- The Star Group reported the highest Q1 revenue to date.
- The revenue came from playing poker and casino games.
- Sports betting is not a major factor in high Q1 revenue.
TALLAHASSEE, Fla. – The Stars Group reported on Monday that their Q1 revenue earnings reached around $735 million.
Due to the ongoing COVID-19 (coronavirus) pandemic, many people are stuck in their homes without much to do. Thanks to that, many people are turning to online gambling to pass the time and maybe earn some extra cash.
The Stars Group has released a Q1 revenue report and it has been one of their best reports yet.
A majority of the revenue comes from The Stars Group online poker and casino platform. BetStars, their legal sports betting platform, did not play a major role in the revenue report. This is of course due to the high number of sports leagues not playing due to the coronavirus. But The Stars Groups other gambling services has helped lessen the blow of losing sports betting.
“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,” said Rafi Ashkenazi, Chief Executive Officer of The Stars Group.
Despite the coronavirus taking out multiple sports leagues, The Stars Group is well-positioned to come out on top.
Revenue for companies such as The Stars Group will continue to go up thanks to their other gambling platforms. Companies that focus solely on sports betting may need a stronger base to find though.
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Daniel is a writer that enjoys writing to inform readers. When Daniel was writing for The Borgen Project, he liked informing the world about victories in global poverty issues. Daniel is also an avid horse racing fan who has been going to the track with his father for over a decade betting the ponies. When he is not writing about sports betting or at the track, Daniel loves playing video games and watching sports in his spare time.