Stars Group post strong first quarter results ahead of Sky Bet acquisition
Canadian gaming giant The Stars Group demonstrated on Friday why they are in a position to acquire Sky Bet in a whopping £3.4 billion deal when posting strong results for the first quarter of 2018.
The owners of online poker platform PokerStars have been busy consolidating recently, having acquired CrownBet and William Hill Australia, and their financial muscle was evident with total net revenues up 23.8 per cent for the first three months of 2018, ending March 31.
Total revenues stood at $392.9 million, with online poker revenues rising 12.4 per cent to $245.9m compared to the same period last year.
Commenting on the impending acquistion of Sky Betting & Gaming, Stars Group chief executive officer Rafi Ashkenazi said: "Moving forward, the exceptional foundation of our existing business will be complemented by our acquisitions of CrownBet and William Hill Australia, and expected completion of the Sky Betting & Gaming acquisition.
"These acquisitions will help diversify our revenue base, increase our exposure to regulated markets, and transform our combined sportsbook into a second customer acquisition channel. These new additions will accelerate not only the organic growth we are seeing in our existing business, but also our progress towards realising our vision of becoming the world's favourite iGaming destination."
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