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1	Non-IFRS measure. For important information on The Stars Group’s non-IFRS measures, see below under “Non-IFRS Measures” and the tables under “Reconciliation of Non-IFRS Measures to Nearest IFRS Measures”.

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Revenue - Revenue for the quarter increased primarily as a result of revenue growth within the United Kingdom and Australia segments, which were largely driven by strong underlying trends in customer activity and revenues across the segments, as well as a year-over-year increase in Betting Net Win Margin. During the quarter, online sports betting was The Stars Group’s largest product vertical (35.0% versus 27.7% in 2018), followed by online casino (31.3% versus 31.6% in 2018) and online poker (30.9% versus 37.7% in 2018), while 77% of consolidated revenues were derived from locally regulated or taxed markets (72% in 2018). Additional segment specific factors impacting revenue are described below.

•

Debt and Cash - The Stars Group generated Free Cash Flow of $70.2 million in the third quarter of 2019, which was after, among other items, the cash impact of certain adjustments to EBITDA set forth in the Adjusted EBITDA reconciliation below under “Reconciliation of Non-IFRS Measures to Nearest IFRS Measures”. Free Cash Flow was also impacted by the semi-annual interest payment of $35.0 million on the 7% Senior Notes. The Stars Group ended the quarter with approximately $405.8 million in operational cash and $5.0 billion of gross debt on its balance sheet, resulting in Net Debt of $4.6 billion, a reduction of over $100 million from the second quarter of 2019. In October 2019, The Stars Group prepaid an additional $100 million, including accrued and unpaid interest, of its USD first lien term loan using cash on its balance sheet.

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U.S. Update - In the eight weeks since launch, the FOX Sports Super 6 app had been downloaded more than 820,000 times, had more than 7.5 million total contest entries and has been ranked in the top 20 in the games tab and in the top 10 in the sports section in the Apple App Store. The Stars Group also launched the real-money wagering FOX Bet products in New Jersey and Pennsylvania ahead of the start of the professional football season, both on-time and on-budget, and has seen encouraging week-to-week customer activity levels with the overall performance of the products in-line with its expectations, and is on track to reach its previously disclosed expected loss of approximately $40 million in 2019. Following the end of the quarter, The Stars Group successfully launched PokerStars in Pennsylvania, the first poker product to launch in the state, and FOX Bet announced a multi-year agreement with the MLB to become an authorized gaming operator.

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Combination with Flutter Entertainment plc - On October 2, 2019, The Stars Group and Flutter announced that they entered into an arrangement agreement providing for an all-share combination at an exchange ratio of 0.2253 and whereby immediately following completion, shareholders of Flutter would own approximately 54.64% and shareholders of The Stars Group would own approximately 45.36% of the share capital of the combined group. Completion of the combination is currently intended to occur during the second or third quarter of 2020, subject to, among other things, shareholder, court and applicable regulatory approvals.

•

Financial Guidance; Earnings Call and Presentation - The Stars Group currently anticipates full-year 2019 financial results to be within the guidance ranges previously announced in its August 12, 2019 earnings release. As a result of the pending combination of The Stars Group and Flutter, The Stars Group will not hold an earnings conference call for the third quarter and intends to suspend its practice of providing forward-looking financial guidance beyond its previously announced full-year financial guidance for 2019. This press release and an accompanying presentation will be available on The Stars Group’s website at www.starsgroup.com. For additional information, see below under “Consolidated Financial Statements, Management’s Discussion and Analysis and Additional Information”.

•

Board Observer - In January 2018, The Stars Group entered into an agreement with Mr. Tang Hao and his affiliated entity Discovery Key Investments Limited, which at the time collectively held approximately 17.9% of the outstanding common shares of The Stars Group, pursuant to which Mr. Tang appointed Mr. Melvin Zhang as his nominee to be an observer to the Board with the right to become a director upon the satisfaction of certain conditions. Based on publicly available information, The Stars Group understands that Mr. Tang and Discovery Key Investments held less than 1% of the outstanding common shares of The Stars Group as of September 24, 2019 and as such, Mr. Tang no longer has a right to nominate an observer or director to the Board and Mr. Zhang no longer serves as such observer. The previously disclosed terms of the agreement, including as it relates to certain restrictions on Mr. Tang’s purchase of common shares of The Stars Group, remain in effect until after the 2020 annual general meeting of shareholders.

