company CEO. "As we continue to lay the foundations to deliver sustainable long-term growth across the group, we are also now focused on positioning our new Fox Bet brand as a market leader in the US."
"We continued to see growth in most markets in our International segment on a constant currency basis during the quarter, despite challenging operational conditions, the cessation of operations in certain markets and foreign exchange headwinds having a significant impact on our reported results as compared to the first quarter in 2018. Our United Kingdom segment continues to exceed our expectations operationally with record levels of new depositing customers, and an acceleration of growth in QAUs, Stakes and gaming revenue, although this performance was masked in the reported results by a record low Betting Net Win Margin of five per cent. In Australia, we are pleased with our performance and continue to build our platform for market share gains," said Mr. Ashkenazi.
"Underlying trends were similar in April and into May across the three segments, but with a significantly higher Betting Net Win Margin in the United Kingdom segment that is above its historical average of nine per cent. As we look at the remainder of 2019, we see opportunities for improved revenue growth, with a deep pipeline of new products, content and offers, leveraging our talent and skills across segments. Our leading positions in attractive markets, strong brands, technology and operating expertise have been bolstered by the new partnership with Fox Sports and positions us well for long-term growth."
