View Filing Data

Cost of revenue (excluding depreciation and amortization)

$ 2,528,448

$ 2,029,238

(693,062)

(459,164)

Gross profit (excluding depreciation and amortization)

1,835,386

1,570,074

General and administrative

(1,155,440)

(976,992)

Sales and marketing

(360,662)

(292,963)

Research and development

(55,085)

(39,995)

Operating income

264,199

260,124

Gain on re-measurement of deferred contingent payment

7,371

342

Gain (loss) on re-measurement of Embedded Derivative

98,300

(6,100)

Unrealized foreign exchange loss on financial instruments associated with financing activities

(11,320)

(7,202)

Other net financing charges

(296,885)

(358,126)

Net financing charges

(202,534)

(371,086)

Net earnings from associates

1,068

Earnings (loss) before income taxes

61,665

(109,894)

197

988

Shareholders of The Stars Group Inc.

61,862

(108,906)

^[3]

Net earnings (loss) attributable to

62,822

(102,452)

Non-controlling interest

(960)

(6,454)

Earnings (loss) per Common Share (U.S. dollars)

$ 61,862

$ (108,906)

^[3]

Basic (in dollars per share)

$ 0.22

$ (0.49)

Diluted (in dollars per share)

$ 0.22

$ (0.49)

Weighted average Common Shares outstanding (thousands)

Basic (in shares)

282,884,929

208,269,905

Diluted (in shares)

284,478,637

208,269,905

[1]	Certain amounts were reclassified in the comparative periods. See note 2.
[2]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[3]	The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Consolidated Statements of Financial Position - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

^[1]

Current assets

Restricted cash advances and collateral

$ 621,924

$ 721,076

6,401

10,819

Prepaid expenses and other current assets

79,578

43,945

Current investments – customer deposits

109,017

103,153

Accounts receivable

111,215

136,347

Income tax receivable

49,504

26,085

Total current assets

977,639

1,041,425

Non-current assets

Restricted cash advances and collateral

10,607

10,630

Non-current accounts receivable

33,482

32,760

16,765

14,906

Property and equipment

139,228

85,169

Income tax receivable

18,556

15,611

Deferred income taxes

11,149

1,775

169,158

54,583

Intangible assets

4,550,222

4,742,699

5,348,976

5,265,980

Total non-current assets

10,298,143

10,224,113

Total assets

11,275,782

11,265,538

Current liabilities

562,731

424,007

Current provisions

64,928

39,189

Current portion of lease liabilities

17,628

16,493

Income tax payable

40,834

72,796

19,633

Current portion of long-term debt

35,750

Total current liabilities

1,150,894

1,011,974

Non-current liabilities

Lease liability

35,691

Long-term debt

4,895,425

5,411,208

Long-term provisions

2,885

4,002

95,931

6,068

Total non-current liabilities

1,770

79,716

Income tax payable

21,609

18,473

Deferred income taxes

552,134

580,697

5,605,445

6,100,164

Total liabilities

6,756,339

7,112,138

EQUITY

Share capital

4,374,150

4,116,287

Equity attributable to the Shareholders of The Stars Group Inc.

(423,283)

(469,629)

Retained earnings

565,583

502,761

4,516,450

4,149,419

Non-controlling interest

2,993

3,981

Total equity

4,519,443

4,153,400

^[2]

Total liabilities and equity

11,275,782

11,265,538

Operational

Current assets

321,008

392,853

Current assets

Disclosure Of Investments [Abstract]

300,916

328,223

Current liabilities

Customer deposits

$ 409,390

$ 423,739

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[2]	The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Investments (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Investments Held by Corporate

The Corporation held the following investments:



	As at December 31,
	2019	2018
In thousands of U.S. Dollars	Carrying value & fair value	Carrying value & fair value
Bonds - FVOCI	109,017	103,153
Equity in unquoted companies - FVTPL (note 16)	9,651	6,773
Total investments	118,668	109,926
Current portion	109,017	103,153
Non-current portion	9,651	6,773

Disclosure of Corporations Investments Held by Maturity Date

The Corporation’s investments held by maturity date are as follows:



	1 year or less $000’s	1 to 5 years $000’s	Greater than 5 years $000’s
Bonds	48,805	60,212	—
Total	48,805	60,212	—

Summary of Recognized Gains (Losses) From Current Investments

For the year ended December 31, 2019, the Corporation recognized gains (losses) from investments as follows:



	Bonds $000’s		Equity in unquoted companies $000’s	Total $000’s
Investment income	938		—	938
Realized losses	(58	)	—	(58	)
Unrealized gains	1,155		—	1,155
Gain on re-measurement of financial assets at FVTPL	—		2,883	2,883
Impairment of financial instruments	62		—	62
Total	2,097		2,883	4,980

Schedule Significant Subsidiaries of Corporation

s at December 31, 2019, determined as either having greater than 10% of the Corporation’s assets or revenues. The Corporation has other subsidiaries, but the assets and revenues of such subsidiaries individually did not exceed 10%, and in the aggregate did not exceed 20%, of the Corporation’s consolidated assets or consolidated revenues as at and for the year ended December 31, 2019:



Name of principal subsidiary	Country of incorporation	Principal business	Percentage of ownership
Stars Group Holdings B.V.	Netherlands	Intermediate holding company and investment vehicle	100	%
Stars Group Holdings Cooperatieve U.A	Netherlands	Intermediate holding company	100	%
Stars Interactive Holdings (IOM) Limited	Isle of Man	Intermediate holding company	100	%
Worldwide Independent Trust Limited	Isle of Man	Treasury	100	%
Rational Entertainment Enterprises Limited	Isle of Man	Gaming services	100	%
Stars Interactive Limited	Isle of Man	Intermediate holding company	100	%
RG Cash Plus Limited	Isle of Man	Treasury	100	%
Rational Gaming Europe Limited	Malta	Various	100	%
REEL Italy Limited	Malta	Gaming services	100	%
Hestview Limited	England and Wales	Gaming services	100	%
Bonne Terre Limited	Alderney	Gaming services	100	%
BetEasy Pty Limited	Australia	Gaming services	80	%

Adoption of New Accounting Standards - Disclosure of quantitative information about right-of-use assets (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets (included in Property and equipment)	$ 50,798	$ 57,288	$ 57,288
Land and Buildings
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets (included in Property and equipment)	37,018	42,194
Computer Equipment
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets (included in Property and equipment)	$ 13,780	$ 15,094

Consolidated Statement of Cash Flow - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Operating activities

Income tax recovery recognized in net earnings (loss)

$ 61,862

$ (108,906)

^[1],[2],[3]

Add (deduct):

(197)

(988)

Increase in net financing charges

202,534

371,086

Increase in depreciation and amortization expenses

438,626

282,806

Acquisition of market access rights in connection with Eldorado

18,842

12,806

20,661

Unrealized loss on foreign exchange

5,708

18,134

Unrealized gain on investments and other assets

971

673

Impairment of intangible and other assets

3,931

6,156

Net earnings from associates

(1,068)

^[1],[3]

Realized (gain) loss on current investments and promissory note

(2,520)

2,727

Income taxes paid

(78,267)

(41,117)

Changes in non-cash operating elements of working capital

34,073

(9,403)

Customer deposit liability movement

(13,884)

7,637

Net cash inflows from operating activities

897

(14)

670,634

559,844

Investing activities

Acquisition of subsidiaries, net of cash acquired

(2,460)

(1,865,262)

Additions to intangible assets

(25,288)

(28,202)

Additions to property and equipment

(27,523)

(33,952)

Additions to deferred development costs

(82,751)

(51,574)

Net (purchase) sale of investments utilizing customer deposits

(5,972)

19,515

Cash movement from restricted cash

35,000

Settlement of minimum revenue guarantee

(675)

(7,006)

Net investments in associates

1,068

Net cash outflows from investing activities

4,885

(3,760)

(139,784)

(1,934,173)

Financing activities

Issuance of Common Shares

235,963

717,250

Transaction costs on issuance of Common Shares

(32,312)

Issuance of Common Shares in relation to stock options

12,159

31,066

Redemption of SBG preferred shares

(663,407)

Repayment of shareholder loan on acquisition

(10,879)

Issuance of long-debt

5,957,976

Repayment of long-term debt

(485,750)

(2,974,393)

Repayment of long-term debt assumed on business combinations

(1,079,729)

Transaction costs on long-term debt

(36,559)

Settlement of derivatives

(125,822)

Repayment of lease liability principal

(17,532)

Interest paid

(279,284)

(186,162)

Acquisition of further interest in subsidiaries including deferred contingent payment

(68,394)

(48,240)

Capital contribution from the holders of non-controlling interest

12,060

Net (repayment) proceeds on loan issued from the holders of non-controlling interest

(34,047)

31,730

Net cash (outflows) inflows from financing activities

(636,885)

1,592,579

(Decrease) increase in cash and cash equivalents

(106,035)

218,250

Unrealized foreign exchange difference on cash and cash equivalents

6,883

(7,497)

Cash and cash equivalents – beginning of period

721,076

^[4]

510,323

Cash and cash equivalents – end of period

$ 621,924

$ 721,076

^[4]

[1]	Certain amounts were reclassified in the comparative periods. See note 2.
[2]	The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[3]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[4]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Nature of Business - Additional Information (Details)	12 Months Ended
Nature of Business - Additional Information (Details)	Dec. 31, 2019 Operation Segment Jurisdiction	Dec. 31, 2018 Segment	Apr. 30, 2018	Apr. 24, 2018
Nature Of Business [Line Items]
Number of jurisdictions Company holds licenses or approvals \| Jurisdiction	22
Percentage of equity interests acquired				100.00%
Number of reportable segment \| Segment	3	3
Number of major lines of operations \| Operation	4
Australian Acquisition
Nature Of Business [Line Items]
Percentage of equity interests acquired	20.00%		80.00%

Revenue - Schedule of Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Disclosure of disaggregation of revenue from contracts with customers [line items]

Disclosure of disaggregation of revenue from contracts with customers [line items]

$ 2,528,448

$ 2,029,238

Betting revenue

870,938

491,139

Other sources of revenue

2,505

3,277

Total revenue

2,528,448

2,029,238

^[1],[2]

Poker

Disclosure of disaggregation of revenue from contracts with customers [line items]

793,284

892,557

Gaming

792,299

585,846

Disclosure of disaggregation of revenue from contracts with customers [line items]

Schedule of Computation of Basic and Diluted Earnings Per Share

$ 69,422

$ 56,419

[1]	Certain amounts were reclassified in the comparative periods. See note 2.
[2]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

- Definition

Expiry date 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants. Effective 2020-01-01: The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2019-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 23
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2019-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 32
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_32&doctype=Standard
-URIDate 2019-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 34
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_34&doctype=Standard
-URIDate 2019-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 82
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2019-03-27

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 103
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_103&doctype=Standard
-URIDate 2019-03-27

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 102
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_102&doctype=Standard
-URIDate 2019-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2019-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2019-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2019-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2019-03-27

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2019-03-27

+ Details

Financial Instruments Risk Management - Schedule of Age of Receivables (Details) - Credit risk - Trade receivables - Receivables Past Due But Not Impaired - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets that are either past due or impaired [line items]
Age of receivables past due	$ 5,914	$ 4,412
Past Due Less Than 181 Days
Disclosure of financial assets that are either past due or impaired [line items]
Age of receivables past due	2,352	2,103
Past Due More Than 181 Days
Disclosure of financial assets that are either past due or impaired [line items]
Age of receivables past due	$ 3,562	$ 2,309

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings per share [abstract]

The following table sets forth the computation of basic and diluted earnings per Common Share for the following periods:



	Year Ended December 31,
	2019		2018
Numerator
Numerator for basic and diluted earnings (loss) per Common Share – net earnings (loss) attributable to Shareholders of The Stars Group Inc.	$	62,822,000	$	(102,452,000	)
Denominator
Denominator for basic earnings (loss) per Common Share – weighted average number of Common Shares	282,884,929		208,269,905
Effect of dilutive securities
Stock options	233,223		1,371,177
Performance share units	1,184,132		246,813
Deferred share units	22,787		7,593
Restricted share units	153,566		72,673
Warrants	—		569,304
Convertible Preferred Shares	—		32,231,301
Effect of dilutive securities *†	1,593,708		34,498,861
Dilutive potential for diluted earnings (loss) per Common Share	284,478,637		208,269,905
Basic earnings (loss) per Common Share	$	0.22	$	(0.49	)
Diluted earnings (loss) per Common Share	$	0.22	$	(0.49	)

_____________________________

* The effect of dilutive securities for instruments that resulted in the issuance of Common Shares during the years ended December 31, 2019 and 2018 is included for the period during the applicable year prior to the issuance of the related Common Shares.

† As a result of the net loss for the year ended December 31, 2018, the effect of dilutive securities were anti-dilutive for the purposes of calculating diluted loss per Common Share.

Segmental Information

12 Months Ended

Dec. 31, 2019

Disclosure of operating segments [abstract]

Segmental Information

SEGMENTAL INFORMATION

Segments are reported in a manner consistent with the internal reporting provided to the CODM. The Corporation’s CODM consists of its Chief Executive Officer, and Chief Financial Officer as this group is responsible for allocating resources to, and assessing the performance of, the operating segments of the Corporation. The segmentation reflects the way the CODM evaluates performance of, and allocates resources within, the business.

The CODM considers the Corporation’s business from both a geographic and product offering or lines of operation perspective. For the years ended December 31, 2019 and 2018, the Corporation had three reportable segments, as applicable: International, United Kingdom and Australia, as well as a Corporate cost center. Revenue within these operating segments is further divided into the Poker, Gaming, Betting and Other lines of operation, as applicable. The CODM receives geographic and lines of operation revenue information throughout the year for the purpose of assessing their respective performance. Certain costs are included in Corporate. “Corporate” in itself is not a reporting segment, but it comprises costs that are not directly allocable to any of the operating segments or relate to a corporate function (i.e., tax and treasury).

Further, each reporting segment incurs certain costs, which are not segregated among major lines of operations within each reporting segment as they share the same office infrastructure, workforce and administrative resources. The Corporation cannot develop or produce reports that provide the true costs by major lines of operations within each reporting segment without unreasonable effort or expense.

The primary measure used by the CODM for the purpose of decision making and/or evaluation of a segment is Adjusted EBITDA. The Corporation defines Adjusted EBITDA as net earnings before financial expenses, income tax expense (recovery), depreciation and amortization, stock-based compensation, restructuring, net earnings (loss) on associate and certain other items as set out in the reconciliation table below.

However, the CODM also uses other key measures as inputs, including, without limitation, revenue and capital expenditures, to supplement the decision-making process.

Segmental information for the year ended December 31, 2019 and December 31, 2018:



	Year Ended December 31, 2019
In thousands of U.S. Dollars	International	United Kingdom	Australia	Corporate		Intercompany eliminations *		Consolidated
Revenue	1,312,365	946,679	274,414	—		(5,010	)	2,528,448
Poker	781,637	11,647	—	—		—		793,284
Gaming	427,316	364,983	—	—		—		792,299
Betting	72,561	528,110	270,267	—		—		870,938
Other	30,851	41,939	4,147	—		(5,010	)	71,927

Adjusted EBITDA (**)	604,851	324,633	44,358	(52,717	)	—		921,125

Net financing charges	—	—	—	202,534		—		202,534

Depreciation and amortization	159,895	241,283	36,703	745		—		438,626

Capital expenditures	91,209	32,095	17,197	259		—		140,760



	Year Ended December 31, 2018 ***
In thousands of U.S. Dollars	International	United Kingdom	Australia	Corporate		Intercompany eliminations *		Consolidated
Revenue	1,440,177	394,131	196,930	—		(2,000	)	2,029,238
Poker	886,628	5,929	—	—		—		892,557
Gaming	428,364	157,482	—	—		—		585,846
Betting	79,117	215,921	196,101	—		—		491,139
Other	46,068	14,799	829	—		(2,000	)	59,696

Adjusted EBITDA (**)	703,342	102,107	21,571	(46,071	)	—		780,949

Net financing charges	—	—	—	371,086		—		371,086

Depreciation and amortization	144,304	108,879	29,476	147		—		282,806

Capital expenditures	81,189	18,971	12,386	1,182		—		113,728

_____________________________

* For the year ended December 31, 2019, the Corporation excluded from its consolidated revenue $5.0 million of Other revenue included in the United Kingdom segment related to certain non-gaming related transactions with the International segment. A corresponding exclusion in the consolidated results for that period is recorded to Sales and marketing expense in the International segment. For the year ended December 31, 2018, the Corporation excluded from its consolidated revenue $2.0 million of Other revenue included in the International segment related to certain non-gaming related transactions with the United Kingdom segment. A corresponding exclusion in the consolidated results for that period is recorded to Sales and marketing expense in the United Kingdom segment.

** Adjusted EBITDA is used internally by the CODM when analyzing underlying segment performance.

*** Certain amounts were reclassified in the comparative periods. See note 2.

A reconciliation of Adjusted EBITDA to Net earnings (loss) is as follows:



	Year Ended December 31,
In thousands of U.S. Dollars	2019		2018 ¹
Consolidated
Adjusted EBITDA	921,125		780,949
Add (deduct) the impact of the following:
Acquisition-related costs, deal contingent forward expenses and certain other costs related to the Combination²	(27,165	)	(115,569	)
Stock-based compensation³	(18,842	)	(12,806	)
Gain (loss) from investments	2,520		(1,667	)
Impairment of intangible assets	(3,931	)	(6,223	)
Other costs	(170,882	)	(101,754	)
Total adjusting items	(218,300	)	(238,019	)
Depreciation and amortization	(438,626	)	(282,806	)
Operating income	264,199		260,124
Net financing charges	(202,534	)	(371,086	)
Net earnings from associates	—		1,068
Earnings (loss) before income taxes	61,665		(109,894	)
Income tax recovery	197		988
Net earnings (loss)	61,862		(108,906	)

_____________________________


¹	Certain amounts were reclassified in the comparative periods. See note 2.


²	Acquisition-related costs, deal contingent forward expenses and certain other costs related to the Combination are excluded from Adjusted EBITDA as management believes these expenses are not representative of the underlying operations for the following reasons:


–	Acquisition-related costs include legal and professional fees incurred in connection with the SBG Acquisition and Australia Acquisitions.

–

Costs associated with the BetEasy Minority Acquisition (as defined below) include costs incurred in connection with employee retention programs implemented by management to manage certain personnel-related risks associated with the BetEasy Minority Acquisition, and a contractual payment to a third-party supplier of pricing services to BetEasy due upon the completion of the BetEasy Minority Acquisition.