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•

Revenue - Revenue decreased year-over-year, primarily as a result of adverse foreign exchange fluctuations and continued disruptions and regulatory headwinds in certain markets due to reduced deposits by customers as a result of local restrictions on some methods of payment processing and on certain methods of downloading The Stars Group’s products, particularly related to casino and poker. In markets that have been impacted by such disruption, which represent lower-priority markets, revenues were 32% lower year-over-year, slightly worse than the trend in each of the first two quarters of the year, with improvements in some markets primarily offset by the closure of PokerStars in Switzerland in July 2019. These markets now represent 14% of revenue for the International segment, from 20% in the prior year period. In the rest of the world, Constant Currency Revenue growth was 3% year-over-year, consistent with the trends in the first half of the year, with strong performance in Italy, where Constant Currency Revenue grew 9% year-over-year despite necessary changes to meet obligations of the advertising restrictions beginning in July.

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•

Poker - Revenue for the quarter decreased year-over-year, with Constant Currency Revenue 8.0% lower than the prior year period, primarily as a result of the same factors noted above. Underlying trends in the third quarter were similar to those in the first half of the year, with the primary negative impact being the closure of PokerStars in Switzerland in July 2019, where The Stars Group is working with regulators and its local partner to operate in a newly regulated environment in due course. The Stars Group believes that its new product pipeline and marketing plans for the fourth quarter and into 2020 supports its current expectations for a return to Constant Currency Revenue growth in 2020. Poker remains an important driver of cost-effective customer acquisition, leveraging the awareness and trust of the PokerStars brand to create a large and low-cost customer acquisition channel, supporting our ability to drive revenue growth through cross-selling to the International segments other product offerings. PokerStars also held the World Championship of Online Poker (WCOOP) during the quarter, which paid out a WCOOP record $105 million in prizes over the 20-day tournament series.

•

Gaming - Revenue for the quarter increased year-over-year, primarily as a result of organic growth in most markets, which continues to be driven by the roll-out of new casino games and innovative content, as well as ongoing improvements in cross-selling rates from poker to casino games. Constant Currency Revenue growth in The Stars Group’s rest of the world markets (all markets excluding disrupted markets) was 24%. The growth in gaming revenue was partially offset by the cessation of operations in certain markets since the third quarter of 2018, as well as similar restrictions on some methods of payment processing and adverse foreign exchange fluctuations as described above.

•

Betting - Revenue for the quarter decreased year-over-year as a result of adverse foreign exchange fluctuations and reduced levels of Stakes, driven in part by the cessation of operations in certain markets as well as the positive impact of the FIFA World Cup in the prior year period. The relaunch of Sky Bet in Italy and Germany produced encouraging results with Stakes increasing 22% year-over-year on a local currency basis.

•

Operational excellence - The quarter saw an underlying improvement in operations within the International segment, primarily driven by the implementation of an operational excellence program to optimize the cost base, including a reduction in headcount and the relocation and re-purposing of certain roles, which helped to offset some of the impact of the disrupted markets. For additional information, see below under “Reconciliation of Non-IFRS Measures to Nearest IFRS Measures”.

•	Customers – QAUs decreased year-over-year, primarily due to reduced activity in certain markets and the closure of certain markets, each as noted above.

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•

Revenue - Revenue for the quarter increased significantly year-over-year, primarily due to a combination of factors including strong operational momentum across the United Kingdom segment’s betting and gaming products and the timing of the acquisition of Sky Betting & Gaming on July 10, 2018. On a constant currency and proforma basis (assuming The Stars Group completed the Sky Betting & Gaming acquisition on July 1, 2018), revenue would have grown approximately 21% year-over-year. This revenue growth was partially offset by negative foreign exchange fluctuations and the benefit of the FIFA World Cup in the prior year period.

•

Betting - Revenue increased year-over-year as a result of increased Stakes and an increase in Betting Net Win Margin. The increase in Stakes was primarily the result of continued improvements to the segment’s products and promotions which drove growth in customer engagement and retention. The Betting Net Win Margin was significantly higher year-over-year at 9.4%, but was broadly in-line with the historical long-term average of approximately 9%.

