Steady growth for Stars Group in Q3 ahead of Flutter sale
The Stars Group posted Q3 revenue of $622.5m, up 9% year-on-year, in a quarter where it announced its planned sale to FanDuel owner Flutter Entertainment.
EBIDTA totalled $239.9m, an increase of 21%, %, but operating income dropped 77% to $16.3m.
The revenue increase was attributed to growth in the UK and Australia by way of rising customer activity.
In May, Stars and Fox Sports agreed to a partnership to launch Fox Bet, a series of apps that offer real-money sports betting and free-to-play games. Fox agreed to pay $236m for the deal.
Stars debuted Fox Bet products in New Jersey and Pennsylvania ahead of the professional football season.
Stars also launched the free-to-play Fox Sports Super 6 app. The app had been downloaded more than 820,000 times and ranked in the top 10 of the Apple App Store sports section.
Last month, Stars and Flutter Entertainment announced a proposed merger that would give Flutter a 54.46% stake in the online gambling company. The merged entity would have generated $4.66m in revenue for 2018 on a pro forma basis.
Stars shareholders would exchange their present shares for 0.2253 shares in Flutter.
Flutter, based in Dublin, also owns Betfair and Paddy Power.
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