–	Deal contingent forward expenses include costs associated with forward contracts that were entered into to hedge foreign exchange risk associated with the purchase price of the SBG Acquisition and Australia Acquisitions.


–	Other costs related to the Combination include legal and professional fees and costs incurred in connection with employee retention programs implemented by management to manage certain personnel-related risks associated with the same.


³	Stock-based compensation expense excluded from Adjusted EBITDA primarily due to its discretionary nature.

A reconciliation of certain items comprising “Other costs” in the Adjusted EBITDA reconciliation table above:



	Year Ended December 31, 2019
In thousands of U.S. Dollars	2019	2018
Integration costs of acquired businesses	19,753	45,597
Financial expenses	1,733	446
Restructuring expenses¹	37,474	8,827
AMF, foreign payments and other investigation and related professional fees²	18,896	6,673
Lobbying (US and Non-US) and other legal expenses³	14,909	16,194
Professional fees in connection with non-core activities⁴	21,889	4,578
Austria gaming duty	—	(3,679	)
Acquisition of market access rights	22,500	20,661
Legal settlement⁵	32,500	—
Other	1,228	2,457
Other costs	170,882	101,754

_____________________________

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. 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 year ended December 31, 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 year ended December 31, 2019 include (i) $23.9 million of accrued termination payments recognized under IAS 37 and IAS 19, Employee benefits and (ii) $13.6 million 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.

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

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 management believes 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 notes 8 and 28.

The distribution of the Corporation’s assets and liabilities by reporting segment is as follows:



	International	United Kingdom	Australia	Corporate	Total
Total assets as at December 31, 2019	5,083,015	5,468,613	489,605	234,549	11,275,782
Total liabilities as at December 31, 2019	673,016	705,168	499,170	4,878,985	6,756,339

Total assets as at December 31, 2018	5,248,115	5,430,110	510,805	76,508	11,265,538
Total liabilities as at December 31, 2018	623,096	715,398	550,562	5,223,082	7,112,138

The distribution of some of the Corporation’s non-current assets (goodwill, intangible assets and property and equipment) by geographic region is as follows:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Geographic Area
Canada	85,302	66,830
United Kingdom	5,188,175	5,191,994
Isle of Man	4,206,424	4,346,599
Australia	442,024	456,422
Malta	57,069	7,469
Other licensed or approved jurisdictions	59,432	24,534
	10,038,426	10,093,848

The Corporation also evaluates revenue performance by geographic region based on the primary jurisdiction where the Corporation is licensed or approved to offer, or offers through third-party licenses or approvals, its products and services. The following tables set out the proportion of revenue attributable to each gaming license or approval (as opposed to the jurisdiction where the customer was located) that either generated a minimum of 5% of total consolidated revenue for the year ended December 31, 2019 or 2018, or that the Corporation otherwise deems relevant based on its historical reporting of the same or otherwise:



	Year Ended December 31, 2019
In thousands of U.S. Dollars	International	United Kingdom	Australia	Intercompany eliminations *		Total
Geographic Area
United Kingdom	75,674	924,787	—	(5,010	)	995,451
Malta	557,423	13	—	—		557,436
Australia	—	158	274,414	—		274,572
Italy	165,807	233	—	—		166,040
Spain	108,439	152	—	—		108,591
Isle of Man	99,504	—	—	—		99,504
Other licensed or approved jurisdictions	305,518	21,336	—	—		326,854
	1,312,365	946,679	274,414	(5,010	)	2,528,448



	Year Ended December 31, 2018
In thousands of U.S. Dollars	International	United Kingdom	Australia	Intercompany eliminations *		Total
Geographic Area
United Kingdom	73,969	388,421	—	—		462,390
Malta	497,126	—	—	—		497,126
Australia	—	190	196,930	—		197,120
Italy	156,946	1,144	—	—		158,090
Spain	121,776	86	—	—		121,862
Isle of Man	377,702	—	—	(2,000	)	375,702
Other licensed or approved jurisdictions	212,658	4,290	—	—		216,948
	1,440,177	394,131	196,930	(2,000	)	2,029,238

_____________________________

Financial Instruments Risk Management (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about financial instruments [abstract]

Schedule of Foreign Exchange Currency Exposure of Financial Instruments by Currency

The Corporation is subject to foreign currency exposure on its financial instruments and the translation of its subsidiaries with foreign functional currencies to USD. The Corporation primarily manages its foreign currency exposure through its hedging instruments. See note 19. As at December 31, 2019, the Corporation’s significant foreign exchange currency exposure on its financial instruments by currency was as follows (in U.S. dollar equivalents):



	CDN		EUR		GBP		AUD
Cash	4,607		100,085		233,590		31,235
Restricted cash	—		279		—		4,138
Equity in unquoted companies - FVTPL	—		13,588		—		—
Accounts receivable	6,890		43,537		23,332		6,013
Derivatives	—		59,258		—		—
Accounts payable and accrued liabilities	(10,191	)	(71,697	)	(199,831	)	(143,735	)
Long-term debt	—		(934,733	)	—		—
Derivatives	(12	)	(79,733	)	(14,472	)	(1,616	)
Customer deposits	969		(79,423	)	(54,200	)	(24,898	)

Schedule of Effect on Earnings Before Tax of Exchange Rate

The table below details the effect on equity of a 100 basis points strengthening or weakening of the LIBOR and EURIBOR interest rates on the valuations of the Swap Agreements that hedge the USD First Lien Term Loan. 100 basis points is the sensitivity rate used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates:



	$000’s
	- 100 bps		+ 100 bps
LIBOR	(3,632	)	3,244
GBP LIBOR	(48,434	)	46,590
EURIBOR	(37,631	)	36,004

The table below details the effect on earnings before tax of a 100 basis points strengthening or weakening of the LIBOR and EURIBOR interest rates on these loans after the effect of the Corporation’s hedging activities. EURIBOR is currently negative and the analysis below presents the effect on earnings before tax if it were to turn positive by 100 basis points. 100 basis points sensitivity is the sensitivity rate used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates:

The table below details the effect on equity and earnings before tax of a 10% strengthening or weakening of the USD exchange rate at the balance sheet date for balance sheet items denominated in CDN, EUR, GBP and AUD after the effect of the Corporation’s hedging activities:



	Earnings impact - gain (loss)				Equity impact - gain (loss)
	10% Strengthening $000s		10% Weakening $000s		10% Strengthening $000s		10% Weakening $000s
CDN	(800	)	800		574		(574	)
EUR	(89	)	89		94,973		(94,973	)
GBP	1,225		(1,225	)	(67	)	67
AUD	(15	)	15		12,902		(12,902	)

The table below details the effect on equity of a 10% strengthening or weakening of the EUR:USD or the EUR:GBP exchange rates on the valuations of the Swap Agreements that hedge the USD First Lien Term Loan. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates.

Schedule of Age of Receivables

Age of receivables that are past due but not impaired:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Past due less than 181 days	2,352	2,103
Past due more than 181 days	3,562	2,309
Total past due	5,914	4,412

Schedule of Age of Impaired Trade Receivables

Age of impaired trade receivables:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Past due less than 181 days	48	308
Past due more than 181 days	14,524	16,520
Total past due	14,572	16,828

Schedule of Information about Terms of Financial Obligations and Liabilities

The following table provides information about the terms of the Corporation’s financial obligations and liabilities (excluding derivatives which are presented separately below). The table is based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Corporation can be required to pay. The table includes both interest and principal cash flows as applicable. For floating rate interest cash flows, the undiscounted amount is based on the floating interest rate in place at December 31, 2019.



	On demand $000s	Less than 1 year $000s	2 to 5 years $000s	Greater than 5 years $000s
Accounts payable and other liabilities *	143,358	350,734	1,770	—
Customer deposits	409,390	—	—	—
Provisions	—	64,928	2,885	—
Long-term debt	—	311,508	1,302,740	4,969,062
Total	552,748	727,170	1,307,395	4,969,062

_____________________________

* Excludes VAT and other taxes as well as the interest accrual on Senior Notes, which are all included in accounts payable and other liabilities on the statements of financial position

Disclosure of maturity analysis for derivative financial liabilities

The following table provides information about the terms of the Corporation’s derivative financial instruments based on contractual maturities. The table is based on the undiscounted net cash inflows or outflows on derivative instruments that settle on a net basis and the net undiscounted gross inflows and outflows on those derivatives that require gross settlement. For derivative cash flows based on a floating interest rate, the undiscounted amount is based on the floating interest rate in place at December 31, 2019.



	On demand $000s	Less than 1 year $000s		2 to 5 years $000s
Net settled derivatives
Unsettled bets - net outflows	—	17,628		—
Interest rate swap - net outflows	—	5,116		8,861

Gross settled derivatives
Cross currency interest rate swaps - inflows	—	(149,754	)	(2,582,758	)
Cross currency interest rate swaps - outflows	—	131,593		2,507,913
Total	—	4,583		(65,984	)

Segmental Information - Summary of Distribution of Corporation's Assets by Reporting Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Total assets	$ 11,275,782	$ 11,265,538
Total liabilities	6,756,339	7,112,138
Corporate
Disclosure of operating segments [line items]
Total assets	234,549	76,508
Total liabilities	4,878,985	5,223,082
International
Disclosure of operating segments [line items]
Total assets	5,083,015	5,248,115
Total liabilities	673,016	623,096
United Kingdom
Disclosure of operating segments [line items]
Total assets	5,468,613	5,430,110
Total liabilities	705,168	715,398
Australia
Disclosure of operating segments [line items]
Total assets	489,605	510,805
Total liabilities	$ 499,170	$ 550,562

Customer Deposits - Summary of Customer Deposits Segregation (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Disclosure Of Customer Deposits [Line Items]

Cash and cash equivalents - customer deposits

$ 621,924

$ 721,076

^[1]

$ 510,323

Current investments - customer deposits (note 13)

109,017

103,153

^[1]

Disclosure Of Customer Deposits [Line Items]

Cash and cash equivalents - customer deposits

300,916

328,223

^[1]

Total

409,933

431,376

Customer deposits liability

$ 409,390

$ 423,739

^[1]

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Income Taxes - Summary of Income Tax Expense (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Current income tax expense

$ 62,498

$ 19,813

Current income tax recovery - provision adjustment

(8,057)

(2,155)

Deferred income tax recovery relating to the origination and reversal of temporary differences

(52,124)

(17,971)

Deferred income tax recovery - provision adjustment

(2,514)

(675)

Disclosure of classes of share capital [line items]

$ (197)

$ (988)

^[1],[2]

[1]	Certain amounts were reclassified in the comparative periods. See note 2.
[2]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Segmental Information - Summary of Segmental Net Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Revenue	$ 2,528,448	$ 2,029,238
Adjusted EBITDA	921,125	780,949
Net financing charges	202,534	371,086
Depreciation and amortization	438,626	282,806
Other sources of revenue	2,505	3,277
Poker
Disclosure of operating segments [line items]
Revenue	793,284	892,557
Gaming
Disclosure of operating segments [line items]
Revenue	792,299	585,846
Other
Disclosure of operating segments [line items]
Revenue	69,422	56,419
Operating Segments \| International
Disclosure of operating segments [line items]
Revenue	1,312,365	1,440,177
Adjusted EBITDA	604,851	703,342
Net financing charges	0	0
Depreciation and amortization	159,895	144,304
Capital expenditures	91,209	81,189
Operating Segments \| United Kingdom
Disclosure of operating segments [line items]
Revenue	946,679	394,131
Adjusted EBITDA	324,633	102,107
Net financing charges	0	0
Depreciation and amortization	241,283	108,879
Capital expenditures	32,095	18,971
Operating Segments \| Australia
Disclosure of operating segments [line items]
Revenue	274,414	196,930
Adjusted EBITDA	44,358	21,571
Net financing charges	0	0
Depreciation and amortization	36,703	29,476
Capital expenditures	17,197	12,386
Operating Segments \| Poker \| International
Disclosure of operating segments [line items]
Revenue	781,637	886,628
Operating Segments \| Poker \| United Kingdom
Disclosure of operating segments [line items]
Revenue	11,647	5,929
Operating Segments \| Poker \| Australia
Disclosure of operating segments [line items]
Revenue	0	0
Operating Segments \| Gaming \| International
Disclosure of operating segments [line items]
Revenue	427,316	428,364
Operating Segments \| Gaming \| United Kingdom
Disclosure of operating segments [line items]
Revenue	364,983	157,482
Operating Segments \| Gaming \| Australia
Disclosure of operating segments [line items]
Revenue	0	0
Operating Segments \| Betting \| International
Disclosure of operating segments [line items]
Revenue	72,561	79,117
Operating Segments \| Betting \| United Kingdom
Disclosure of operating segments [line items]
Revenue	528,110	215,921
Operating Segments \| Betting \| Australia
Disclosure of operating segments [line items]
Revenue	270,267	196,101
Operating Segments \| Other \| International
Disclosure of operating segments [line items]
Revenue	30,851	46,068
Operating Segments \| Other \| United Kingdom
Disclosure of operating segments [line items]
Revenue	41,939	14,799
Operating Segments \| Other \| Australia
Disclosure of operating segments [line items]
Revenue	4,147	829
Corporate
Disclosure of operating segments [line items]
Revenue	0	0
Adjusted EBITDA	(52,717)	(46,071)
Net financing charges	202,534	371,086
Depreciation and amortization	745	147
Capital expenditures	259	1,182
Corporate \| Poker
Disclosure of operating segments [line items]
Revenue	0	0
Corporate \| Gaming
Disclosure of operating segments [line items]
Revenue	0	0
Corporate \| Betting
Disclosure of operating segments [line items]
Revenue	0	0
Corporate \| Other
Disclosure of operating segments [line items]
Revenue	0	0
Intercompany Eliminations
Disclosure of operating segments [line items]
Revenue	(5,010)	(2,000)
Adjusted EBITDA	0	0
Net financing charges	0	0
Depreciation and amortization	0	0
Capital expenditures	0	0
Other sources of revenue	(5,010)	(2,000)
Intercompany Eliminations \| Poker
Disclosure of operating segments [line items]
Revenue	0	0
Intercompany Eliminations \| Gaming
Disclosure of operating segments [line items]
Revenue	0	0
Intercompany Eliminations \| Betting
Disclosure of operating segments [line items]
Revenue	0	0
Intercompany Eliminations \| Other
Disclosure of operating segments [line items]
Revenue	(5,010)	(2,000)
Consolidated
Disclosure of operating segments [line items]
Revenue	2,528,448	2,029,238
Adjusted EBITDA	921,125	780,949
Net financing charges	202,534	371,086
Depreciation and amortization	438,626	282,806
Capital expenditures	140,760	113,728
Consolidated \| Poker
Disclosure of operating segments [line items]
Revenue	793,284	892,557
Consolidated \| Gaming
Disclosure of operating segments [line items]
Revenue	792,299	585,846
Consolidated \| Betting
Disclosure of operating segments [line items]
Revenue	870,938	491,139
Consolidated \| Other
Disclosure of operating segments [line items]
Revenue	71,927	59,696
United Kingdom
Disclosure of operating segments [line items]
Revenue	995,451	462,390
United Kingdom \| Operating Segments
Disclosure of operating segments [line items]
Revenue	0	0
United Kingdom \| Operating Segments \| International
Disclosure of operating segments [line items]
Revenue	75,674	73,969
United Kingdom \| Intercompany Eliminations
Disclosure of operating segments [line items]
Other sources of revenue	(5,010)	0
Isle of Man
Disclosure of operating segments [line items]
Revenue	99,504	375,702
Isle of Man \| Operating Segments \| International
Disclosure of operating segments [line items]
Revenue	99,504	377,702
Isle of Man \| Intercompany Eliminations
Disclosure of operating segments [line items]
Other sources of revenue	$ 0	$ (2,000)

Share Capital - Additional Information (Details) - USD ($)

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Jul. 10, 2018

Apr. 24, 2018

Mar. 06, 2018

Feb. 27, 2018

Dec. 31, 2017

Number of shares issued and fully paid (in shares)

288,564,432

273,177,244

Number of common shares issued upon exercise of options (in shares)

726,300

1,731,761

Cash consideration received upon exercise of options

$ 12,200,000

$ 31,000,000

Fair value of options measured using valuation technique

$ 2,400,000

$ 5,800,000

Number of common shares issued upon settlement of equity-based awards (in shares)

93,225

60,099

Stock option, grant date fair value

$ 2,100,000

$ 1,200,000

Aggregate proceeds from issuance of Common Shares

100.00%

235,963,000

Issue of Common Shares in connection with market access agreement

$ 5,198,000

20,661,000

Net proceeds excluding over-allotment

$ 68,600,000

Conversion of preferred shares into common stock (in shares)

$ 52.7085

Cancellation of preferred shares (in shares)

$ 51,999,623

Number of common shares issued upon exercise of warrants (in shares)

2,422,944

Number of warrants exercised

4,000,000

Fair value of warrants measured using valuation technique

$ 14,700,000

Common shares issued upon voluntary conversion (in shares)

8,013,887

Number of preferred shares convertible into common shares (in shares)

152,698

Fair value of converted preferred shares

$ 114,900,000

Common shares issued upon voluntary conversion sold in equity offering (in shares)

8,000,000

Issue of Common Shares in connection with market access agreement, (in shares)

1,076,658

Issue of Common Shares in connection with market access agreement

$ 20,700,000

BetEasy

Disclosure of classes of share capital [line items]

Number of common stock issued (in shares)

18.00%

80.00%

62.00%

3,115,344

Newly issued common shares consideration

$ 96,400,000

SBG

Disclosure of classes of share capital [line items]

Number of common stock issued (in shares)

100.00%

37,934,054

Newly issued common shares consideration

$ 1,380,000,000

Preferred Shares

Disclosure of classes of share capital [line items]

Number of shares outstanding

1,139,249

Common Shares

Disclosure of classes of share capital [line items]

Number of shares issued and fully paid (in shares)

17,000,000

Issuance of Common Shares for Fox commercial agreement (in shares)

14,352,331

Purchase price per share (in dollars per share)

4.99%

$ 16.4408

Aggregate proceeds from issuance of Common Shares

$ 235,963,000

Transfer restrictions on shares issued to Fox

2 years

Issue of Common Shares in connection with market access agreement (in shares)

215,332

1,076,658

Issue of Common Shares in connection with market access agreement

$ 5,198,000

$ 20,661,000

Public offering of common shares, price per share (dollars per share)

$ 38.00

Common stock shares sold (in shares)

8,000,000

Net proceeds excluding over-allotment

$ 621,800,000

Purchase of additional common shares (in shares)

1,875,000

Number of shares outstanding

288,564,432

273,177,244

^[1]

147,947,874

Over-Allotment Option

Disclosure of classes of share capital [line items]