•	Gaming - Revenue increased year-over-year, benefiting from continued improvements in cross-sell of customers to and from the United Kingdom’s gaming and betting products, as well as the continued roll-out of new and innovative content. In particular,

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•	Customers - QAUs were broadly stable year-over-year, and benefited in the quarter from the positive impact of continued improvements in products and promotions, and in particular the successful promotional activity around the start of the English Premier League season. This was primarily offset with the prior year period benefiting substantially from customer activity during the FIFA World Cup.

•

Revenue - Revenue for the quarter increased year-over-year, primarily as a result of a higher Betting Net Win Margin, partially offset by a decrease in Stakes and adverse foreign exchange fluctuations. The decrease in Stakes was primarily a result of the prior year period benefiting from the FIFA World Cup and above average promotional activity as part of the migration of such customers of the former William Hill Australia business to the BetEasy platform, and the launch of the BetEasy brand, together with an increased focus on high-value, recreational customers through the continued roll-out of MyRewards allowing for targeted, personalized promotions and an optimization of the customer base. The Betting Net Win Margin of 9.6% was above the long-term average of 8.5%, but was significantly higher year-over year, primarily as a result of the increased promotional activity noted above, together with operator-unfavorable sporting results in the prior year period.

•	Customers - QAUs decreased year-over-year, primarily as a result of the migration of customers onto the BetEasy platform which positively impacted the prior year period, together with a continued focus on high-value, recreational customers as noted above.

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1.	NATURE OF BUSINESS

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2.	SIGNIFICANT ACCOUNTING POLICIES

•	Reclassification of $2.1 million for each of the three and nine months ended September 30, 2018 resulting in increases to Adjusted EBITDA for the International segment and corresponding decreases of the same amount to Adjusted EBITDA for the Corporate cost center.

•	Reclassification of $0.2 million for each the three and nine months ended September 30, 2018 resulting in increases to Adjusted EBITDA for the United Kingdom segment and corresponding decreases of the same amount to Adjusted EBITDA for the Corporate cost center.

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•	Hindsight in the determination of right-of-use assets and lease liabilities on transition;

•	Reliance on the assessment of whether leases are onerous by applying IAS 37, Provisions, Contingent Liabilities and Contingent Assets immediately before the date of initial application as an alternative to performing an impairment review;

•	Exclusion of initial direct costs from the measurement of right-of-use assets on transition; and

•	No recognition of right-of-use assets and lease liabilities for leases expiring within 12 months of adoption of IFRS 16.

a)	Recognizes a right-of-use asset and a lease liability in the consolidated statement of financial position, initially measured at the present value of future lease payments;

b)	Recognizes depreciation of right-of-use assets and interest on lease liabilities in the consolidated statement of profit or loss as part of general and administrative expense and other interest expense within net financing charges, respectively; and

c)	Separates the total amount of cash payments in relation to lease liabilities into a principal portion and interest (each presented within financing activities) in the consolidated statement of cash flows.

•	Fixed lease payments (including in-substance fixed payments), less any lease incentives;

•	Variable lease payments that depend on an index or rate initially measured using the index or rate at the commencement date;

•	Amount expected to be payable by the lessee under residual value guarantees;

•	The exercise price of purchase options if the lessee is reasonably certain to exercise the options; and

•	Payments of penalties for terminating the lease if the lease includes an option to terminate the lease.

•	The lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate;

•	The lease payments change due to changes in an index or rate or change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or

•	A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

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3.	ACQUISITION OF SUBSIDIARIES

