The Stars Group is eyeing up a place in the recently regulated Pennsylvania market after reporting a strong third quarter.
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The Stars Group is poised for a move into Pennsylvania following a strong Q3 performance. (Image: pennlive.com)
According to the November 9 financial report, the parent company of PokerStars raked in $329 million during the third three months of 2017. Comparing that figure to 2016’s total revenue for the quarter, The Stars Group showed a 21.7 percent improvement.
PokerStars Preparing to Enter Pennsylvania
Off the back of this increase in total revenue, the company’s chief financial officer Brian Kyle confirmed that it will be looking to invest in Pennsylvania. Although Kyle wasn’t able to confirm which live casino operator it will partner with in the state, he did say that it’s a market the company is interested in.
“With a population almost twice the size of New Jersey, Pennsylvania is poised to become a significant marketplace for iGaming and a potential boost to our U.S poker business (as) Pennsylvania is expected to share liquidity with New Jersey and other U.S states as they regulate,” Kyle explained to investors during a November 9 conference call.
As well as noting a potential expansion in the US, Kyle said that The Stars Group is now one of the largest casino operators in the industry. This statement is backed up by figures that continue to show PokerStars is drawing an ever-decreasing amount of revenue from its poker product.
Poker Losing Its Footing at PokerStars
Even though poker revenue in Q3 2017 was up 12.5 percent year-on-year, its overall share of the company’s total earnings was down. With casino and sports betting revenue jumping by 48.3 percent year-on-year, poker now represents 67.2 percent of PokerStars’ revenue compared to the 72.7 percent share it had in Q3 2016.
Aside from an increased number of betting options drawing players to the casino and sportsbook, the Stars Rewards program has made it easier for players to earn bonuses across the board. Launched in July, the new system credits players for their poker, casino and sports bets.
According to the latest report, 85 percent of active members have opted into the program and, to date, $45 million in loyalty rewards has been distributed to players.
For the executives at The Stars Group, the new system has had a positive impact on its ecosystem and will be something it will look to use in any future US ventures.
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