Purchase of additional common shares (in shares)

1,875,000

[1]	The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Long-Term Debt - Disclosure of Interest Outstanding on the Long Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Long Term Debt [Line Items]
Interest Expense Related To Commitment, Participation, And Fronting Fees	$ 4,900	$ 4,000
Interest	248,705	181,824
Interest Accretion	25,259	168,444
Total Interest	$ 273,964	350,268
Loss on debt extinguishment		$ 147,000
USD First Lien Term Loan
Disclosure Of Long Term Debt [Line Items]
Effective interest rate	6.63%	6.54%
Interest	$ 142,509	$ 75,988
Interest Accretion	20,336	7,799
Total Interest	$ 162,845	$ 83,787
EUR First Lien Term Loan
Disclosure Of Long Term Debt [Line Items]
Effective interest rate	4.26%	4.26%
Interest	$ 36,196	$ 17,792
Interest Accretion	2,898	1,365
Total Interest	$ 39,094	$ 19,157
Senior Notes
Disclosure Of Long Term Debt [Line Items]
Effective interest rate	7.48%	7.47%
Interest	$ 70,000	$ 33,250
Interest Accretion	2,025	1,000
Total Interest	$ 72,025	$ 34,250
Previous USD First Lien Term Loan
Disclosure Of Long Term Debt [Line Items]
Effective interest rate		6.07%
Interest		$ 42,885
Interest Accretion		112,135
Total Interest		$ 155,020
Previous EUR first lien term loan
Disclosure Of Long Term Debt [Line Items]
Effective interest rate		3.87%
Interest		$ 9,693
Interest Accretion		41,502
Total Interest		$ 51,195
USD second lien term loan
Disclosure Of Long Term Debt [Line Items]
Effective interest rate		13.78%
Interest		$ 2,216
Interest Accretion		4,643
Total Interest		$ 6,859

Derivatives and Hedge Accounting - Summary of Fair Value of Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	$ 169,158	$ 54,583
Derivative liabilities	113,559	22,561
Fair Value Hedges
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets		1,866
Derivative liabilities	78,787
Fair Value Hedges \| Derivatives Designated in Cash Flow Hedges
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	59,258	42,983
Derivative liabilities	95,931	6,068
Fair Value Hedges \| Derivatives Held for Risk Management Not Designated in Hedges
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	109,900	11,600
Derivative liabilities	17,628	16,493
Fair Value Hedges \| Cross currency interest rate swaps - inflows \| Derivatives Designated in Cash Flow Hedges
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets		1,866
Derivative liabilities	78,787
Fair Value Hedges \| Forward Contracts \| Derivatives Held for Risk Management Not Designated in Hedges
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities		208
Fair Value Hedges \| Unsettled bets - net outflows \| Derivatives Held for Risk Management Not Designated in Hedges
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities	17,628	16,285
Fair Value Hedges \| Embedded Derivative \| Derivatives Held for Risk Management Not Designated in Hedges
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	109,900
Cash Flow Hedges
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities	17,144	6,068
Cash Flow Hedges \| Derivatives Designated in Cash Flow Hedges
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	59,258	41,117
Cash Flow Hedges \| Cross currency interest rate swaps - inflows \| Derivatives Designated in Cash Flow Hedges
Disclosure of detailed information about financial instruments [line items]
Derivative financial assets	59,258	41,117
Derivative liabilities		1,096
Cash Flow Hedges \| Interest rate swap - net outflows \| Derivatives Designated in Cash Flow Hedges
Disclosure of detailed information about financial instruments [line items]
Derivative liabilities	$ 17,144	$ 4,972

Reserves - Schedule of Outstanding Share Based Units (Details)	12 Months Ended
	Dec. 31, 2019 shares $ / shares	Dec. 31, 2018 shares $ / shares	Dec. 31, 2017 $ / shares
RSUs
Disclosure of reserves within equity [line items]
Beginning Balance (in shares)	220,200	141,064
Issued (in shares)	697,498	123,833
Vested and settled (in shares)	(93,225)	(35,268)
Forfeited (in shares)	(46,002)	(9,429)
Ending Balance (in shares)	778,471	220,200
Weighted average exercise price, Issued \| $ / shares	$ 24.18	$ 31.92
Weighted average exercise price, Vested and settled \| $ / shares	28.72	22.47
Weighted average exercise price, Forfeited \| $ / shares	30.22	22.58
Weighted average exercise price, Ending balance \| $ / shares	$ 25.42	$ 29.72	$ 22.46
PSUs
Disclosure of reserves within equity [line items]
Beginning Balance (in shares)	936,134	418,188
Issued (in shares)	2,687,550	552,874
Vested and settled (in shares)	0	0
Forfeited (in shares)	(101,570)	(34,928)
Ending Balance (in shares)	3,522,114	936,134
Weighted average exercise price, Issued \| $ / shares	$ 24.15	$ 36.77
Weighted average exercise price, Vested and settled \| $ / shares	0.00	0.00
Weighted average exercise price, Forfeited \| $ / shares	31.44	25.30
Weighted average exercise price, Ending balance \| $ / shares	$ 25.71	$ 30.81	22.47
DSUs
Disclosure of reserves within equity [line items]
Beginning Balance (in shares)	201,255	92,703
Issued (in shares)	90,446	133,383
Vested and settled (in shares)	0	(24,831)
Forfeited (in shares)	0	0
Ending Balance (in shares)	291,701	201,255
Weighted average exercise price, Issued \| $ / shares	$ 23.68	$ 29.54
Weighted average exercise price, Vested and settled \| $ / shares	0.00	29.55
Weighted average exercise price, Forfeited \| $ / shares	0.00	0.00
Weighted average exercise price, Ending balance \| $ / shares	$ 25.53	$ 26.37	$ 22.65

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2019

Trade and other current receivables [abstract]

Schedule of Accounts Receivable

The Corporation’s accounts receivable balances at December 31, 2019 and 2018 consist of the following:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Balances held with processors	70,678	92,971
Balances due from live events	1,361	13,983
VAT receivable	13,130	11,029
Other receivables	26,046	18,364
Total accounts receivable balance	111,215	136,347
Long-term VAT receivable	3,329	14,906
Guarantees held by regulators in relation to licenses	13,436	—
Total non-current receivable balance	16,765	14,906

Summary of Significant Accounting Policies - Summary of Depreciation Rates and Estimated Useful Life of the Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2019
Building
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Property and Equipment	25 years
Maximum \| Furniture And Fixture
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Property and Equipment	10 years
Maximum \| Computer Equipment
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Property and Equipment	5 years
Maximum \| Right-of-use assets
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Property and Equipment	10 years
Minimum \| Furniture And Fixture
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Property and Equipment	4 years
Minimum \| Computer Equipment
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Property and Equipment	2 years
Minimum \| Right-of-use assets
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Property and Equipment	1 year

Prepaid Expenses and Other Assets

12 Months Ended

Dec. 31, 2019

Prepaid Expenses And Other Assets [Abstract]

Prepaid Expenses and Other Assets

PREPAID EXPENSES AND OTHER ASSETS



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Prepaid royalties	530	987
Prepaid expenses	50,051	38,688
Vendor deposits	1,397	1,297
Receivable from insurance	23,067	—
Other current assets	4,533	2,973
Total current portion of prepaid expenses and other assets	79,578	43,945
Prepaid royalties	15,989	15,963
Vendor deposits	720	758
Long term investments (note 13)	9,651	6,773
Investment tax credits receivable	1,835	2,483
Deferred financing costs (note 17)	5,287	6,783
Total non-current portion of prepaid expenses and other assets	33,482	32,760

Prepaid royalties include prepaid revenue share paid to business partners. Prepaid expenses are included within General and administrative and Sales and marketing expenses, as applicable, when recognized as an expense. Deferred financing costs relate to capitalized transaction costs in respect of the Revolving Facility (as defined below). Receivable from insurance includes the receivable in respect of the Quebec class action lawsuit. See note 22.

Revenue (Tables)

12 Months Ended

Dec. 31, 2019

Revenue [abstract]

Schedule of Revenue

The Corporation recognized the following amounts in the consolidated statements of earnings (loss):



	Year Ended December 31,
In thousands of U.S. Dollars	2019	2018
Poker revenue	793,284	892,557
Gaming revenue	792,299	585,846
Betting revenue	870,938	491,139
Other revenue from customers	69,422	56,419
Other sources of revenue	2,505	3,277
Total revenue	2,528,448	2,029,238

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of transactions between related parties [abstract]

Summary of Compensation to Key Management Members

The compensation of such key management for the years ended December 31, 2019 and 2018 included the following:



	Year Ended December 31,
In thousands of U.S. Dollars	2019	2018
Salaries, bonuses and short-term employee benefits	10,071	10,320
Director retainers	822	796
Stock-based payments	12,843	6,824
	23,736	17,940

Cash and Cash Equivalents, Restricted Cash Advances and Collateral

12 Months Ended

Dec. 31, 2019

Restricted Cash Advances And Collateral [Abstract]

Cash and Cash Equivalents, Restricted Cash Advances and Collateral

CASH AND CASH EQUIVALENTS, RESTRICTED CASH ADVANCES AND COLLATERAL

Cash and cash equivalents

Cash and cash equivalents – operational includes an amount of $nil (2018 – $40.1 million) held by a subsidiary of the Corporation that is subject to exchange controls in the country of operation. This balance was not available for general use by the Corporation or any of its other subsidiaries.

Restricted cash advances and collateral

Restricted cash held by the Corporation consists of the following components:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Guarantees in connection with licenses held	4,318	4,312
Funds in connection with hedging contracts	2,170	2,836
Segregated funds in respect of payment processors	—	2,030
Guarantee in connection with acquisition of a subsidiary	1,122	1,146
Cash portion of Kentucky Bond Collateral *	5,000	5,000
Funds held in term deposits	4,138	5,837
Other	260	288
Restricted cash advances and collateral - total	17,008	21,449
Restricted cash advances and collateral - current portion	6,401	10,819
Restricted cash advances and collateral - non-current portion	10,607	10,630

_____________________________

* As at December 31, 2019, $5 million (December 31, 2018 - $5 million) of restricted cash was collateralized as part of the Kentucky Bond Collateral (as defined in note 28 below). The Kentucky Bond Collateral will be held until a court order is issued authorizing the release of the bonds.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of reconciliation of changes in intangible assets and goodwill [abstract]

Schedule of Goodwill and Intangible Assets

For the year ended December 31, 2019:



In thousands of U.S. Dollars	Software technology		Customer relationships	Brands	Brands (licensed)	Deferred development cost	Other Intangibles		Goodwill	Total
Cost
Balance – January 1, 2019	406,639		3,847,370	506,672	486,551	122,786	82,394		5,267,306	10,719,718
Additions	8,974		—	—	—	82,751	21,512		—	113,237
Additions through business combination	2,460		—	—	—	—	—		—	2,460
Translation	10,056		75,196	911	17,466	1,994	568		83,009	189,200
Balance – December 31, 2019	428,129		3,922,566	507,583	504,017	207,531	104,474		5,350,315	11,024,615

Accumulated amortization and impairments
Balance – January 1, 2019	141,149		494,697	—	14,077	38,929	20,861		1,326	711,039
Amortization	69,124		257,683	—	20,811	31,525	17,226		—	396,369
Impairment	561		—	—	—	1,835	476		—	2,872
Translation	(1,368	)	8,536	—	1,609	6,656	(309	)	13	15,137
Balance – December 31, 2019	209,466		760,916	—	36,497	78,945	38,254		1,339	1,125,417

Net carrying amount
At January 1, 2019	265,490		3,352,673	506,672	472,474	83,857	61,533		5,265,980	10,008,679
At December 31, 2019	218,663		3,161,650	507,583	467,520	128,586	66,220		5,348,976	9,899,198

For the year ended December 31, 2018:



In thousands of U.S. Dollars	Software technology		Customer relationships		Brands		Brands (licensed)		Deferred development cost		Other Intangibles		Goodwill		Total
Cost
Balance – January 1, 2018	117,492		1,423,719		485,253		—		71,819		18,712		2,810,681		4,927,676
Additions	6,808		—		—		—		51,574		21,394		—		79,776
Additions through business combination	300,825		2,533,869		22,447		509,896		—		46,668		2,571,350		5,985,055
Disposals	(2,336	)	—		—		—		—		(550	)	(4,944	)	(7,830	)
Translation	(16,150	)	(110,218	)	(1,028	)	(23,345	)	(607	)	(3,830	)	(109,781	)	(264,959	)
Balance – December 31, 2018	406,639		3,847,370		506,672		486,551		122,786		82,394		5,267,306		10,719,718

Accumulated amortization and impairments
Balance – January 1, 2018	91,072		324,292		—		—		20,107		9,384		5,471		450,326
Amortization	53,159		172,241		—		14,346		14,656		11,769		—		266,171
Disposals	(2,171	)	—		—		—		—		(550	)	(4,944	)	(7,665	)
Impairment	—		—		—		—		4,178		396		799		5,373
Translation	(911	)	(1,836	)	—		(269	)	(12	)	(138	)	—		(3,166	)
Balance – December 31, 2018	141,149		494,697		—		14,077		38,929		20,861		1,326		711,039

Net carrying amount
At January 1, 2018	26,420		1,099,427		485,253		—		51,712		9,328		2,805,210		4,477,350
At December 31, 2018	265,490		3,352,673		506,672		472,474		83,857		61,533		5,265,980		10,008,679

Summary of Impairment Test Operations for CGU

The Corporation performed an annual impairment test for its operations in connection with the preparation of its consolidated financial statements for the year ended December 31, 2019. The Corporation did not identify any indicators of impairment prior to December 31, 2019. Goodwill is monitored at the operating segment level and this is consistent with the lowest level of CGU except as noted below.



	As at December 31, 2019		As at December 31, 2018
In thousands of U.S. Dollars	Goodwill	Brand (Indefinite)	Goodwill	Brand (Indefinite)
International	2,805,434	485,253	2,806,485	485,253
United Kingdom *	2,417,572	22,330	2,333,476	21,419
Australia	125,970	—	126,019	—
Total	5,348,976	507,583	5,265,980	506,672

_____________________________

* The United Kingdom segment includes a non-significant CGU, which includes the indefinite lived brand as noted in the table above.

The Corporation has not identified any impairment in relation to the indefinite lived brand.

Summary of Cash Flow Forecasts

The following table shows key assumptions used in the value in use calculations:



	Assumptions used in value in use calculation
	International		United Kingdom		Australia
Discount Rate (pre-tax)	10.7	%	10.1	%	13.6	%
Discount Rate (after-tax)	10.5	%	8.9	%	10.0	%
Perpetual Growth Rate	3.0	%	3.0	%	2.0	%
Revenue Growth Rate (2020 - 2025)	4.8% - 9.8%		4.0% - 7.3%		4.0% - 6.5%
Adjusted EBITDA Margin as % of Revenue	40.6% - 47.9%		34.0% - 35.8%		19.3% - 21.4%
CAPEX as % of Revenue	4.7% - 7.0%		3.0% - 3.9%		4.1% - 4.6%

The following table shows the changes to key assumptions used in the impairment review that would be required for the carrying amount to equal the recoverable amount:



	Change required for carrying value to equal recoverable amount
	United Kingdom pps	Australia pps
Discount Rate (pre-tax)	1.4	2.0
Discount Rate (after-tax)	1.1	1.3
Revenue Growth Rate across the five year forecast	(3.8)	(2.7)
Adjusted EBITDA Margin as % of Revenue across the five year forecast	(5.0)	(1.7)
CAPEX as % of Revenue	4.8	1.9

Prepaid Expenses and Other Assets (Tables)

12 Months Ended

Dec. 31, 2019

Prepaid Expenses And Other Assets [Abstract]

Components of Prepaid Expenses and Other Assets



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Prepaid royalties	530	987
Prepaid expenses	50,051	38,688
Vendor deposits	1,397	1,297
Receivable from insurance	23,067	—
Other current assets	4,533	2,973
Total current portion of prepaid expenses and other assets	79,578	43,945
Prepaid royalties	15,989	15,963
Vendor deposits	720	758
Long term investments (note 13)	9,651	6,773
Investment tax credits receivable	1,835	2,483
Deferred financing costs (note 17)	5,287	6,783
Total non-current portion of prepaid expenses and other assets	33,482	32,760

Statements of Cash Flows - Schedule of Changes in Liabilities Arising from Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	$ 5,446,958	$ 2,314,675
Beginning balance	5,584,071
Financing cash flows	(605,723)	2,978,754
The effect of changes in foreign exchange rates	(20,846)	(46,040)
Other changes	28,997	199,569
Ending balance		5,446,958
Ending balance	4,986,499	5,584,071
Long-term Debt
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	5,446,958	2,314,675
Financing cash flows	(519,797)	2,978,754
The effect of changes in foreign exchange rates	(21,245)	(46,040)
Other changes	25,259	199,569
Ending balance	4,931,175	5,446,958
Deferred payment provision
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	77,628
Financing cash flows	(68,394)
The effect of changes in foreign exchange rates	(1,863)
Other changes	(7,371)
Ending balance	0	77,628
Lease liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	59,485
Financing cash flows	(17,532)
The effect of changes in foreign exchange rates	2,262
Other changes	11,109
Ending balance	$ 55,324	$ 59,485

Income Taxes - Schedule of Gross Temporary Differences (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Temporary Difference Unused Tax Losses And Other Temporary Differences [Line Items]
Unrecognized deferred tax assets	$ 47,891	$ 14,249	$ 4,806
Maximum term of tax loss carryforwards	9 years
Deferred taxes recognised on unremitted earnings	$ 4,850,000	1,870,000
Deffered Tax Carried Forward For Nine Years
Disclosure Of Temporary Difference Unused Tax Losses And Other Temporary Differences [Line Items]
Unrecognized deferred tax assets	1,560,000	1,440,000
Tax Losses
Disclosure Of Temporary Difference Unused Tax Losses And Other Temporary Differences [Line Items]
Unrecognized deferred tax assets	7,897	1,191	174
Canadian Non Capital Tax Losses
Disclosure Of Temporary Difference Unused Tax Losses And Other Temporary Differences [Line Items]
Unrecognized deferred tax assets	$ 190,300	129,200
Expiration term of non-capital loss	20 years
Carry forward tax losses	$ 14,600	393,000
Foreign Subsidiary
Disclosure Of Temporary Difference Unused Tax Losses And Other Temporary Differences [Line Items]
Unrecognized deferred tax assets	1,650,000	1,490,000
Other
Disclosure Of Temporary Difference Unused Tax Losses And Other Temporary Differences [Line Items]
Unrecognized deferred tax assets	32,864	11,914	$ 4,484
Unrecognized Deferred Tax Assets
Disclosure Of Temporary Difference Unused Tax Losses And Other Temporary Differences [Line Items]
Unrecognized deferred tax assets	1,939,483	1,702,516
Unrecognized Deferred Tax Assets \| Tax Losses
Disclosure Of Temporary Difference Unused Tax Losses And Other Temporary Differences [Line Items]
Unrecognized deferred tax assets	1,843,670	1,619,702
Unrecognized Deferred Tax Assets \| Other
Disclosure Of Temporary Difference Unused Tax Losses And Other Temporary Differences [Line Items]
Unrecognized deferred tax assets	$ 95,813	$ 82,814