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4.	REVENUE

5.	SEGMENTAL INFORMATION

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1

Restructuring expenses relate to certain operational and staff restructuring programs implemented following the Australian Acquisitions and the SBG Acquisition, and certain of the Corporation’s recent strategic cost savings initiatives (i.e., referred to by the Corporation as “operational excellence” or “operational efficiency” programs). Management does not consider such expenses to be part of its ongoing core operating activities or expenses. “Termination of employment agreements” presented in prior periods is now included in restructuring expenses. Following and as a result of the restructuring programs and efforts to achieve expected cost synergies related to the Acquisitions in the United Kingdom and Australia segments, during the three and nine-months ended September 30, 2019, the Corporation reassessed its fixed-cost base within the International segment and Corporate cost center and implemented an operational excellence program to optimize the same, including a reduction in headcount and the relocation of certain roles across and within applicable geographies. As a result, costs related to this program that are excluded from Adjusted EBITDA for the three and nine months ended September 30, 2019 include (i) $14.6 million and $19.5 million, respectively, of accrued termination payments recognized under IAS 37, Provisions, contingent liabilities and contingent assets and IAS 19, Employee benefits and (ii) $7.7 million and $9.0 million, respectively, for salaries and associated compensation relating to roles that are either being made redundant or that are expected to be relo

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2	Autorité des marchés financiers ("AMF"), foreign payments and other investigation and related professional fees relate to those previously disclosed matters.

3

The Corporation excludes certain lobbying and legal expenses in jurisdictions where it is actively seeking licensure or similar approval because management believes that the Corporation’s incremental cost of these lobbying and legal expenses in such jurisdictions is generally higher than its peers given liabilities and related issues primarily stemming from periods prior to the acquisition of the Stars Interactive Group in 2014 or from matters not directly involving the Corporation or its current business.

4

Professional fees in connection with non-core activities are excluded from Adjusted EBITDA as these expenses are not representative of the underlying operations. Such professional fees include those related to litigation matters, incremental accounting and audit fees incurred in connection with the integration of the Acquisitions, including as it relates to internal controls with respect to the same, and the previously announced partnership with FOX Sports and transactions in connection with obtaining and securing potential market access to certain U.S. states in which the Corporation currently does not operate.

5	For additional information see note 6.

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6.	EXPENSES CLASSIFIED BY NATURE

7.	INCOME TAXES

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8.	EARNINGS PER SHARE

9.	LONG-TERM DEBT

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10.	DERIVATIVES

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12.	SHARE CAPITAL

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13.	RESERVES

14.	FAIR VALUE

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Equity in private companies (Level 3 Assets): The Corporation valued its equity investment in private companies with reference to earnings measures from similar businesses in the same or similar industry and adjusts for any significant changes in the earnings multiple and the valuation. A reasonable change in assumptions would not have a material impact on fair value. Changes in the fair value of equity in private companies are recorded in loss (gain) on investments within general and administrative expenses on the unaudited interim condensed consolidated statements of (loss) earnings.

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Deferred contingent payment (Level 3 Liability) in connection with the acquisition of the additional 18% equity interest in BetEasy (see note 3): As at September 30, 2019, the Corporation used the expected present value approach in determining the liability. In previous financial statements, the Corporation used a risk-neutral derivative-based simulation of the underlying EBITDA forecast to determine the fair value of the deferred contingent payment. Changes in the fair value of the deferred contingent payment are recorded in net financing charges on the unaudited interim condensed consolidated statements of (loss) earnings.

–

Embedded derivative redemption option (Level 3 Asset) in connection with the Senior Notes issuance (the “Embedded Derivative”): The Corporation used an interest rate option pricing valuation model to determine the fair value of the Embedded Derivative using an implied credit spread of 3.4% at September 30, 2019. A 10-basis point increase or decrease in the implied credit spread would have a $(3.6) million or $3.6 million impact on fair value, respectively. Changes in the fair value of the Embedded Derivative are recorded in net financing charges on the unaudited interim condensed consolidated statements of (loss) earnings.

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Unsettled bets (Level 3 Liability): The principal assumptions used in the valuation of unsettled bets is the anticipated outcomes for the events related to the unsettled bets (gross win margin). A reasonable change in the gross win margin would not have a material impact on fair value. Changes in the fair value of the unsettled bets are recorded in revenue on the unaudited interim condensed consolidated statements of (loss) earnings.

–	Included within other level 3 liabilities:

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EBITDA support agreement (Level 3 Liability): As previously disclosed, in connection with the initial public offering Innova Gaming Group Inc. (TSX: IGG) (“Innova”), the Corporation entered into an EBITDA support agreement with Innova. The Corporation used a net present value approach for the EBITDA support agreement. Changes in the fair value of the EBITDA support agreement are recorded in net financing charges on the unaudited interim condensed consolidated statements of (loss) earnings.

