The Stars Group Posts Strong Q1 Revenue Report
The recent Q1 revenue report release by online casino and Poker operator The Stars Group cements even further the notion that the time to capitalise on a diversified product offering is right now. The Canadian online entertainment colossus has announced a crazy 27% year-on-year increase in revenue for the three-month period leading up to the end of March 2020.
What’s more, the sudden hike, says the group, can mostly be attributed to the month of March – a month that will go down in history as the month that would forever change the way entertainment and hospitality industries do business.
No Industry Is An Island
But that alternative forms of online and gaming entertainment would witness an upswing in the wake of a practically dead sports betting industry, though obviously welcome, isn’t at all surprising. And according to The Stars Group’s future projections, there’s no reason to assume that online Poker and online Casino would suffer any kind of beating once the world of sports has made a full recovery.
In fact, the second quarter of 2020 is quickly shaping up to trump even the many successes of Q1. A reported increase in online Poker and online casino activity during the first two weeks of Q2 led to average daily revenues at least 33% higher than those reported for the first quarter of the year.
Onward projections now include a 133% growth margin in terms of operating income, which would translate to around US$140 million reported for a three-month period. Adjusted EBITDA is as a direct result of the improved performance projected to see a 51% improvement all the way up to a sweltering $291 million.
Time For Conversation
But what The Stars Group’s Q1 report signals perhaps more poignantly than anything else, is the absolute adaptability of the industry. And given that it’s part of a global economy that’s far from being completely out of the woods, there has probably never been a more opportune time than the present to properly reopen conversations around the necessity of a regulated and legal online Poker industry.
At present, only a handful of US states permit online Poker to be played within their jurisdictions. And since the focus now should be on the restoration of a global economy instead of on the red tape of bureaucracy, the time is absolutely right for a more dogged push toward legalised online Poker than ever before.
It just makes sense.