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Long Term Debt [Abstract]

Disclosure of Principal and Carrying Amount of Long-Term Debt Outstanding

The following is a summary of long-term debt outstanding at December 31, 2019, and 2018 (all capitalized terms used in the tables below relating to such long-term debt are defined below in this note):



In thousands of U.S. Dollars (except as noted)	Contractual interest rate	December 31, 2019 Principal outstanding balance in currency of borrowing	December 31, 2019 Carrying amount in USD	December 31, 2018 Principal outstanding balance in currency of borrowing	December 31, 2018 Carrying amount in USD
USD First Lien Term Loan	5.60%	3,071,375	3,014,409	3,557,125	3,479,823
EUR First Lien Term Loan	3.75%	850,000	934,733	850,000	951,980
Senior Notes	7.00%	1,000,000	982,033	1,000,000	980,008
Loan payable to non-controlling interests	0.00%	—	—	49,936	35,147
Total long-term debt			4,931,175		5,446,958
Current portion			35,750		35,750
Non-current portion			4,895,425		5,411,208

Disclosure of Interest Outstanding on the Long Term Debt

During the year ended December 31, 2019, the Corporation incurred the following interest on its then-outstanding long-term debt excluding its previous loan payable to the holders of the non-controlling interest in BetEasy, which is non-interest bearing:



In thousands of U.S. Dollars	Effective interest rate *		Interest **	Interest Accretion	Total Interest
USD First Lien Term Loan	6.63	%	142,509	20,336	162,845
EUR First Lien Term Loan	4.26	%	36,196	2,898	39,094
Senior Notes	7.48	%	70,000	2,025	72,025
Total			248,705	25,259	273,964

During the year ended December 31, 2018, the Corporation incurred the following interest on its then-outstanding long-term debt:



In thousands of U.S. Dollars	Effective interest rate *	Interest	Interest Accretion	Total Interest
USD First Lien Term Loan	6.54%	75,988	7,799	83,787
EUR First Lien Term Loan	4.26%	17,792	1,365	19,157
Senior Notes	7.47%	33,250	1,000	34,250
Previous USD first lien term loan ***	6.07%	42,885	112,135	155,020
Previous EUR first lien term loan ***	3.87%	9,693	41,502	51,195
USD second lien term loan ***	13.78%	2,216	4,643	6,859
Total		181,824	168,444	350,268

_____________________________

* The effective interest rate calculation excludes the impact of the debt extinguishments in respect of the amendment and extension and subsequent repayment of the previous first lien term loans as well as the impact of the Swap Agreements (as defined below).

** In addition to the amount included above, the Corporation incurred $4.9 million (2018 - $4.0 million) of interest expense relating to commitment, participation, and fronting fees associated with its Revolving Facility.

*** Interest accretion for the year ended December 31, 2018 includes a loss on debt extinguishment of $147.0 million included within Net financing charges in respect of the amendment and extension and subsequent repayment of the Corporation’s previous first lien term loans.

Disclosure of the Movement of the Corporation's Long-Term Debt Balance

The Corporation’s change in its long-term debt balance from December 31, 2018 to December 31, 2019 was as follows:



In thousands of U.S. Dollars	Opening balance	New debt	Principal payments		Interest Accretion *	Translation		Closing balance
USD First Lien Term Loan	3,479,823	—	(485,750	)	20,336	—		3,014,409
EUR First Lien Term Loan	951,980	—	—		2,898	(20,145	)	934,733
Senior Notes	980,008	—	—		2,025	—		982,033
Loan payable to the holders of non-controlling interests	35,147	4,894	(38,941	)	—	(1,100	)	—
Total	5,446,958	4,894	(524,691	)	25,259	(21,245	)	4,931,175

_____________________________

* Interest accretion represents interest expense calculated at the effective interest rate less interest expense calculated at the contractual interest rate and is recorded in net financing charges in the consolidated statements of earnings (loss).

Disclosure of Schedule of Principle Repayments of Long-Term Debt Over the Next Five Years

As at December 31, 2019, the contractual principal repayments of the Corporation’s outstanding long-term debt over the next five years amount to the following:



In thousands of U.S. Dollars	<1 Year	1-2 Years	2-3 Years	3-4 Years	4-5 Years	>5 Years
USD First Lien Term Loan	35,750	35,750	35,750	35,750	35,750	2,892,625
EUR First Lien Term Loan	—	—	—	—	—	953,187
Senior Notes	—	—	—	—	—	1,000,000
Total	35,750	35,750	35,750	35,750	35,750	4,845,812

Expenses Classified By Nature (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Expenses Classified By Nature [Abstract]

Expenses Classified By Nature



	Year Ended December 31,
In thousands of U.S. Dollars	2019		2018 *
Cost of revenue (excluding depreciation and amortization)
Direct selling costs	144,330		99,642
Gaming duty, levies and fees	441,543		268,857
Processor and other operating costs	107,189		90,665
	693,062		459,164
General and administrative
Salaries and wages	346,792		285,234
Legal and professional fees	99,206		84,288
Impairment of intangible and other assets	3,931		6,156
(Gain) loss on disposal of investments and other assets	(2,520	)	1,992
Acquisition-related costs	22,141		54,209
Acquisition of market access rights	22,500		20,661
Foreign exchange loss	1,474		61,204
IT and software costs	110,658		74,334
Legal settlement †	32,500		—
Other operational costs	80,132		106,108
Depreciation and amortization	438,626		282,806
	1,155,440		976,992
Net financing charges
Interest on long-term debt	253,624		186,720
Other interest expense	2,368		—
Gain on re-measurement of deferred contingent payment **	(7,371	)	(342	)
(Gain) loss on re-measurement of Embedded Derivative ***	(98,300	)	6,100
Unrealized foreign exchange loss on financial instruments associated with financing activities	11,320		7,202
Ineffectiveness on cash flow hedges	8,052		(14,909	)
Loss on debt extinguishment	—		146,950
Accretion expense	37,267		42,431
Interest income	(4,426	)	(3,066	)
	202,534		371,086

Reserves (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of reserves within equity [abstract]

Summary of Class of Reserves

The following table highlights the classes of reserves included in the Corporation’s equity as at December 31, 2019 and December 31, 2018 and the movements in the related reserves balances for the year ended December 31, 2019 and the year ended December 31, 2018:



In thousands of U.S. Dollars	Acquisition reserve		Warrants		Equity		Treasury		Cumulative translation		Financial assets at FVOCI		Cash flow hedging		Other		Total
Balance – January 1, 2018	—		14,688		36,865		(29,542	)	(120,694	)	168		(33,983	)	(9,629	)	(142,127	)
Cumulative translation adjustments	—		—		—		—		(93,350	)	—		—		—		(93,350	)
Stock-based compensation	—		—		12,806		—		—		—		—		—		12,806
Exercise of stock options and settlement of equity awards	—		—		(6,982	)	—		—		—		—		—		(6,982	)
Re-allocation from warrants reserve to share capital for exercised warrants	—		(14,688	)	—		—		—		—		—		—		(14,688	)
Reclassified to net earnings	—		—		—		—		—		(311	)	(45,271	)	—		(45,582	)
Unrealized (losses) gains	—		—		—		—		—		(339	)	41,201		—		40,862
Deferred taxes	—		—		—		—		—		53		—		—		53
Reversal of deferred tax on stock-based compensation	—		—		(359	)	—		—		—		—		—		(359	)
Reversal of impairment of financial instruments at FVOCI	—		—		—		—		—		(84	)	—		—		(84	)
Further acquisition of subsidiary	(220,023	)	—		—		—		—		—		—		(155	)	(220,178	)
Balance – December 31, 2018	(220,023	)	—		42,330		(29,542	)	(214,044	)	(513	)	(38,053	)	(9,784	)	(469,629	)
Cumulative translation adjustments	—		—		—		—		131,286		—		—		—		131,286
Stock-based compensation	—		—		18,842		—		—		—		—		—		18,842
Exercise of stock options and settlement of equity awards	—		—		(4,543	)	—		—		—		—		—		(4,543	)
Reclassified to net earnings (loss)	—		—		—		—		—		(58	)	(34,916	)	—		(34,974	)
Unrealized gains	—		—		—		—		—		1,155		14,450		—		15,605
Obligation to acquire non-controlling interest in BetEasy	(105,855	)	—		—		—		—		—		—		—		(105,855	)
Deferred taxes	—		—		—		—		26,089		(166	)	—		—		25,923
Impairment of financial instruments at FVOCI	—		—		—		—		—		62		—		—		62
Balance – December 31, 2019	(325,878	)	—		56,629		(29,542	)	(56,669	)	480		(58,519	)	(9,784	)	(423,283	)

Schedule of Outstanding Stock Options

The following table provides information about outstanding stock options issued under the Plans:



	As at December 31, 2019			As at December 31, 2018
Exercise price	Number of options		Weighted average exercise price CDN$	Number of options		Weighted average exercise price CDN$
Beginning balance	4,741,930		26.49	6,875,616		25.24
Issued	12,500		22.25	—		—
Exercised	(726,300	)	22.18	(1,731,761	)	23.23
Forfeited	(931,073	)	27.77	(401,925	)	19.17
Ending balance	3,097,057		27.05	4,741,930		26.49

Summary of Exercisable Options Per Stock Option

A summary of exercisable options per stock option grant under the Plans is as follows:



	Outstanding options		Exercisable options
Exercise price CDN$	Number of options	Weighted average outstanding maturity period (years)	Number of options	Weighted average outstanding maturity period (years)
0.01 to 8.00	2,000	0.02	2,000	0.02
8.01 to 16.00	40,000	3.03	30,000	3.03
16.01 to 24.00	968,300	2.49	932,500	2.43
24.01 to 32.00	1,364,605	1.88	1,364,605	1.88
32.01 to 40.00	722,152	1.20	722,152	1.20
	3,097,057	2.18	3,051,257	2.15

Schedule of Outstanding Other Equity Instruments Issued

The following table provides information about outstanding PSUs issued by the Corporation under the 2015 Equity Incentive Plan. The issued and outstanding PSUs below include certain grants for which the Corporation may issue additional PSUs ranging from 0% - 100% of target units based upon the achievement of market vesting conditions. The performance and market vesting conditions associated with the PSU’s are based on Adjusted EBITDA, revenue, and the Corporation’s share price targets or a combination thereof.



	2019 No. of units		Weighted average fair value		2018 No. of units		Weighted average fair value
Balance as at January 1	936,134		$	30.81	418,188		$	22.47
Issued	2,687,550		$	24.15	552,874		$	36.77
Vested and settled	—		$	—	—		$	—
Forfeited	(101,570	)	$	31.44	(34,928	)	$	25.30
Balance as at December 31	3,522,114		$25.71		936,134		$30.81

The following table provides information about outstanding DSUs issued by the Corporation under the 2015 Equity Incentive Plan.



	2019 No. of units	Weighted average fair value		2018 No. of units		Weighted average fair value
Balance as at January 1	201,255	$	26.37	92,703		$	22.65
Issued	90,446	$	23.68	133,383		$	29.54
Vested and settled	—	$	—	(24,831	)	$	29.55
Forfeited	—	$	—	—		$	—
Balance as at December 31	291,701	$25.53		201,255		$26.37

The following table provides information about outstanding RSUs issued by the Corporation under the 2015 Equity Incentive Plan.



	2019 No. of units		Weighted average fair value		2018 No. of units		Weighted average fair value
Balance as at January 1	220,200		$	29.72	141,064		$	22.46
Issued	697,498		$	24.18	123,833		$	31.92
Vested and settled	(93,225	)	$	28.72	(35,268	)	$	22.47
Forfeited	(46,002	)	$	30.22	(9,429	)	$	22.58
Balance as at December 31	778,471		$25.42		220,200		$29.72

Adoption of New Accounting Standards - Disclosure of initial application of standards or interpretations (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Jan. 01, 2019

Dec. 31, 2018

Impact on assets

Right-of-use assets (included in Property and equipment)

$ 50,798

$ 57,288

33,482

31,984

32,760

^[1]

Total assets

11,275,782

11,265,538

^[1]

Impact on liabilities

Lease liabilities

55,324

59,485

Net impact on total liabilities

1,770

76,743

79,716

6,756,339

7,112,138

^[1]

Retained earnings

$ 565,583

$ 502,761

^[1]

IFRS 16

Impact on assets

Right-of-use assets (included in Property and equipment)

57,288

(776)

Total assets

56,512

Impact on liabilities

Lease liabilities

59,485

Net impact on total liabilities

(2,973)

56,512

Retained earnings

IAS 17

Impact on assets

32,760

Impact on liabilities

Add (deduct) the impact of the following:

$ 79,716

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Property and Equipment - Right-of-use Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Right-Of-Use Asset Detailed Information Roll Forward [Roll Forward]
Beginning Balance	$ 57,288
Ending Balance	50,798
Cost
Right-Of-Use Asset Detailed Information Roll Forward [Roll Forward]
Beginning Balance	57,288
Additions	16,496
Disposals	(5,531)
Translation	118
Ending Balance	68,371
Accumulated amortization
Right-Of-Use Asset Detailed Information Roll Forward [Roll Forward]
Beginning Balance	0
Depreciation	17,532
Disposals	(36)
Translation	77
Ending Balance	17,573
Land and Buildings
Right-Of-Use Asset Detailed Information Roll Forward [Roll Forward]
Beginning Balance	42,194
Ending Balance	37,017
Land and Buildings \| Cost
Right-Of-Use Asset Detailed Information Roll Forward [Roll Forward]
Beginning Balance	42,194
Additions	12,818
Disposals	(5,531)
Translation	41
Ending Balance	49,522
Land and Buildings \| Accumulated amortization
Right-Of-Use Asset Detailed Information Roll Forward [Roll Forward]
Beginning Balance	0
Depreciation	12,525
Disposals	(36)
Translation	16
Ending Balance	12,505
Computer Equipment
Right-Of-Use Asset Detailed Information Roll Forward [Roll Forward]
Beginning Balance	15,094
Ending Balance	13,781
Computer Equipment \| Cost
Right-Of-Use Asset Detailed Information Roll Forward [Roll Forward]
Beginning Balance	15,094
Additions	3,678
Disposals	0
Translation	77
Ending Balance	18,849
Computer Equipment \| Accumulated amortization
Right-Of-Use Asset Detailed Information Roll Forward [Roll Forward]
Beginning Balance	0
Depreciation	5,007
Disposals	0
Translation	61
Ending Balance	$ 5,068

Subsequent Events - Additional Information (Details) - USD First Lien Term Loan - USD ($) $ in Thousands		12 Months Ended
	Feb. 21, 2020	Dec. 31, 2019
Disclosure of non-adjusting events after reporting period [line items]
Repayment of long-term debt		$ 485,750
Prepayment Of Loan
Disclosure of non-adjusting events after reporting period [line items]
Repayment of long-term debt	$ 100,000

Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings per share [abstract]

Earnings Per Share

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per Common Share for the following periods:



	Year Ended December 31,
	2019		2018
Numerator
Numerator for basic and diluted earnings (loss) per Common Share – net earnings (loss) attributable to Shareholders of The Stars Group Inc.	$	62,822,000	$	(102,452,000	)
Denominator
Denominator for basic earnings (loss) per Common Share – weighted average number of Common Shares	282,884,929		208,269,905
Effect of dilutive securities
Stock options	233,223		1,371,177
Performance share units	1,184,132		246,813
Deferred share units	22,787		7,593
Restricted share units	153,566		72,673
Warrants	—		569,304
Convertible Preferred Shares	—		32,231,301
Effect of dilutive securities *†	1,593,708		34,498,861
Dilutive potential for diluted earnings (loss) per Common Share	284,478,637		208,269,905
Basic earnings (loss) per Common Share	$	0.22	$	(0.49	)
Diluted earnings (loss) per Common Share	$	0.22	$	(0.49	)

_____________________________

† As a result of the net loss for the year ended December 31, 2018, the effect of dilutive securities were anti-dilutive for the purposes of calculating diluted loss per Common Share.