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15.	ADOPTION OF NEW ACCOUNTING STANDARDS

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16.	FOX SPORTS RELATIONSHIP

17.	SUBSEQUENT EVENTS

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•	these non-IFRS financial measures exclude or are otherwise adjusted for the applicable items listed in the reconciliation tables under “Reconciliations” below and as set forth in the definitions of such measures; and

•

the income or expenses that the Corporation excludes in its calculation of these non-IFRS financial measures may differ from the income or expenses that its peer companies may exclude from similarly-titled non-IFRS measures that they report. In addition, although certain excluded income or expenses may have been incurred in the past or may be expected to recur in the future, management believes it is appropriate to exclude such income or expenses at this time as it does not consider them as on-going core operating income or expenses of the Corporation. Moreover, certain integration and related costs of the Acquisitions and the Combination are or will be excluded as being more similar to acquisition-related costs rather than on-going core operating expenses. Management currently believes that, subject to unanticipated events or impacts of anticipated events, over time it should have fewer adjustments or the amounts of such adjustments should decrease, except for acquisition-related, market access or integration costs, which the Corporation may incur in the future based on the Corporation’s strategic initiatives.

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1.

Sales and marketing includes $1.1 million and $3.8 million for the three and nine months ended September 30, 2019, respectively, that the Corporation excluded from its consolidated results as it related to certain non-gaming related transactions with the United Kingdom segment. A corresponding exclusion in the consolidated results is recorded to Other revenue for amounts included in the United Kingdom segment in respect of these transactions. Other revenue includes $1.0 million for each of the three and nine months ended September 30, 2018 that the Corporation excluded from its consolidated results as it related to certain non-gaming related transactions with the United Kingdom segment. A corresponding exclusion in the consolidated results for those periods is recorded to Sales and marketing expense for amounts included in the United Kingdom segment in respect of these transactions.

2.	Non-IFRS measure. A reconciliation to its nearest IFRS measure is provided under “Reconciliations” below.

a)	Poker

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b)	Gaming

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1.

Other revenue includes $1.1 million and $3.8 million for the three and nine months ended September 30, 2019, respectively, that the Corporation excluded from its consolidated results as it related to certain non-gaming related transactions with the International segment. A corresponding exclusion in the consolidated results is recorded to sales and marketing for amounts included in the International segment in respect of these transactions. Sales and marketing includes $1.0 million for each of the three and nine months ended September 30, 2018 that the Corporation excluded from its consolidated results as it related to certain non-gaming related transactions with the International segment. A corresponding exclusion in the consolidated results for those periods is recorded to Other revenue for amounts included in the International segment in respect of these transactions.

a)	Gaming

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1	Non-IFRS measure. A reconciliation to its nearest IFRS measure is provided under “Reconciliations” below.

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1	Stock-based compensation expense is excluded from Adjusted EBITDA primarily due to its discretionary nature.

2

Interest accretion, gains or losses on the re-measurement of contingent consideration and an embedded derivative recognized in respect of the Senior Notes, ineffectiveness on cash flow hedges, and amortization of intangible assets resulting from purchase price allocations following acquisitions are excluded from Adjusted Net Earnings as these are accounting adjustments that are not representative of underlying cash operating activities or expenses of the Corporation.

3

Restructuring expenses relate to certain operational and staff restructuring programs implemented following the Acquisitions, and certain of the Corporation’s recent strategic cost savings initiatives (i.e., referred to by the Corporation as “operational excellence” or “operational efficiency” programs). Management does not consider such expenses to be part of its ongoing core operating activities or expenses. “Termination of employment agreements” presented in prior periods is now included in restructuring expenses. Following and as a result of the restructuring programs and efforts to achieve expected cost synergies related to the Acquisitions in the United Kingdom and Australia segments, during the three and nine-months ended September 30, 2019, the Corporation reassessed its fixed-cost base within the International segment and Corporate cost center and implemented an operational excellence program to optimize the same, including a reduction in headcount and the relocation of certain roles across and within applicable geographies. As a result, costs related to this program that are excluded from Adjusted EBITDA for the three and nine months ended September 30, 2019 include (i) $14.6 million and $19.5 million, respectively, of accrued termination payments recognized under IAS 37, Provisions, contingent liabilities and contingent assets and IAS 19, Employee benefits and (ii) $7.7 million and $9.0 million, respectively, for salaries and associated compensation relating to roles that are either being made redundant or that are expected to be relocated (for relocations, to the extent that such salaries and associated compensation exceeds or will exceed the same in the new location for the respective relocated roles). The Corporation expects to continue excluding such costs from Adjusted EBITDA through the respective termination or relocation dates of the impacted personnel.

