The Stars Group says that PokerStars is set for extra attention during the next 12 months following the release of results which saw poker revenue continue to fall while online sports betting business went up.

The group’s revenue in the Isle of Man plunged by more than 73% in 2019 according to figures released by the Toronto-based business.

But Rafi Ashkenazi, The Stars Group’s chief executive, presenting the fourth quarter and full year results, said: ’In 2020, we plan to further enhance the global appeal of the PokerStars brand, including by launching the PokerStars sports brand, leveraging the operational capabilities of our Sky Betting & Gaming business and launching television advertising for PokerStars Casino.’

The group posted a profit in the final quarter (Q4) of 2019 as sports betting revenue eclipsed contributions from online casino and poker.

The quarter four revenue gains were credited to a strong showing by the UK-facing Sky Betting and Gaming (SBG) business and Australia’s BetEasy brand. Sports betting’s share of the Q4 revenue cake was up nearly five points to 39.1%, while online casino was up less than one point to 30.8% and the formerly dominant poker section plunged 5.3 points to 27.5%.

As well as releasing the quarterly results the group issued its financial statements for the year ended December 31, 2019. In the Isle of Man revenue in 2019 as a whole is listed as $99,504,000 (£77,607,000) compared to $377,702,000 (£294,584) in the whole of the previous year. This is a fall of about 73% .

This follows a similar trend revealed by Business News after the release of the third quarter results last year when Isle of Man revenue plunged by more than 96%.

The Stars Group says poker revenue decreased for the fourth quarter and the year.

It blames this on ’adverse foreign exchange fluctuations and continued disruptions and regulatory headwinds in certain markets’.

There was also the closure of PokerStars in Switzerland in July together with ’tougher operating conditions in other markets such as Spain and Sweden, following regulatory changes in those countries’.

The company asserts that poker ’remains an important driver,’ with strategies in place including new product launches and marketing plans, in addition to expected new market expansion plans, which it believes will support the development of its international poker business throughout 2020 and into 2021.

The group says in the report: ’The Stars Group has a deep pipeline of new product launches and marketing plans in addition to exected new market expansion plans, which it believes will support the development of its international poker business throughout 2020 and into 2021 and help mitigate ongoing disruption in certain markets that will contintinue to weigh on poker revenues in 2020 before beginning to improve in 2021.’

Mr Ashkenazi said: ’In 2019, we continued to execute on our strategy to deliver long-term sustainable growth and become the world’s favourite iGaming (e-gaming) destination.

’We not only began to see the full-year benefits of our transformative 2018 acquisitions, but executed on delivering a landmark media partnership in the U.S., with the launch of FOX Bet, strengthening our position in this emerging market.’

He added: ’We also focused on creating shareholder value through efficient capital allocation, prepaying over $450 million of debt during the year.’

Mr Ashkenazi referred to the forthcoming link-up with Paddy Power owner Flutter.

He said that ’ahead of closing our combination with Flutter, which will enhance and accelerate each company’s growth strategy, we remain focused on our key strategic priorities of integration, execution, and debt reduction’.

Britain’s competition regulator, the Competition and Markets Authority is running a probe into the deal and has until the end of March to either clear the deal or launch an in-depth investigation.