Canadian Online Gambling Firm Monitoring Coronavirus Impact And Confident Of Growth

Canadian Online Gambling Firm Monitoring Coronavirus Impact And Confident Of Growth

Canada – A Canadian gaming and online gambling company traded on Nasdaq and the Toronto Stock Exchange; The Stars Group has today announced that it is currently monitoring the impact of coronavirus on business operations, but remains confident of revenue growth across its products.

Chief Executive Officer of The Stars Group Rafi Ashkenazi stated:

“We are pleased with the performance of our business so far this year, which has seen continued strong underlying momentum within our UK and Australia segments, and a sequential improvement in our international segment from the fourth quarter of 2019. Overall, we are so far performing ahead of our expectations and currently expect to see strong year over year growth in revenues for the first quarter.”

The Stars Group, headquartered in Toronto, currently own and operate gambling products: PokerStars, PokerStars Casino, BetStars and Full Tilt Poker. Annual Revenue is estimated to be around two billion dollars per year.

Ashkenazi continued to expand on the details of the update on its business operations:

“Outside of our strong performance so far this year, the recent outbreak of the coronavirus pandemic (COVID-19) has resulted in the cancellation or postponement of major sporting events globally. We are closely monitoring the continued impact of the coronavirus, and the health and safety of our employees and customers remains our top priority, as we implement our business continuity plans and continue to observe and comply with local mandates and guidelines across our global offices. Our employees are working remotely to ensure that our customers can continue to enjoy our products, and while we currently still offer a broad range of betting options for our customers, any sustained outbreak resulting in the further postponement or cancellation of major sporting events could have a material impact on our sports betting revenue in the near term.”

The firm is currently owned by Flutter Entertainment; a bookmaking holding company created by the merger of Paddy Power and Betfair.

Rafi Ashkenazi concluded:

“Notwithstanding, while it remains difficult to predict the scope, timing and length of the current sports postponements and cancellations, our business is online only with a global geographic reach and a majority of revenues (62% in 2019) generated from poker and gaming. We therefore remain confident in our ability to continue driving revenue growth in the years ahead, despite the inevitable disruption in the sports industry during 2020.”

The Stars Group is one of the most regulated online gaming companies in the world, with licenses or applicable approvals to operate in 22 jurisdictions, including in Europe, both within and outside the European Union, Australia, North America and elsewhere.

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