4

Autorité des marchés financiers (“AMF”), foreign payments and other investigation and related professional fees relate to those matters described in this MD&A and the 2018 Annual Information Form under the heading “Legal Proceedings and Regulatory Actions”. On June 6, 2019, the AMF advised the Corporation that it had closed its investigation and no charges will be laid against the Corporation or any of its current directors or officers in connection with the previously reported AMF investigation and related matters.

5	The Corporation excludes certain lobbying and legal expenses in jurisdictions where it is actively seeking licensure or similar approval because management believes that the Corporation’s incremental cost of these lobbying and legal expenses in such jurisdictions is

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6

Professional fees in connection with non-core activities are excluded from Adjusted EBITDA as these expenses are not representative of the underlying operations. Such professional fees include those related to litigation matters, incremental accounting and audit fees incurred in connection with the integration of the Acquisitions, including as it relates to internal controls with respect to the same, and the previously announced partnership with FOX Sports and transactions in connection with obtaining and securing potential market access to certain U.S. states in which the Corporation currently does not operate.

7	For additional information see below under the heading “Legal Proceedings and Regulatory Actions” and note 6 of the Q3 2019 Financial Statements.

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•	Hindsight in the determination of right-of-use assets and lease liabilities on transition;

•	Reliance on the assessment of whether leases are onerous by applying IAS 37, Provisions, Contingent Liabilities and Contingent Assets immediately before the date of initial application as an alternative to performing an impairment review;

•	Exclusion of initial direct costs from the measurement of right-of-use assets on transition; and

•	No recognition of right-of-use assets and lease liabilities for leases expiring within 12 months of adoption of IFRS 16.

a)	Recognizes a right-of-use asset and a lease liability in the consolidated statement of financial position, initially measured at the present value of future lease payments;

b)	Recognizes depreciation of right-of-use assets and interest on lease liabilities in the consolidated statement of profit or loss as part of general and administrative expense and other interest expense within net financing charges, respectively; and

c)	Separates the total amount of cash payments in relation to lease liabilities into a principal portion and interest (each presented within financing activities) in the consolidated statement of cash flows.

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•	Fixed lease payments (including in-substance fixed payments), less any lease incentives;

•	Variable lease payments that depend on an index or rate initially measured using the index or rate at the commencement date;

•	Amount expected to be payable by the lessee under residual value guarantees;

•	The exercise price of purchase options if the lessee is reasonably certain to exercise the options; and

•	Payments of penalties for terminating the lease if the lease includes an option to terminate the lease.

•	The lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate;

•	The lease payments change due to changes in an index or rate or change in expected payment under a guaranteed residual value, in which case the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or

•	A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

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•	material information relating to the Corporation is made known to them by others, particularly during the period in which the annual and interim filings are being prepared; and

•	information required to be disclosed in the annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in applicable securities legislation.

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1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of The Stars Group Inc. (the “issuer”) for the interim period ended September 30, 2019.

2.	No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.	Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.	Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).

5.2	ICFR – material weakness relating to design: N/A

5.3	Limitation on scope of design: N/A

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6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2019 and ended on September 30, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

1.	Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of The Stars Group Inc. (the “issuer”) for the interim period ended September 30, 2019.

2.	No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3.	Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4.	Responsibility: The issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5.	Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings

(a)	designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i)	material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii)	information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b)	designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1	Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).

5.2	ICFR – material weakness relating to design: N/A

5.3	Limitation on scope of design: N/A

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6.	Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2019 and ended on September 30, 2019 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.