Segmental Information - Summary of Reconciliation of Adjusted EBITDA to Net Earnings (Loss) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Consolidated

Adjusted EBITDA

$ 921,125

$ 780,949

(27,165)

(115,569)

Gain (loss) from investments

(18,842)

(12,806)

2,520

(1,667)

Impairment of intangible assets

(3,931)

(6,223)

Other costs

(170,882)

(101,754)

Total adjusting items

(218,300)

(238,019)

Depreciation and amortization

(438,626)

(282,806)

Operating income

264,199

260,124

Net financing charges

(202,534)

(371,086)

Net earnings from associates

1,068

Earnings (loss) before income taxes

61,665

(109,894)

^[1],[2]

197

988

Restructuring expenses excluded from calculation of EBITDA, accrued termination payments

61,862

$ (108,906)

23,900

Restructuring expenses excluded from calculation of EBITDA, salaries and associated compensation

$ 13,600

[1]	Certain amounts were reclassified in the comparative periods. See note 2.
[2]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Long-Term Debt - Disclosure of the Movement of the Corporation's Long-Term Debt Balance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Disclosure Of Long Term Debt [Line Items]
New debt	$ 4,894
Translation	(21,245)
USD First Lien Term Loan
Disclosure Of Long Term Debt [Line Items]
Opening balance	3,479,823
New debt	0
Principal payments	(485,750)
Interest Accretion	20,336
Translation	0
Closing balance	3,014,409
Loan payable to non-controlling interests
Disclosure Of Long Term Debt [Line Items]
Opening balance	35,147
New debt	4,894
Principal payments	(38,941)
Interest Accretion	0
Translation	(1,100)
Closing balance	0
Previous USD First Lien Term Loan
Disclosure Of Long Term Debt [Line Items]
Opening balance	5,446,958
Principal payments	(524,691)
Interest Accretion	25,259
Closing balance	4,931,175
Previous EUR first lien term loan
Disclosure Of Long Term Debt [Line Items]
Opening balance	951,980
New debt	0
Principal payments	0
Interest Accretion	2,898
Translation	(20,145)
Closing balance	934,733
USD second lien term loan
Disclosure Of Long Term Debt [Line Items]
Opening balance	980,008
New debt	0
Principal payments	0
Interest Accretion	2,025
Translation	0
Closing balance	$ 982,033

Investments - Summary of Recognized Gains (Losses) From Current Investments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Disclosure Of Investment [Line Items]
Investment income	$ 938
Realized losses	(58)
Unrealized gains	1,155
Gain on re-measurement of financial assets at FVTPL	2,883
Impairment of financial instruments	62
Total	4,980
Bonds
Disclosure Of Investment [Line Items]
Investment income	938
Realized losses	(58)
Unrealized gains	1,155
Gain on re-measurement of financial assets at FVTPL	0
Impairment of financial instruments	62
Total	2,097
Equity in Private Companies
Disclosure Of Investment [Line Items]
Investment income	0
Realized losses	0
Unrealized gains	0
Gain on re-measurement of financial assets at FVTPL	2,883
Impairment of financial instruments	0
Total	$ 2,883

Provisions - Carrying Amounts and Movements in Provisions (Details)
$ in Thousands, $ in Millions

12 Months Ended

Dec. 31, 2019

USD ($)

Dec. 31, 2019

CAD ($)

Dec. 31, 2018

USD ($)

$ 43,191

$ 20,683

15,260

87,540

8,164

(2,013)

56,388

(62,330)

(55,908)

108

411

1,317

(1,807)

67,813

43,191

64,928

39,189

^[1]

Player bonuses and jackpots

2,885

4,002

^[1]

18,584

4,265

8,349

50,235

55,734

(47,545)

(48,902)

128

(862)

21,402

18,584

21,402

18,584

Deferred payment provision

6,300

6,300

6,300

Restructuring provision

9,713

1,614

13,198

8,164

(2,149)

(10,963)

(65)

9,811

9,713

9,811

9,713

Litigation provision

22,953

(287)

401

23,067

$ 30

23,067

8,594

10,118

5,297

1,154

136

654

(3,535)

(7,006)

108

411

776

(880)

7,233

8,594

4,348

4,592

$ 2,885

$ 4,002

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Contingent Liabilities - Additional Information (Details) - USD ($) $ in Millions	Dec. 23, 2015	Dec. 21, 2018	Jan. 31, 2016
Disclosure of contingent liabilities [abstract]
Losses as the part of damage	$ 290
Estimated financial losses calculated by the court	870	$ 870
Amount posted in supersedeas bond	100
Cash collateral for the amount posted in bonds	5
Letter of credit required for posting of the bond	$ 65
Remaining Balance Of Escrow Fund Established Under Merger Agreement			$ 300

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Income Tax Expense

Details of income tax expense were as follows:



	Year Ended December 31,
In thousands of U.S. Dollars	2019		2018
Current income tax expense	62,498		19,813
Current income tax recovery - provision adjustment	(8,057	)	(2,155	)
Deferred income tax recovery relating to the origination and reversal of temporary differences	(52,124	)	(17,971	)
Deferred income tax recovery - provision adjustment	(2,514	)	(675	)
Income tax recovery	(197	)	(988	)

Summary of Effective Income Tax Rate Reconciliation

The reconciliation is as follows:



	Year Ended December 31,
In thousands of U.S. Dollars	2019		2018
Net earnings (loss) before income taxes	61,665		(109,894	)
Canadian statutory tax rate	26.5	%	26.5	%
Income taxes at Canadian statutory tax rate	16,341		(29,122	)
Differences in effective income tax rates in foreign jurisdictions	(53,223	)	(97,919	)
Non-taxable income	(12,881	)	(9,030	)
Non-deductible expenses	31,673		34,815
Deferred tax assets not recognized	28,464		103,098
Provision adjustment	(10,571	)	(2,830	)
Income tax recovery	(197	)	(988	)

Schedule of Significant Components of the Corporation's Deferred Income Tax Asset Balance

Significant components of the Corporation’s deferred income tax asset balance at December 31, 2019 and 2018 are as follows:



In thousands of U.S. Dollars	Property & Equipment		Intangibles	Tax Losses		Other		Total *
At January 1, 2018	148		—	174		4,484		4,806
Credited (charged) to net earnings	41		—	1,051		(1,008	)	84
Credited to other comprehensive income	—		—	—		53		53
Charged directly to equity - share-based payment transactions	—		—	—		(359	)	(359	)
Acquisition of subsidiary	1,016		—	—		9,921		10,937
Foreign exchange on translation	(61	)	—	(34	)	(1,177	)	(1,272	)
At December 31, 2018	1,144		—	1,191		11,914		14,249
Opening adjustment	35		—	(5	)	167		197
At January 1, 2019	1,179		—	1,186		12,081		14,446
Credited to net earnings	501		5,332	6,682		20,985		33,500
Charged to other comprehensive income	—		—	—		(166	)	(166	)
Foreign exchange on translation	56		62	29		(36	)	111
At December 31, 2019	1,736		5,394	7,897		32,864		47,891

Schedule of Significant Components of the Corporation's Deferred Income Tax Liability Balance

Significant components of the Corporation’s deferred income tax liability balance at December 31, 2019 and 2018 are as follows:



In thousands of U.S. Dollars	Property & Equipment		Intangibles		Tax Losses	Other		Total *
At January 1, 2018	(45	)	(16,130	)	—	—		(16,175	)
(Charged) credited to net earnings	(82	)	15,525		—	(513	)	14,930
Acquisition of subsidiary	—		(620,796	)	—	(465	)	(621,261	)
Foreign exchange on translation	6		29,278		—	51		29,335
At December 31, 2018	(121	)	(592,123	)	—	(927	)	(593,171	)
Opening adjustment	(9	)	(131	)	—	(57	)	(197	)
At January 1, 2019	(130	)	(592,254	)	—	(984	)	(593,368	)
(Charged) credited to net earnings	(1,948	)	23,802		—	(715	)	21,139
Foreign exchange on translation	(10	)	(16,959	)	—	322		(16,647	)
At December 31, 2019	(2,088	)	(585,411	)	—	(1,377	)	(588,876	)

_____________________________

* Deferred taxes by category above are presented on a gross basis. The statements of financial position present deferred taxes net for amounts included within the same jurisdiction.

Schedule of Gross Temporary Differences

Deferred tax assets have not been recognized in respect of the items shown below. The amounts shown are the gross temporary differences and to calculate the potential deferred asset it is necessary to multiply the amounts by the tax rates in each case.



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Tax losses	1,843,670	1,619,702
Other temporary differences	95,813	82,814
Total deferred tax asset unrecognized	1,939,483	1,702,516

Segmental Information - Summary of Segment by Customer Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Revenue	$ 2,528,448	$ 2,029,238
Other sources of revenue	2,505	3,277
Operating Segments \| Australia
Disclosure of operating segments [line items]
Revenue	274,414	196,930
Operating Segments \| International
Disclosure of operating segments [line items]
Revenue	1,312,365	1,440,177
Operating Segments \| United Kingdom
Disclosure of operating segments [line items]
Revenue	946,679	394,131
Intercompany Eliminations
Disclosure of operating segments [line items]
Revenue	(5,010)	(2,000)
Other sources of revenue	(5,010)	(2,000)
United Kingdom
Disclosure of operating segments [line items]
Revenue	995,451	462,390
United Kingdom \| Operating Segments
Disclosure of operating segments [line items]
Revenue	0	0
United Kingdom \| Operating Segments \| International
Disclosure of operating segments [line items]
Revenue	75,674	73,969
United Kingdom \| Operating Segments \| United Kingdom
Disclosure of operating segments [line items]
Revenue	924,787	388,421
United Kingdom \| Intercompany Eliminations
Disclosure of operating segments [line items]
Other sources of revenue	(5,010)	0
Malta
Disclosure of operating segments [line items]
Revenue	557,436	497,126
Malta \| Operating Segments \| Australia
Disclosure of operating segments [line items]
Revenue	0	0
Malta \| Operating Segments \| International
Disclosure of operating segments [line items]
Revenue	557,423	497,126
Malta \| Operating Segments \| United Kingdom
Disclosure of operating segments [line items]
Revenue	13	0
Malta \| Intercompany Eliminations
Disclosure of operating segments [line items]
Other sources of revenue	0	0
Australia
Disclosure of operating segments [line items]
Revenue	274,572	197,120
Australia \| Operating Segments \| Australia
Disclosure of operating segments [line items]
Revenue	274,414	196,930
Australia \| Operating Segments \| International
Disclosure of operating segments [line items]
Revenue	0	0
Australia \| Operating Segments \| United Kingdom
Disclosure of operating segments [line items]
Revenue	158	190
Australia \| Intercompany Eliminations
Disclosure of operating segments [line items]
Other sources of revenue	0	0
Italy
Disclosure of operating segments [line items]
Revenue	166,040	158,090
Italy \| Operating Segments \| Australia
Disclosure of operating segments [line items]
Revenue	0	0
Italy \| Operating Segments \| International
Disclosure of operating segments [line items]
Revenue	165,807	156,946
Italy \| Operating Segments \| United Kingdom
Disclosure of operating segments [line items]
Revenue	233	1,144
Italy \| Intercompany Eliminations
Disclosure of operating segments [line items]
Other sources of revenue	0	0
Spain
Disclosure of operating segments [line items]
Revenue	108,591	121,862
Spain \| Operating Segments \| Australia
Disclosure of operating segments [line items]
Revenue	0	0
Spain \| Operating Segments \| International
Disclosure of operating segments [line items]
Revenue	108,439	121,776
Spain \| Operating Segments \| United Kingdom
Disclosure of operating segments [line items]
Revenue	152	86
Spain \| Intercompany Eliminations
Disclosure of operating segments [line items]
Other sources of revenue	0	0
Isle of Man
Disclosure of operating segments [line items]
Revenue	99,504	375,702
Isle of Man \| Operating Segments \| Australia
Disclosure of operating segments [line items]
Revenue	0	0
Isle of Man \| Operating Segments \| International
Disclosure of operating segments [line items]
Revenue	99,504	377,702
Isle of Man \| Operating Segments \| United Kingdom
Disclosure of operating segments [line items]
Revenue	0	0
Isle of Man \| Intercompany Eliminations
Disclosure of operating segments [line items]
Other sources of revenue	0	(2,000)
Other licensed or approved jurisdictions
Disclosure of operating segments [line items]
Revenue	326,854	216,948
Other licensed or approved jurisdictions \| Operating Segments \| Australia
Disclosure of operating segments [line items]
Revenue	0	0
Other licensed or approved jurisdictions \| Operating Segments \| International
Disclosure of operating segments [line items]
Revenue	305,518	212,658
Other licensed or approved jurisdictions \| Operating Segments \| United Kingdom
Disclosure of operating segments [line items]
Revenue	21,336	4,290
Other licensed or approved jurisdictions \| Intercompany Eliminations
Disclosure of operating segments [line items]
Other sources of revenue	$ 0	$ 0
Minimum
Disclosure of operating segments [line items]
Minimum percentage of consolidated revenue	5.00%

Reserves - Schedule of Outstanding Stock Options (Details)	12 Months Ended
	Dec. 31, 2019 shares $ / shares	Dec. 31, 2018 shares $ / shares
Disclosure of reserves within equity [abstract]
Number of options, Beginning balance (in shares) \| shares	4,741,930	6,875,616
Number of options, Issued (in shares) \| shares	12,500	0
Number of options, Exercised (in shares) \| shares	(726,300)	(1,731,761)
Number of options, Forfeited (in shares) \| shares	(931,073)	(401,925)
Number of options, Ending balance (in shares) \| shares	3,097,057	4,741,930
Weighted average exercise price, Beginning balance \| $ / shares	$ 26.49	$ 25.24
Weighted average exercise price, Issued \| $ / shares	22.25	0.00
Weighted average exercise price, Exercised \| $ / shares	22.18	23.23
Weighted average exercise price, Forfeited \| $ / shares	27.77	19.17
Weighted average exercise price, Ending balance \| $ / shares	$ 27.05	$ 26.49

Income Taxes - Summary of Significant Components of Deferred Income Tax Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019	Dec. 31, 2017
Disclosure Of Deferred Income Taxes [Line Items]
Beginning balance	$ (593,171)	$ (16,175)
(Charged) credited to net earnings	21,139	14,930
Acquisition of subsidiary		(621,261)
Foreign exchange on translation	(16,647)	29,335
Opening adjustment			$ (197)
Deferred tax liabilities		(593,368)
Ending balance	(588,876)	(593,171)
Unrecognized deferred tax assets	47,891	14,249		$ 4,806
Property & Equipment
Disclosure Of Deferred Income Taxes [Line Items]
Beginning balance	(121)	(45)
(Charged) credited to net earnings	(1,948)	(82)
Acquisition of subsidiary		0
Foreign exchange on translation	(10)	6
Opening adjustment			(9)
Deferred tax liabilities		(130)
Ending balance	(2,088)	(121)
Unrecognized deferred tax assets	1,736	1,144		148
Intangibles
Disclosure Of Deferred Income Taxes [Line Items]
Beginning balance	(592,123)	(16,130)
(Charged) credited to net earnings	23,802	15,525
Acquisition of subsidiary		(620,796)
Foreign exchange on translation	(16,959)	29,278
Opening adjustment			(131)
Deferred tax liabilities		(592,254)
Ending balance	(585,411)	(592,123)
Unrecognized deferred tax assets	5,394	0		0
Canadian Non Capital Tax Losses
Disclosure Of Deferred Income Taxes [Line Items]
Unrecognized deferred tax assets	190,300	129,200
Tax Losses
Disclosure Of Deferred Income Taxes [Line Items]
Beginning balance	0	0
(Charged) credited to net earnings	0	0
Acquisition of subsidiary		0
Foreign exchange on translation	0	0
Opening adjustment			0
Deferred tax liabilities		0
Ending balance	0	0
Unrecognized deferred tax assets	7,897	1,191		174
Other
Disclosure Of Deferred Income Taxes [Line Items]
Beginning balance	(927)	0
(Charged) credited to net earnings	(715)	(513)
Acquisition of subsidiary		(465)
Foreign exchange on translation	322	51
Opening adjustment			$ (57)
Deferred tax liabilities		(984)
Ending balance	(1,377)	(927)
Unrecognized deferred tax assets	$ 32,864	$ 11,914		$ 4,484

Acquisition of Subsidiaries	12 Months Ended
Acquisition of Subsidiaries	Dec. 31, 2019
Disclosure of detailed information about business combination [abstract]
Acquisition of Subsidiaries	ACQUISITION OF SUBSIDIARIES BetEasy On February 27, 2018, a subsidiary of the Corporation acquired a 62% controlling equity interest in BetEasy for a purchase price of $117.7 million. Accordingly, the Corporation acquired $58.8 million of identifiable net assets, including $102.4 million of intangible assets, of which it recognized a non-controlling interest of $1.0 million in relation to the acquired identifiable net assets. The Corporation also recognized $59.9 million of goodwill in connection with the same. On April 24, 2018, the same subsidiary of the Corporation acquired an additional 18% interest in BetEasy for a purchase price of $229.2 million. Included in the purchase price was a deferred contingent payment, which is included in accounts payable and other liabilities in the consolidated statements of financial position. The acquisition of the additional equity interest in BetEasy had no impact on the fair values of the goodwill and intangible assets acquired on February 27, 2018; however, the excess of the purchase price compared to the carrying value of the 18% non-controlling interest was recognized directly in equity as acquisition reserve. During the year ended December 31, 2019, the Corporation finalized the purchase price allocation assessment in relation to this acquisition and did not record any adjustments. See note 26 for details regarding the previous valuation of the related BetEasy deferred contingent payment. On December 3, 2019, the Corporation announced that it agreed with the holders of the non-controlling interest of BetEasy to pay AUD$100 million to settle the deferred contingent payment which did not affect the purchase price allocation. On December 5, 2019, the Corporation repaid the outstanding balance of AUD$100 million using available cash on hand. Also in connection with the acquisition of the additional 18% interest in BetEasy, a subsidiary of the Corporation entered into a non-controlling interest put-call option in relation to the remaining 20% interest in BetEasy, with an exercise price based on certain future operating performance conditions of the acquired business. At acquisition, this was determined to be a non-controlling interest put-call option with a variable settlement amount that can be settled in either cash or shares or a combination of both, and because the put-call option did not clearly grant the Corporation with present access to returns associated with the remaining 20% ownership interest, the Corporation previously recognized this put-call option as a net liability derivative. On December 3, 2019, the Corporation announced that it agreed with the holders of the non-controlling interest of BetEasy to acquire the remaining 20% interest in BetEasy for AUD$151 million within 90 days following the earlier of either the issuance of the Corporation’s audited financial statements for the year ended December 31, 2020 or the completion of the previously announced Combination with Flutter (see note 31). As the settlement amount is now fixed and will be settled in cash, excluding if settled as a result of a combination with Flutter, the Corporation recorded a gross liability in respect of its obligation to acquire the remaining 20% interest in BetEasy. Upon acquisition of the 20% interest, the Corporation will also be obligated to make a contractual payment to a third-party supplier of BetEasy. The liability in respect of the Corporation’s obligations to acquire the remaining 20% interest in BetEasy and make the above mentioned contractual payment is included within accounts payable and other liabilities on the consolidated statement of financial position (see note 21). Former William Hill Australia Business On April 24, 2018, BetEasy acquired 100% of the former William Hill Australia business for a purchase price of $241.2 million. Accordingly, the Corporation acquired $162.5 million of identifiable net assets, including $267.3 million of intangible assets. The Corporation recognized $78.7 million of goodwill in connection with the same. During the year ended December 31, 2019, the Corporation finalized the purchase price allocation assessment in relation and recorded an adjustment to increase the acquired financial liabilities by $0.4 million with a corresponding increase to the goodwill recognized. The comparative consolidated statement of financial position has not been restated to reflect this adjustment. SBG On July 10, 2018, the Corporation completed the SBG Acquisition, acquiring 100% of SBG for a purchase price of $3.24 billion. Accordingly, the Corporation acquired $808.7 million of identifiable net assets, including $3.04 billion of intangible assets. The Corporation recognized $2.43 billion of goodwill in connection with the same. During the year ended December 31, 2019, the Corporation finalized the purchase price allocation assessment in relation to the SBG Acquisition and did not record any adjustments.

