Revenue at TSG International, the business segment of Flutter which comprises PokerStars, PokerStars Casino and PokerStars Sports, has grown 92% year-over-year in Q2 to date, the group revealed this week.
It is the first trading update published since Flutter Entertainment Inc merged with The Stars Group in early May.
As the same time, Flutter plc announced that it was issuing new shares to raise working capital from shareholders. Today, May 29, it updated the market that it had been success in its new pricing, generating £813 million—exactly $1 billion USD—in cash.
This money will be used to deleverage existing debt, prepare for fresh US opportunities, and invest in the poker and casino product to retain the new customers it recently acquired, the company stated.
In the filing published to the London Stock Exchange on Thursday, the group revealed that total group revenue had grown 10% from the period of April 1 through to May 17.
“This performance reflects the newly combined Group’s enhanced product and geographic diversification,” the group reported. “Good online poker and gaming performance has offset reduced sports revenue while strong momentum in both Australia and the US has helped to partially mitigate the impact of national lock-downs, particularly in Europe.”