Acquisitions drive 74 revenue growth for The Stars Group in Q3
The Stars Group has reported a 74% year-on-year increase in Q3 revenue to $571.98m.
In its consolidated Q3 summary, the operator attributed the huge growth primarily to the acquisitions of Sky Betting & Gaming (SBG) and BetEasy.
Adjusted EBITDA increased 27% to $198.3m, which was also driven by the acquisitions, although the adjusted EBITDA margin fell 27% due to greater contributions from betting and gaming.
With regards to its SBG takeover, Stars Group said it has begun executing integration plans to create synergies of at least $70m.
A large percentage of this will relate to headcount and other staff costs, with 23% saved on purchasing costs and 24% elsewhere.
Stars Group CEO Rafi Ashkenazi said: "This was a landmark quarter during a transformative year for the company as we begin to deliver on our vision to become the world’s favourite online gaming destination.
"We completed our acquisition of Sky Betting & Gaming, which was cleared by the CMA in October, making us the leader in the UK online betting and gaming market. We also launched BetEasy in Australia and sports betting in New Jersey."