Expenses Classified By Nature - Expenses Classified By Nature (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Cost of revenue (excluding depreciation and amortization)

Direct selling costs

$ 144,330

$ 99,642

Austria gaming duty

441,543

268,857

Processor and other operating costs

107,189

90,665

Cost of revenues

693,062

459,164

General and administrative

Salaries and wages

346,792

285,234

AMF, foreign payments and other investigation and related professional fees2

99,206

84,288

Impairment of intangible and other assets

3,931

6,156

(Gain) loss on disposal of investments and other assets

(2,520)

1,992

Acquisition-related costs

22,141

54,209

Acquisition of market access rights

22,500

20,661

Foreign exchange loss

1,474

61,204

IT and software costs

110,658

74,334

Legal settlement

32,500

Other operational costs

80,132

106,108

Depreciation and amortization

438,626

282,806

General and administrative

1,155,440

976,992

Net financing charges

Interest on long-term debt

253,624

186,720

Other interest expense

2,368

Gain on re-measurement of deferred contingent payment

(7,371)

(342)

(Gain) loss on re-measurement of Embedded Derivative

$ (48,100)

(98,300)

6,100

Unrealized foreign exchange loss on financial instruments associated with financing activities

11,320

7,202

Ineffectiveness on cash flow hedges

8,052

(14,909)

Loss on debt extinguishment

146,950

Accretion expense

37,267

42,431

Interest income

(4,426)

(3,066)

Net financing charges

$ 202,534

$ 371,086

^[1],[2]

[1]	Certain amounts were reclassified in the comparative periods. See note 2.
[2]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Segmental Information - Additional Information (Details) - Segment	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [abstract]
Number of reportable segment	3	3

Investments

12 Months Ended

Dec. 31, 2019

Disclosure Of Investments [Abstract]

Investments

INVESTMENTS

The Corporation held the following investments:



	As at December 31,
	2019	2018
In thousands of U.S. Dollars	Carrying value & fair value	Carrying value & fair value
Bonds - FVOCI	109,017	103,153
Equity in unquoted companies - FVTPL (note 16)	9,651	6,773
Total investments	118,668	109,926
Current portion	109,017	103,153
Non-current portion	9,651	6,773

Investments relate primarily to customer deposits held in accounts segregated from investments held for operational purposes. Investments held in relation to customer deposits are liquid investments and are classified as current assets consistent with the current classification of customer deposits to which the investments relate. Management’s investment strategy for the portfolio results in many of the bonds being held to maturity. As of December 31, 2019, customer deposits were covered by $109.0 million in investments and $300.9 million in cash and equivalents.

The Corporation’s investments held by maturity date are as follows:



	1 year or less $000’s	1 to 5 years $000’s	Greater than 5 years $000’s
Bonds	48,805	60,212	—
Total	48,805	60,212	—

For the year ended December 31, 2019, the Corporation recognized gains (losses) from investments as follows:



	Bonds $000’s		Equity in unquoted companies $000’s	Total $000’s
Investment income	938		—	938
Realized losses	(58	)	—	(58	)
Unrealized gains	1,155		—	1,155
Gain on re-measurement of financial assets at FVTPL	—		2,883	2,883
Impairment of financial instruments	62		—	62
Total	2,097		2,883	4,980

Investment income from bonds includes interest income and premiums as well as discount amortization. There was no investment income in the year ended December 31, 2019 for equity in unquoted companies.

Subsidiaries

The table below includes the Corporation’s significant subsidiaries as at December 31, 2019, determined as either having greater than 10% of the Corporation’s assets or revenues. The Corporation has other subsidiaries, but the assets and revenues of such subsidiaries individually did not exceed 10%, and in the aggregate did not exceed 20%, of the Corporation’s consolidated assets or consolidated revenues as at and for the year ended December 31, 2019:



Name of principal subsidiary	Country of incorporation	Principal business	Percentage of ownership
Stars Group Holdings B.V.	Netherlands	Intermediate holding company and investment vehicle	100	%
Stars Group Holdings Cooperatieve U.A	Netherlands	Intermediate holding company	100	%
Stars Interactive Holdings (IOM) Limited	Isle of Man	Intermediate holding company	100	%
Worldwide Independent Trust Limited	Isle of Man	Treasury	100	%
Rational Entertainment Enterprises Limited	Isle of Man	Gaming services	100	%
Stars Interactive Limited	Isle of Man	Intermediate holding company	100	%
RG Cash Plus Limited	Isle of Man	Treasury	100	%
Rational Gaming Europe Limited	Malta	Various	100	%
REEL Italy Limited	Malta	Gaming services	100	%
Hestview Limited	England and Wales	Gaming services	100	%
Bonne Terre Limited	Alderney	Gaming services	100	%
BetEasy Pty Limited	Australia	Gaming services	80	%

Financial Instruments Risk Management Financial Instruments Risk Management - Maturity Schedule of Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	$ 113,559	$ 22,561
Derivative financial assets	(169,158)	$ (54,583)
On demand $000s
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	0
On demand $000s \| Unsettled bets - net outflows
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	0
On demand $000s \| Interest rate swap - net outflows
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	0
On demand $000s \| Cross currency interest rate swaps - inflows
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	0
Derivative financial assets	0
Less than 1 year $000s
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	4,583
Less than 1 year $000s \| Unsettled bets - net outflows
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	17,628
Less than 1 year $000s \| Interest rate swap - net outflows
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	5,116
Less than 1 year $000s \| Cross currency interest rate swaps - inflows
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	131,593
Derivative financial assets	(149,754)
2 to 5 years $000s
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative financial assets	(65,984)
2 to 5 years $000s \| Unsettled bets - net outflows
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	0
2 to 5 years $000s \| Interest rate swap - net outflows
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	8,861
2 to 5 years $000s \| Cross currency interest rate swaps - inflows
Disclosure of maturity analysis for derivative financial liabilities [line items]
Derivative liabilities	2,507,913
Derivative financial assets	$ (2,582,758)

Income Taxes - Summary of Reconciliation of Income Tax Expense (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Net earnings (loss) before income taxes

$ 61,665

$ (109,894)

Canadian statutory tax rate

26.50%

Income taxes at Canadian statutory tax rate

$ 16,341

$ (29,122)

Differences in effective income tax rates in foreign jurisdictions

(53,223)

(97,919)

Non-taxable income

(12,881)

(9,030)

Non-deductible expenses

31,673

34,815

Deferred tax assets not recognized

28,464

103,098

Provision adjustment

(10,571)

(2,830)

$ (197)

$ (988)

^[1],[2]

[1]	Certain amounts were reclassified in the comparative periods. See note 2.
[2]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Revenue

12 Months Ended

Dec. 31, 2019

Revenue [abstract]

Trade and other current receivables [abstract]

REVENUE

The Corporation recognized the following amounts in the consolidated statements of earnings (loss):



	Year Ended December 31,
In thousands of U.S. Dollars	2019	2018
Poker revenue	793,284	892,557
Gaming revenue	792,299	585,846
Betting revenue	870,938	491,139
Other revenue from customers	69,422	56,419
Other sources of revenue	2,505	3,277
Total revenue	2,528,448	2,029,238

Revenue from contracts with customers have not been further disaggregated as the nature of the revenue streams, contract duration and timing of transfer of services are all largely homogeneous. For further information regarding revenue, including segment revenue by major line of operations and geographic region (see note 7).

As at December 31, 2019, there are no significant contract assets or liabilities and no significant unsatisfied performance obligations. In addition, there were no significant capitalized costs to obtain a contract.

Adoption of New Accounting Standards - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Jan. 01, 2019
Disclosure of initial application of standards or interpretations [abstract]
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16	3.68%	3.83%
Rental expense	$ 3.2

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Balances held with processors

$ 70,678

$ 92,971

Balances due from live events

1,361

13,983

VAT receivable

13,130

11,029

Other receivables

26,046

18,364

Total accounts receivable balance

111,215

136,347

^[1]

Long-term VAT receivable

3,329

14,906

Guarantees held by regulators in relation to licenses

13,436

Total non-current receivable balance

$ 16,765

$ 14,906

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Cash and Cash Equivalents, Restricted Cash Advances and Collateral (Table)

12 Months Ended

Dec. 31, 2019

Restricted Cash Advances And Collateral [Abstract]

Schedule Of Restricted Cash Advances and Collateral Explanatory

Restricted cash held by the Corporation consists of the following components:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Guarantees in connection with licenses held	4,318	4,312
Funds in connection with hedging contracts	2,170	2,836
Segregated funds in respect of payment processors	—	2,030
Guarantee in connection with acquisition of a subsidiary	1,122	1,146
Cash portion of Kentucky Bond Collateral *	5,000	5,000
Funds held in term deposits	4,138	5,837
Other	260	288
Restricted cash advances and collateral - total	17,008	21,449
Restricted cash advances and collateral - current portion	6,401	10,819
Restricted cash advances and collateral - non-current portion	10,607	10,630

_____________________________

Combination with Flutter Entertainment PLC	12 Months Ended
Combination with Flutter Entertainment PLC	Dec. 31, 2019
Disclosure of detailed information about business combination [abstract]
Combination with Flutter Entertainment PLC	COMBINATION WITH FLUTTER ENTERTAINMENT PLC On October 2, 2019, the Corporation and Flutter announced they had entered into an arrangement agreement (the “Arrangement Agreement”) providing for an all-share combination to be implemented through an acquisition of the Corporation by Flutter pursuant to a plan of arrangement under the OBCA (the “Combination”). Under the terms of the Combination, shareholders of the Corporation would be entitled to receive 0.2253 ordinary shares of Flutter in exchange for each Common Share of the Corporation. Immediately following completion of the Combination, shareholders of Flutter would own approximately 54.64 percent and shareholders of the Corporation would own approximately 45.36 percent of the share capital of the combined business (based on the fully diluted share capital of Flutter and the fully diluted share capital of the Corporation excluding any out of the money options, in each case, as at October 2, 2019). Completion of the Combination is intended to occur during the second or third quarter of 2020. The Combination is conditional upon, among other things, certain approvals by each of Flutter’s and the Corporation’s shareholders, Ontario court approval of the plan of arrangement, certain approvals from the United Kingdom Financial Conduct Authority, London Stock Exchange and Euronext Dublin, and relevant merger control, foreign investment and gaming related approvals.

Combination with Flutter Entertainment PLC (Details) - shares	Sep. 30, 2020	Apr. 24, 2018
Disclosure of detailed information about business combination [line items]
Percentage of equity interests acquired		100.00%
Forecast \| Flutter Acquisition
Disclosure of detailed information about business combination [line items]
Shares of flutter in exchange for company common shares	0.2253
Percentage of equity interests acquired	54.64%
Percentage Of Voting Interest Acquired By Shareholders	45.36%

Property and Equipment - Summary of Property and Equipment (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

$ 142,457

(85,169)

^[1]

$ (44,837)

(139,228)

(85,169)

^[1]

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

139,228

142,457

Cost

174,664

(117,376)

(62,580)

44,019

33,952

26,224

(7,512)

(364)

1,521

(2,255)

3,495

(117,376)

Accumulated amortization and impairments

213,426

174,664

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

(32,207)

32,207

17,743

1,748

(42,256)

(16,633)

(954)

(1,483)

(1,146)

32,207

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

(74,198)

(32,207)

Furniture And Fixture

(34,166)

(7,173)

Furniture And Fixture | Cost

(29,622)

(34,166)

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

(45,633)

(12,497)

9,404

11,283

24,582

(937)

(338)

1,521

(712)

870

Furniture And Fixture | Accumulated amortization and impairments

(54,812)

(45,633)

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

11,467

5,324

715

(13,283)

(7,682)

(954)

(1,155)

(528)

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

25,190

11,467

Computer Equipment

(32,702)

(16,753)

Computer Equipment | Cost

(40,327)

(32,702)

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

(49,806)

(26,155)

18,119

22,669

1,642

(1,044)

(26)

(26)

634

Computer Equipment | Accumulated amortization and impairments

(66,907)

(49,806)

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

17,104

9,402

997

(10,490)

(7,960)

(246)

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

26,580

17,104

Building

(18,301)

(20,911)

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

(18,481)

(18,301)

Building | Cost

(21,937)

(23,928)

(1,399)

1,991

Building | Accumulated amortization and impairments

(23,336)

(21,937)

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

3,636

3,017

(951)

(991)

(268)

(372)

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

4,855

3,636

Right-of-use assets

(57,288)

Right-of-use assets | Cost

(50,798)

(57,288)

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

(57,288)

16,496

(5,531)

(118)

Right-of-use assets | Accumulated amortization and impairments

(68,371)

(57,288)

Property, Plant, And Equipment detailed information, Rollforward [Roll Forward]

(17,532)

(77)

$ 17,573

$ 0

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Fair Value

12 Months Ended

Dec. 31, 2019

Disclosure Of Fair Value Measurement Of Assets And Liabilities [Abstract]

Fair Value

FAIR VALUE

The Corporation determined that the carrying values of its short-term financial assets and liabilities approximate their fair value because of the relatively short periods to maturity of these instruments and their low credit risk.

Certain of the Corporation’s financial assets and liabilities are measured at fair value, including at FVTPL or FVOCI, at the end of each reporting period. The following table provides information about how the fair values of these financial assets and liabilities were determined as at each of December 31, 2019 and December 31, 2018:



	As at December 31, 2019
In thousands of U.S. Dollars	Fair value & carrying value	Level 1	Level 2	Level 3
Bonds – FVOCI	109,017	109,017	—	—
Equity in unquoted companies - FVTPL	9,651	—	—	9,651
Derivatives	169,158	—	59,258	109,900
Total financial assets	287,826	109,017	59,258	119,551

Derivatives	113,559	—	95,931	17,628
Other provisions - FVTPL	1,877	—	—	1,877
Total financial liabilities	115,436	—	95,931	19,505



	As at December 31, 2018
In thousands of U.S. Dollars	Fair value & carrying value	Level 1	Level 2	Level 3
Bonds - FVOCI	103,153	103,153	—	—
Equity in unquoted companies - FVTPL	6,773	—	—	6,773
Derivatives	54,583	—	42,983	11,600
Total financial assets	164,509	103,153	42,983	18,373

Derivatives	22,561	—	6,276	16,285
Deferred contingent payment - FVTPL	77,628	—	—	77,628
Other provisions - FVTPL	2,740	—	—	2,740
Total financial liabilities	102,929	—	6,276	96,653

Refer to note 29 for details on credit risk for the above financial assets.

The fair values of other financial assets and liabilities measured at amortized cost, other than those for which the Corporation has determined that their carrying values approximate their fair values on the consolidated statements of financial position as at each of December 31, 2019, and December 31, 2018 are as follows:



	As at December 31, 2019
In thousands of U.S. Dollars	Fair value	Level 1	Level 2	Level 3
First Lien Term Loans	4,059,777	—	4,059,777	—
Senior Notes	1,083,940	—	1,083,940	—
Total financial liabilities	5,143,717	—	5,143,717	—



	As at December 31, 2018
In thousands of U.S. Dollars	Fair value	Level 1	Level 2	Level 3
First Lien Term Loans	4,414,525	—	4,414,525	—
Senior Notes	969,370	—	969,370	—
Total financial liabilities	5,383,895	—	5,383,895	—

As part of its periodic review of fair values, the Corporation recognizes transfers, if any, between levels of the fair value hierarchy at the end of the reporting period during which the transfer occurred. There were no transfers between levels of the fair value hierarchy during the year ended December 31, 2019 or the year ended December 31, 2018.

Valuation of Level 2 financial instruments

Long-Term Debt

The Corporation estimates the fair value of its long-term debt by using a composite price derived from observable market data for a basket of similar instruments.

Derivative Financial Instruments

The Corporation uses derivative financial instruments to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis of the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, such as interest rate curves as well as spot and forward rates.

To comply with the provisions of IFRS 13, Fair value measurement, the Corporation incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the applicable counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of non-performance risk, the Corporation has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.

Although the Corporation has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of December 31, 2019 and December 31, 2018, the Corporation has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions, with the exception of the Embedded Derivative, which is classified as Level 3, and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Corporation determined that its valuations of its derivatives in their entirety are classified in Level 2 of the fair value hierarchy.

Reconciliation of Level 3 fair values

Some of the Corporation’s financial assets and liabilities are classified as Level 3 of the fair value hierarchy because the respective fair value determinations use inputs that are not based on observable market data. As at December 31, 2019, the valuation techniques and key inputs used by the Corporation for each Level 3 asset or liability were as follows:

–

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 consolidated statements of earnings (loss).

–

Deferred contingent payment (Level 3 Liability) in connection with the acquisition of the additional 18% equity interest in BetEasy (see note 5): As at December 31, 2018, the Corporation used a risk-neutral derivative-based simulation of the underlying EBITDA forecast to determine the fair value of the deferred contingent payment using a discount rate of 10.5% and an EBITDA forecast with an estimated volatility of 25.0% of the historic EBITDA of comparable companies. Changes in the fair value of the deferred contingent payment are recorded in Net financing charges on the consolidated statements of earnings (loss). On December 3, 2019, the Corporation announced that it agreed with the holders of the non-controlling interest of BetEasy to pay AUD$100 million to settle the deferred contingent payment. The Corporation subsequently paid the AUD$100 million during the year ended December 31, 2019 with respect to the same.

–

Embedded derivative redemption option (Level 3 Asset) in connection with the Senior Notes issuance: 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 1.9% at December 31, 2019. A 10-basis point increase or decrease in the implied credit spread would have a $(4.7) million or $4.8 million impact on fair value, respectively. Changes in the fair value of the Embedded Derivative are recorded in Net financing charges on the consolidated statements of earnings (loss).

–

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 consolidated statements of earnings (loss).


–	Included within other level 3 liabilities:

•

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 uses 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 consolidated statements of earnings (loss).

The following tables show a reconciliation from opening balances to the closing balances for Level 3 fair values:



In thousands of U.S Dollars	Level 3 Equity investments		Level 3 Embedded Derivative
Balance – January 1, 2018	8,768		—
Recognized	—		17,700
Re-measurement of fair value	(1,974	)	(6,100	)
Translation	(21	)	—
Balance – December 31, 2018	6,773		11,600
Re-measurement of fair value	2,883		98,300
Translation	(5	)	—
Balance – December 31, 2019	9,651		109,900



In thousands of U.S Dollars	Level 3 Deferred contingent payment		Level 3 Unsettled Bets		Other
Balance – January 1, 2018	—		779		10,119
Acquired on business combination	84,662		19,226		—
Settlements	—		968		(7,006	)
Re-measurement of fair value	(342	)	(4,782	)	215
Translation	(6,692	)	94		(588	)
Balance – December 31, 2018	77,628		16,285		2,740
Settlements	(68,394	)	500		(1,504	)
Re-measurement of fair value	(7,371	)	300		121
Translation	(1,863	)	543		520
Balance – December 31, 2019	—		17,628		1,877

Investments - Summary of Investments Held by Corporate (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Total investments

$ 118,668

$ 109,926

109,017

103,153

^[1]

9,651

6,773

Bonds – FVOCI

Equity in unquoted companies – FVTPL

Total investments

109,017

103,153

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Total investments

$ 9,651

$ 6,773

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Segmental Information - Summary of Reconciliation of Other Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Other Expenses Included In The Reconciliation Of Adjusted EBITDA [Line Items]
AMF, foreign payments and other investigation and related professional fees2	$ 99,206	$ 84,288
Retention bonuses	10,071	10,320
Austria gaming duty	441,543	268,857
Acquisition of market access rights	0	20,661
Other costs	(170,882)	(101,754)
Other Cost
Disclosure Of Other Expenses Included In The Reconciliation Of Adjusted EBITDA [Line Items]
Integration costs of acquired businesses	19,753	45,597
Financial expenses	1,733	446
Restructuring expenses	37,474	8,827
AMF, foreign payments and other investigation and related professional fees2	18,896	6,673
Lobbying (US and Non-US) and other legal expenses	14,909	16,194
Professional fees in connection with non-core activities	21,889	4,578
Austria gaming duty	0	(3,679)
Acquisition of market access rights	22,500	20,661
Legal settlement5	32,500	0
Other	1,228	2,457
Other costs	$ 170,882	$ 101,754

Financial Instruments Risk Management - Schedule of Age of Impaired Trade Receivables (Details) - Credit risk - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial assets that are either past due or impaired [line items]
Allowance account for credit losses of financial assets	$ 14,600	$ 16,800
Financial Assets Impaired \| Trade receivables
Disclosure of financial assets that are either past due or impaired [line items]
Age of impaired trade receivables	14,572	16,828
Financial Assets Impaired \| Past Due Less Than 181 Days \| Trade receivables
Disclosure of financial assets that are either past due or impaired [line items]
Age of impaired trade receivables	48	308
Financial Assets Impaired \| Past Due More Than 181 Days \| Trade receivables
Disclosure of financial assets that are either past due or impaired [line items]
Age of impaired trade receivables	$ 14,524	$ 16,520

Goodwill and Intangible Assets - Summary of Change Required for Carrying Value to Equal Recoverable Amount (Details)	Dec. 31, 2019
United Kingdom
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Discount Rate (pre-tax)	140.00%
Discount Rate (after-tax)	110.00%
Revenue Growth Rate across the five year forecast	(380.00%)
Adjusted EBITDA Margin as % of Revenue across the five year forecast	(500.00%)
CAPEX as % of Revenue	480.00%
Australia
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Discount Rate (pre-tax)	200.00%
Discount Rate (after-tax)	130.00%
Revenue Growth Rate across the five year forecast	(270.00%)
Adjusted EBITDA Margin as % of Revenue across the five year forecast	(170.00%)
CAPEX as % of Revenue	190.00%

Goodwill and Intangible Assets - Summary of Impairment Test Operations for CGU (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

$ 5,348,976

$ 5,265,980

^[1]

Cash Generating Unit | Goodwill

4,550,222

4,742,699

^[1]

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Cash Generating Unit | Brands

5,348,976

5,265,980

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Cash Generating Unit | International | Goodwill

507,583

506,672

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Cash Generating Unit | International | Brands

2,805,434

2,806,485

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Cash Generating Unit | United Kingdom | Goodwill

485,253

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Cash Generating Unit | United Kingdom | Brands

2,417,572

2,333,476

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Cash Generating Unit | Australia | Goodwill

22,330

21,419

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Cash Generating Unit | Australia | Brands

125,970

126,019

Disclosure of reconciliation of changes in intangible assets and goodwill [line items]

Disclosure Of Summary Of Significant Accounting Policies [Abstract]

$ 0

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Basis of Accounting

Basis of accounting

The Corporation’s consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and have been approved and authorized for issuance by the Board on February 27, 2020.

The Corporation’s consolidated financial statements have been prepared on an historical cost basis, except derivative financial instruments, financial instruments at fair value through profit or loss as well as financial instruments at fair value through other comprehensive income, each of which are measured at fair value.

On January 1, 2019, the Corporation adopted the provisions in IFRS 16 and International Financial Reporting Interpretations Committee (“IFRIC”) 23, Uncertainty over Income Tax Treatments (“IFRIC 23”). See note 4. Changes to significant accounting policies in relation to these adoptions are detailed below.

Comparative balances

The Corporation made certain reclassifications to the comparative balances in the consolidated financial statements for the year ended December 31, 2019. These reclassifications are outlined below:

Consolidated Statements of Earnings (Loss)

The Corporation reclassified a loss of $7.2 million for the year ended December 31, 2018 related to the foreign currency translation of financial instruments with respect to financing activities, primarily intercompany loans. The loss was previously reported within General and administrative expenses and was reclassified to Net financing charges relating to unrealized foreign exchange loss on financial instruments associated with financing activities.

Consolidated Statements of Cash Flows

The Corporation reclassified a loss of $7.2 million for the year ended December 31, 2018, as described above, which was previously reported within Unrealized loss on foreign exchange to Net financing charges relating to unrealized foreign exchange loss on financial instruments associated with financing activities.

Segmental Information

Certain Corporate cost adjustments, which the Corporation first introduced in the first quarter of 2019, resulted in the reclassification of certain costs between each of the International segment, United Kingdom segment, and Australia segment on the one hand and the Corporate cost center on the other, which impacted Adjusted EBITDA (as defined below) for the applicable comparative periods:


•	Reclassification of $2.5 million for the year ended December 31, 2018, resulting in an increase to Adjusted EBITDA for the International segment and a corresponding decrease of the same amount to Adjusted EBITDA for the Corporate cost center.


•	Reclassification of $2.1 million for the year ended December 31, 2018, resulting in an increase to Adjusted EBITDA for the United Kingdom segment and a corresponding decrease of the same amount to Adjusted EBITDA for the Corporate cost center.


•	Reclassification of $0.5 million for the year ended December 31, 2018, resulting in an increase to Adjusted EBITDA for the Australia segment and a corresponding decrease of the same amount to Adjusted EBITDA for the Corporate cost center.

Going Concern

The Board had, at the time of approving the consolidated financial statements, a reasonable expectation that the Corporation has adequate resources to continue in operational existence for the foreseeable future. As such, the Corporation continues to adopt the going concern basis of accounting in preparing its consolidated financial statements.

Principles of Consolidation

A subsidiary is an entity controlled by the Corporation. As such, the Corporation is exposed, or has rights, to variable returns from its involvement with such entity and has the ability to affect those returns through its current ability to direct such entity’s relevant activities (i.e., control over the entity).

The existence and effect of substantive voting rights that the Corporation potentially has the practical ability to exercise (i.e., substantive rights) are considered when assessing whether the Corporation controls another entity.

The Corporation’s consolidated financial statements include the accounts of the Corporation and its subsidiaries. Upon consolidation, management eliminated all inter-entity transactions and balances.

Non-controlling interests in subsidiaries are identified separately from the Corporation’s equity therein. Those non-controlling interests that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests’ proportionate share of the fair value of the subsidiary’s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. “Total comprehensive income” is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Upon the loss of control of a subsidiary, the Corporation’s profit or loss on disposal is calculated as the difference between (i) the fair value of the consideration received and of any investment retained in the former subsidiary and (ii) the previous carrying amount of the assets (including any goodwill) and liabilities of the subsidiary and any non-controlling interests.

Revenue Recognition

Revenue from contracts with customers is recognized when control of the Corporation’s services is transferred to the customer at an amount that reflects the consideration to which the Corporation expects to be entitled in exchange for those services. The Corporation has concluded that it is the principal in its revenue arrangements because it controls the services before transferring them to the customer.

The Corporation has disclosed disaggregated revenue recognized from customers and revenue from other online activities in note 7.

The Company evaluates all contractual arrangements it enters into and evaluates the nature of the promised goods or services and rights and obligations under the arrangement, in determining the nature of its performance obligations. Where such performance obligations are capable of being distinct and are distinct in the context of the contract, the consideration the Corporation expects to be entitled under the arrangement is allocated to each performance obligation based on its relative estimated stand-alone selling prices. Performance obligations that the Corporation concludes are not distinct are combined together into a single combined performance obligation. Revenue is recognized at an amount equal to the transaction price allocated to the specific performance obligation when it is satisfied, either at a point in time or over time, as applicable, based on the pattern of transfer of control.

The Company’s principal arrangements include the following sources of revenue:

Revenue from customers within the scope of IFRS 15, Revenue from Contracts with Customers (“IFRS 15”)

Poker revenue

Poker revenue represents primarily the commission charged at the conclusion of each poker hand in cash games (i.e., rake) and entry fees for participation in poker tournaments, and is net of certain promotional expenses, which are treated as a reduction to the transaction price. In poker tournaments, entry fee revenue is recognized when the tournament has concluded.

Gaming revenue

Gaming revenue primarily represents the difference between the amounts of bets placed by customers less amounts won (i.e., net house win) and is presented net of certain promotional expenses, which are treated as a reduction to the transaction price. Gaming transactions are instantaneously settled and revenue is recognized at a point in time.

Poker and Gaming each consist of a single revenue performance obligation, notwithstanding the impact of customer loyalty programs as noted below. Revenue is recognized at a point in time upon completion of the performance obligation as noted above. Poker and Gaming are each presented as revenue gross of applicable gaming duties, which are presented within cost of revenue.

Conversion margins

Revenue from conversion margins is the revenue earned on the processing of real-money deposits and cash outs in specified currencies. Revenue from customer cross-currency deposits and withdrawals is recognized when the transaction is complete at a point in time. Revenue is recognized with reference to the underlying arrangement and agreement with the players and represents a single performance obligation and is recorded within the applicable line of operations.

Other revenue from customers

Play-money gaming revenue - Customers can participate in online poker tournaments and social casino games using play-money, or virtual currency. Customers can purchase additional play-money chips online to participate in the poker tournaments and social casino games. The revenue is recognized at a point in time when the customer has purchased such chips as control has been transferred to the customer and no further performance obligations exist. Once a customer has purchased such chips they are non-refundable and non-cancellable.

Other - The Corporation sponsors certain live poker tours and events, uses its industry expertise to provide consultancy and support services to the casinos that operate the events, and has marketing arrangements for branded poker rooms at various locations around the world. The Corporation also provides customers with access to odds comparisons, tips and other information to assist with betting, and provides other media and advertising services, and limited content development services with revenue generated by way of affiliate commissions, revenue share arrangements and advertising income as applicable. Revenue is recognized upon satisfying the applicable performance obligations, at a point in time or over time as applicable.

Revenue from customers out of the scope of IFRS 15

Betting revenue

The Corporation’s income generated from Betting product offerings does not fall within the scope of IFRS 15. Income generated from these online transactions is disclosed as revenue although these transactions are accounted for as derivative instruments in accordance with IFRS 9, Financial Instruments (“IFRS 9”) where the income meets the definition of gains or losses, as applicable.

Betting revenue primarily represents the difference between the amounts of bets placed by customers less amounts won (i.e., net house win). Open betting positions are carried at fair value, and gains and losses arising on these positions are recognized in revenue.

Betting is presented as revenue gross of applicable gaming duties, which are presented within cost of revenue.

Customer loyalty programs

The Corporation operates loyalty programs for its customers within each of its reporting segments that reward customers based on a number of factors, including volume of play, player impact on the overall ecosystem, whether the player is a net withdrawing or net depositing player, and product and game selection. For customer loyalty programs operated by the Corporation, applicable revenue received for which loyalty rights earned by our customers are recorded as a contract liability based on the rewards’ allocated amount and are subsequently recognized as revenue in a future period when the rewards are redeemed. Customer loyalty rewards are included in accounts payable and other liabilities on the consolidated statements of financial position.

The estimated selling price of loyalty rewards is determined using an equivalent cash cost approach, which uses historical data of award redemption patterns considering the alternative goods or services for which the rewards can be redeemed. The estimated selling price of rewards is adjusted for an estimate of rewards that will not be redeemed based on historical redemption patterns. Historically non-redeemed loyalty rewards have not been significant.

Other sources of revenue

Income from player funds

A portion of customer deposits is held as current investments. Income generated from current investments and dormant accounts does not fall within the scope of IFRS 15. Income generated from investments is disclosed as revenue despite being accounted for in accordance with IFRS 9 where it meets the definition of gains or losses, as applicable.

Income (loss) from dormant accounts

When a customer deposit account becomes dormant in accordance with Corporation’s terms and conditions, the deposit is removed from customer liabilities and recorded within accounts payable and other liabilities. Income is generated from dormant accounts that are not expected to be re-activated based on historical information and re-activation rates. Losses are recorded on dormant accounts that are re-activated. Income (loss) generated from dormant accounts is disclosed as revenue despite being accounted for in accordance with IFRS 9 where it meets the definition of gains or losses, as applicable.

Cost of Revenue

Cost of revenue includes direct costs associated with revenue generating activities. Such direct costs include gaming duty, processor costs and royalties. Cost of revenue does not include depreciation and amortization.

Financial Instruments

As permitted by IFRS 9, the Corporation continues to apply the hedge accounting requirements of International Accounting Standard (“IAS”) 39, Financial Instruments (“IAS 39”) rather than the new requirements of IFRS 9 and will comply with the annual hedge accounting disclosures as required by IFRS 7, Financial Instruments: Disclosures (“IFRS 7”).

Financial Assets

Recognition and Measurement

At initial recognition, the Corporation measures a financial asset at its fair value plus, in the case of a financial asset not measured at FVTPL (as defined below), transaction costs that are directly attributable to the acquisition of the financial asset. The Corporation classifies financial assets into one of the following measurement categories:


•	Those to be measured subsequently at fair value through profit or loss (“FVTPL”);


•	Those to be measured subsequently through other comprehensive income (“FVOCI”); or


•	Those to be measured at amortized cost.

The classification depends on the Corporation’s business model for managing the financial assets and the contractual terms of the cash flows. Except in very limited circumstances, the classification may not be changed subsequent to initial recognition. The Corporation only reclassifies debt instruments when its business model for managing those assets changes.

Debt instruments

Subsequent measurement of debt instruments depends on the Corporation’s business model for managing the asset and the cash flow characteristics of that asset. There are three measurement categories into which the Corporation classifies its debt instruments:

•

Amortized cost: debt instruments are measured at amortized cost if they are held within a business model with the objective of collecting the contractual cash flows and those cash flows solely represent payments of principal and interest. A gain or loss on a debt instrument that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the debt instrument is derecognized or impaired. Interest income from these debt instruments is recognized using the effective interest rate method. Cash, restricted cash and accounts receivable are classified as amortized cost.

•

FVOCI: debt instruments are measured at FVOCI if they are held within a business model with the objective of either collecting the contractual cash flows or of selling the debt instrument, and those cash flows solely represent payments of principal and interest. Movements in the carrying amount are recorded in other comprehensive income, with impairment gains or losses, interest income and foreign exchange gains or losses recognized in profit or loss. When the debt instrument is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified to profit or loss. Bonds recorded within current investments are classified as FVOCI.

•

FVTPL: debt instruments that are not solely payments of principal and interest are classified and measured at FVTPL, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at FVOCI, as described above, debt instruments may be designated at FVTPL on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. A gain or loss on a debt instrument that is subsequently measured at FVTPL and is not part of a hedging relationship is recognized in profit or loss and presented in the consolidated statements of earnings (loss). The Corporation does not currently hold any financial assets at FVTPL.

Equity instruments

The Corporation subsequently measures all equity instruments at fair value, except for equity instruments for which equity method accounting is applied. The classification of equity instruments depends on whether the Corporation has made an irrevocable election at the time of initial recognition to account for the equity instruments at FVOCI. There are two measurement categories into which the Corporation classifies its equity instruments:

•

FVOCI: equity instruments are classified as FVOCI on an instrument-by-instrument basis when the conditions are met based on the nature of the instrument. Where the Corporation’s management makes an irrevocable election to present fair value gains and losses on equity instruments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss upon the derecognition of those instruments. Dividends from such instruments continue to be recognized in profit or loss when the Corporation’s right to receive payment is established. The Corporation does not currently hold any equity instruments classified as FVOCI.

•

FVTPL: equity instruments are classified as FVTPL if they are held for trading (they are acquired for the purpose of selling or repurchasing in the near term) or equity investments which the Corporation had not irrevocably elected to classify at FVOCI. Changes in the fair value of financial assets at FVTPL are recognized in the consolidated statements of earnings (loss). Equity in unquoted companies is classified as FVTPL.

Impairment of financial assets

At the end of each reporting period, the Corporation assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The impairment provision recorded in respect of debt instruments carried at amortized cost and FVOCI is determined at 12-months expected credit losses on the basis that the Corporation considers these instruments as low risk.

The Corporation applies the simplified approach permitted by IFRS 9 for trade receivables and other financial assets held at amortized cost, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The forward-looking element in determining impairment for financial assets is derived from comparison of current and projected macroeconomic indicators covering primary markets in which the Corporation operates.

Financial Liabilities

Recognition and measurement

Financial liabilities are classified, at initial recognition, as either financial liabilities at FVTPL or other financial liabilities.

•

FVTPL: Financial liabilities are classified as FVTPL if they are held for trading or are designated as FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise or the financial liability is managed and its performance is evaluated on a fair value basis. Any gains or losses arising on re-measurement are recognized in the consolidated statements of earnings (loss). Derivative instruments and certain other level 3 liabilities (see note 26) are classified as FVTPL.

•

Other financial liabilities: Financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. The effective interest method calculates the amortized cost of a financial liability and allocates interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability (or a shorter period where appropriate) to the net carrying amount on initial recognition. Long-term debt is classified within other financial liabilities and is measured at amortized cost.

Debt modifications

The Corporation may pursue amendments to its credit agreements based on, among other things, prevailing market conditions. Such amendments, when completed, are considered by the Corporation to be debt modifications. For debt repayable at par with nominal break costs, the Corporation elected to account for such debt modifications as equivalent to repayment at no cost of the original financial instrument and an origination of a new debt at market conditions. Resetting the debt to market conditions with the same lender has the same economic substance as extinguishing the original financial instrument and originating new debt with a third-party lender at market conditions. The transaction is accounted for as an extinguishment of the original debt instrument, which is derecognized and replaced by the amended debt instrument, with any unamortized costs or fees incurred on the original debt instrument recognized as part of the gain or loss on extinguishment.

For all other debt, the accounting treatment of debt modifications depends upon whether the modified terms are substantially different than the previous terms. The terms of an amended debt agreement are considered substantially different when either: (i) the discounted present value of the cash flows under the new terms, discounted using the original effective interest rate, are at least ten percent different from the discounted present value of the remaining cash flows of the original debt or (ii) management determines that other changes to the terms of the amended agreement, such as a change in the environment in which a floating interest rate is determined, are substantially different. If the modification is considered to be substantially different, the transaction is accounted for as an extinguishment of the original debt instrument, which is derecognized and replaced by the amended debt instrument, with any unamortized costs or fees incurred on the original debt instrument recognized as part of the gain or loss on extinguishment. If the modification is not considered to be substantially different, an adjustment to the carrying amount of the original debt instrument is recorded, which is calculated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate with the difference recognized in net financing charges on the consolidated statements of earnings (loss).

Transaction costs

Transaction costs that are directly attributable to the acquisition or issuance of financial assets and financial liabilities (other than financial assets and financial liabilities that are classified as FVTPL) are added to or deducted from, as applicable, the fair value of the financial instrument on initial recognition. These costs are expensed to financial expenses on the consolidated statements of earnings (loss) over the term of the related interest bearing financial asset or financial liability using the effective interest method. When a debt facility is retired by the Corporation, any remaining balance of related debt transaction costs is expensed to financial expenses in the period that the debt facility is retired. Transaction costs related to financial instruments at FVTPL are expensed when incurred.

Obligations of the Corporation to acquire its own shares or shares of a partially owned subsidiary

Where a contract contains an obligation of the Corporation to purchase its own equity instruments for cash or another financial asset, a financial liability for the present value of the redemption amount is recorded even if the contract itself is an equity instrument. Where a contract contains an obligation of the Corporation to purchase shares of a partially owned subsidiary, a financial liability for the present value of the redemption amount is recorded except where the contract can be settled by delivering a variable number of the Corporation’s own equity instruments. In such circumstances, a derivative instrument is recognized.

Changes in the measurement of the financial liability due to the unwinding of the discount or changes in the amount that the Corporation could be required to pay are recognized in net financing charges on the consolidated statements of earnings (loss). Where a derivative is recognized, changes in fair value are recognized in net financing charges on the consolidated statements of earnings (loss)

Derivatives

As permitted by IFRS 9, the Corporation continues to apply the hedge accounting requirements of IAS 39 rather than the new requirements of IFRS 9 and will comply with the annual hedge accounting disclosures as required by IFRS 7.

The Corporation uses derivative instruments for risk management purposes and does not use derivative instruments for speculative trading purposes (except for derivatives with respect to the Corporation’s Betting line of operations, which are transactions within the scope of IFRS 9 but reported as revenue as discussed above). All derivatives are recorded at fair value in the consolidated statements of financial position. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. For derivatives not designated as hedging instruments, the re-measurement of those derivatives each period is recognized in the consolidated statements of earnings (loss).

Derivatives may be embedded in other financial liabilities and non-financial instruments (i.e., the host instrument). Embedded derivatives are treated as separate derivatives when their economic characteristics and risks are not closely related to those of the host instrument, the terms of the embedded derivative are the same as those of a stand-alone derivative and the combined instrument (i.e., the embedded derivative plus the host instrument) is not held-for-trading or designated at fair value. These embedded derivatives are measured at fair value with subsequent changes recognized in the consolidated statements of earnings (loss).

A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately under IFRS 9. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at FVTPL.

Hedge accounting

The Corporation designates certain derivatives as either:


•	hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions (cash flow hedges), or


•	hedges of a net investment in a foreign operation (net investment hedges).

At inception of the hedge relationship, the Corporation formally documents how the hedging relationship meets the hedge accounting criteria. It also records the economic relationship between the hedged item and the hedging instrument, including the nature of the risk, the risk management objective and strategy for undertaking the hedge and the method that will be used to assess the effectiveness of the hedging relationship at inception and on an ongoing basis.

Cash flow hedges

The Corporation uses derivatives for cash flow hedges. The effective portion of the change in fair value of the hedging instrument is recorded in other comprehensive income and accumulated in the cash flow hedging reserve, while the ineffective portion is recognized immediately in the consolidated statements of earnings (loss). Gains and losses on cash flow hedges accumulated in other comprehensive income (loss) are reclassified to the consolidated statements of earnings (loss) in the same period the hedged item affects the consolidated statements of earnings (loss). If the forecast transaction is no longer expected to occur, the hedge no longer meets the criteria for hedge accounting, the hedging instrument expires or is sold, terminated or exercised, or the designation is revoked, the hedge accounting is discontinued prospectively. If the forecast transaction is no longer expected to occur, then the amount accumulated in equity is reclassified to the consolidated statements of earnings (loss).

Net investment hedges

Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging item relating to the effective portion of the hedge is recognized in other comprehensive income and accumulated under the heading cumulative translation adjustments reserve. The gain or loss relating to the ineffective portion is recognized immediately in the consolidated statements of earnings (loss). Gains and losses accumulated in other comprehensive income are reclassified to the consolidated statements of earnings (loss) when the foreign operation is partially disposed of or sold.

Determination of fair value

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. When measuring the fair value of an asset or a liability, the Corporation uses market observable data to the extent possible. If the fair value of an asset or a liability is not directly observable, it is estimated by the Corporation using valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs (e.g., by the use of the market comparable approach that reflects recent transaction prices for similar items, discounted cash flow analysis, or option pricing models refined to reflect the Corporation’s specific circumstances). Inputs used are consistent with the characteristics of the asset or liability that market participants would take into account.

For the Corporation’s financial instruments that are recognized in the consolidated statements of financial position at fair value, the fair value measurements are categorized based on the lowest level input that is significant to the fair value measurement in its entirety and the degree to which the inputs are observable. The significance levels are classified as follows in the fair value hierarchy:

Level 1 ‑ Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 ‑ Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 ‑ Inputs for the asset or liability that are not based on observable market data.

Transfers between levels of the fair value hierarchy are recognized by the Corporation at the end of the reporting period during which the transfer occurred.

Cash and Cash Equivalents

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand, bank deposits and other short-term highly liquid investments with maturities of three months or less, which are generally used by the Corporation to meet short-term liquidity requirements.

Leases

The Corporation adopted IFRS 16 effective January 1, 2019. See note 4. In preparation for the first-time application of IFRS 16, the Corporation carried out an implementation project, which has shown that the new definition in IFRS 16 did not significantly change the scope of the Corporation’s contracts that meet the definition of a lease.

IFRS 16 introduces significant changes to lessee accounting by removing the distinction between operating and finance lease requirements and adding a requirement to recognize a right-of-use asset and a lease liability at the commencement of all leases except short-term leases and leases of low-value assets for which the election to recognize a lease expense on a straight-line basis has been applied. The requirements for lessor accounting have remained substantially unchanged. The Corporation applied IFRS 16 using the modified retrospective approach, with right-of-use assets being measured at an amount equal to the lease liability, adjusted for any amount of applicable prepaid or accrued lease payments recognized on the statement of financial position as at December 31, 2018. As a result, there was no restatement of the comparative period. IFRS 16 determines whether a contract contains a lease on the basis of whether the customer has the right to control the use of an identified asset for a period of time in exchange for applicable consideration.

The Corporation applied the following transitional-related elections available upon transition to IFRS 16:


•	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.

The Corporation as a Lessee

The Corporation assesses whether a contract is or contains a lease at the inception of the applicable contract. IFRS 16 changes how the Corporation accounts for leases that it otherwise would have previously classified as operating leases under IAS 17, Leases (“IAS 17”). Under IFRS 16, for all leases except as noted above, the Corporation:


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.

Lease incentives are recognized as part of the measurement of right-of-use assets and as part of lease liabilities, except if received prior to lease commencement, while under IAS 17 they resulted in the recognition of a lease incentive liability and were amortized as a reduction of rental expense on a straight-line basis.

Under IFRS 16, right-of-use assets are tested for impairment in accordance with IAS 36, Impairment of Assets (“IAS 36”), which replaces the previous requirement to recognize a provision for onerous lease contracts.

For short-term leases (lease term of 12 months or less) and leases of low-value assets, such as personal computers and office furniture, the Corporation has opted to recognize a lease expense on a straight-line basis as permitted by IFRS 16.

The lease liability is initially measured at the present value of the future lease payments, discounted by using the interest rate implicit in the lease. If this rate cannot be readily determined, the Corporation uses its incremental borrowing rate at the lease commencement date. The Corporation subsequently measures the lease liability by increasing the carrying amount to reflect interest on the lease liability and by reducing the carrying amount to reflect the lease payments made.

Lease payments included in the measurement of the lease liability include:


•	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 Corporation remeasures the lease liability and makes a corresponding adjustment to the related right-of-use asset whenever:


•	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.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement of the lease, and any initial costs. They are then subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the underlying asset.

Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability or right-of-use asset. The related payments are recognized as an expense in the period in which the event or condition that triggers such payments occurs.

As a practical expedient, IFRS 16 permits a lessee to account for any lease and associated non-lease components as a single arrangement instead of separating the non-lease components. The Corporation has applied this practical expedient.

The Corporation as a Lessor

The Corporation does not currently have any material contracts where the Corporation acts as a lessor.

Leases prior to January 1, 2019 under IAS 17

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Corporation assessed all its leases to be operating leases.

The Corporation as lessor

Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term.

The Corporation as lessee

Rents payable under operating leases are recognized as an expense on a straight-line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of any such incentive is recognized as a reduction of rental expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Prepaid Expenses and Deposits

Prepaid expenses and deposits consist of amounts paid in advance or deposits made for which the Corporation will receive goods or services.

Property and Equipment

Property and equipment that have finite lives are recorded at cost less accumulated depreciation and impairment losses. Depreciation is expensed from the month the particular asset is available for use, over the estimated useful life of such asset at the following rates, which in each case are intended to reduce the carrying value of the asset to the estimated residual value:



Furniture and fixtures	Straight-line	4-10 years
Computer equipment	Straight-line	2-5 years
Building	Straight-line	25 years
Right of use assets	Straight-line	1-10 years (Shorter of term of lease and useful life of the asset)

Intangible Assets

Intangible assets that have finite lives are recorded at cost less accumulated amortization and impairment losses. Amortization is expensed from the month the particular asset is available for use, over the estimated useful life of such asset at the following rates, which in each case are intended to reduce the carrying value of the asset to the estimated residual value:



Software technology (including deferred development costs)	Straight-line	4-5 years
Software technology (Defensive intangible asset)	Straight-line	2 years
Customer relationships	Straight-line	15 years
Brands (licensed)	Straight-line	22 years
Brands	N/A	Indefinite useful life
Other intangibles	Straight-line	3-25 years

The amortization method, useful life and residual values are assessed annually and the assets are tested for impairment, whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Upon retirement or disposal, the cost of the asset disposed of and the related accumulated amortization are removed from the consolidated statements of financial position and any gain or loss is reflected in the consolidated statements of earnings (loss). Expenditures for repairs and maintenance are expensed as incurred.

The Corporation determined that its owned brands have indefinite useful lives as they have no foreseeable limit to the period over which such assets are expected to contribute to the Corporation’s cash flows. In addition, the Corporation expects to continue to support its brands with ongoing marketing efforts.

The Corporation tests its owned brands for impairment at least annually, or more frequently if circumstances such as significant declines in expected sales, net earnings or cash flows indicate that the cash-generating units (“CGUs”) to which such brands relate might be impaired.

Investments in Associates

Goodwill represents the excess of the purchase price over the fair value of the identifiable net assets acquired in a business acquisition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses.

Goodwill is tested for impairment at least annually, or more frequently if circumstances such as significant declines in expected sales, net earnings or cash flows indicate that that the CGUs or group of CGUs to which goodwill is allocated might be impaired. The Corporation monitors and tests goodwill for impairment at the operating segment level.

Research and Development

Research and development costs are expensed except in cases where development costs meet certain identifiable criteria for deferral. Deferred development costs, which have probable future economic benefits, can be clearly defined and measured, and are incurred for the development of new products or technologies, are capitalized. These development costs, net of related research and development investment tax credits, are not amortized until the products or technologies are commercialized or when the asset is available for use, at which time they are amortized over the estimated life of the commercial production of such products or technologies.

The amortization method and the life of the commercial production are assessed annually and the assets are tested for impairment whenever an indication exists that an asset might be impaired.

The Corporation claims research and development investment tax credits as a result of incurring scientific research and experimental development expenditures. Research and development investment tax credits are recognized when the related expenditures are incurred and there is reasonable assurance of their realization. Investment tax credits are accounted for by the cost reduction method whereby the amounts of tax credits are applied as a reduction of the expense or deferred development costs.

Investments

Investments are stated at the lower of cost and fair market value. Cost is determined on a weighted average basis at a consolidated level.

An associate is an entity over which the Corporation has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the associate but is not the control or joint control over those policy decisions.

The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations.

Under the equity method, an investment in an associate is initially recognized in the consolidated statements of financial position at cost and adjusted thereafter to recognize the Corporation’s share of the profit or loss and other comprehensive income of the associate. When the Corporation’s share of losses of an associate exceeds the Corporation’s interest in that associate (which includes any long-term interests that, in substance, form part of the Corporation’s net investment in the associate), the Corporation discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Corporation has incurred legal or constructive obligations or made payments on behalf of the associate.

An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Corporation’s share of the net fair value of the identifiable assets and liabilities of the associate is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Corporation’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognized immediately in the consolidated statements of earnings (loss) in the period in which the investment is acquired.

The requirements of IAS 36, are applied to determine whether it is necessary to recognize any impairment loss with respect to the Corporation’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount, any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized to the extent that the recoverable amount of the investment subsequently increases.

Impairment of Non-Current Assets

Management assesses, at the end of the reporting period, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Corporation estimates the asset’s recoverable amount. An asset’s or CGU’s recoverable amount is the higher of the asset’s or CGU’s fair value less costs of disposal and its value in use. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.

The Corporation bases its impairment calculation on detailed budgets and forecast calculations, which are prepared for the Corporation’s assets or CGU to which such assets are allocated. These budgets and forecast calculations generally cover a period of three to five years. A long-term growth rate is calculated and applied to project future cash flows after the final year included in the forecast.

Impairment losses of continuing operations are recognized in the consolidated statements of earnings (loss) in expense categories consistent with the function of the impaired asset. An impairment loss recognized for goodwill may not be reversed. At the end of the reporting period, the Corporation assesses if there is an indication that impairment losses recognized in previous periods for other assets have decreased or no longer exist. Where an impairment loss is subsequently reversed, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount provided that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Taxation

Income tax expense represents the sum of current and deferred taxes. Current and deferred taxes are recognized in the consolidated statements of earnings (loss), except to the extent they relate to items recognized in the consolidated statements of comprehensive income (loss) or directly in the consolidated statements of changes in equity.

Current tax

Current tax payable is based on taxable income for the year. Taxable income differs from earnings as reported in the consolidated statements of earnings (loss) because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Corporation’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the particular reporting period.

The Corporation adopted IFRIC 23 effective January 1, 2019. See note 4. Where uncertain tax treatments exist, the Corporation assesses whether it is probable that a tax authority will accept the uncertain tax treatment applied or proposed to be applied in its income tax filings. The Corporation assesses for each uncertain tax treatment whether it should be considered independently or whether some tax treatments should be considered together based on what the Corporation believes provides a better prediction of the resolution of the uncertainty. The Corporation considers whether it is probable that the relevant authority will accept each uncertain tax treatment, or group of uncertain tax treatments, assuming that the taxation authority with the right to examine any amounts reported to it will examine those amounts and will have full knowledge of all relevant information when doing so. The adoption of the interpretation did not have a material impact on the consolidated financial statements.

Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the Corporation’s consolidated financial statements and the corresponding tax bases used in the computation of taxable income. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable income will be available against which those deductible temporary differences can be utilized, or where the legislation grants the ability for the deferred tax asset to be recognized against existing taxable temporary differences. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable income nor the accounting earnings.

Deferred tax liabilities are recognized for taxable temporary differences associated with investments and interests in subsidiaries and associates, except where the Corporation is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future, or where the legislation permits, the reversal of existing taxable temporary differences is sufficient to support the realization of the deferred tax asset.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of any such asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realized, in each case based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Corporation expects, at the end of the particular reporting period, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Corporation intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are not discounted. Current and deferred tax are recognized in the consolidated statements of earnings (loss), except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

IFRS 2, Share-based Payment (IFRS 2)

IFRS 2, Share-based Payment (“IFRS 2”)

The Corporation maintains an equity-based long-term incentive award program to align interests of its management team with those of its shareholders (“Shareholders”) by focusing the management team on long-term objectives over a multi-year period, with the value of the award fluctuating based on stock price appreciation. The Corporation has two equity-based award plans and accounts for grants under these plans in accordance with the fair value-based method of accounting for stock-based compensation for the applicable period. The Corporation currently makes its equity grants under its Equity Incentive Plan dated June 22, 2015, as amended from time to time (the “2015 Equity Incentive Plan”), which provides for grants of stock options (“Options”), restricted share units (“RSU”), deferred share units (“DSU”), performance share units (“PSU”), and other Common Share-based awards as the Board may determine. Prior to the Corporation’s 2015 annual shareholder meeting (the “2015 Annual Meeting”), equity-based awards were granted solely under the Corporation’s 2010 stock option plan, as amended from time to time (the “2010 Stock Option Plan” and together with the 2015 Equity Incentive Plan, the “Plans”) and consisted only of Options. The Corporation no longer grants Options under the 2010 Stock Option Plan, but it remains in effect only to govern the terms of outstanding Options granted prior to the initial adoption of the 2015 Equity Incentive Plan.

The Corporation’s current long-term incentive program for its management team includes a regular grant program that is comprised of PSUs and RSUs. The RSUs are subject to service vesting conditions and the PSUs are subject to service, market and non-market vesting conditions. The Corporation also offers DSUs and RSUs for members of its Board.

Non-employee equity-settled share-based payments are measured at the fair value of the goods and services received, except where that fair value cannot be estimated reliably. If the fair value cannot be measured reliably, non-employee equity-settled share-based payments are measured at the fair value of the equity instrument granted as measured at the date the entity obtains the goods or the counterparty renders the service. Stock-based compensation expense is recognized over the contract life of the options or the option settlement date, whichever is earlier.

For share-based payment transactions that may be settled in cash on the occurrence of a contingent event which is in the control of neither the Corporation nor the counterparty to the payment (“contingently cash-settled share-based payments”), the Corporation applies the “probable” approach. Under this approach, the share-based payment is classified as either cash-settled or equity-settled in its entirety depending on which outcome is probable at each reporting date. Any change in the probable method of settlement is treated as a change in accounting estimate, with the cumulative expense updated to reflect the appropriate charge for the method of settlement now considered probable.

Stock Options

Compensation expense for equity-settled stock options awarded to participants under the Plans is measured at the fair value at the grant date using the Black-Scholes-Merton valuation model and is recognized using the graded vesting method over the vesting period of the options granted. Stock-based compensation expense recognized is adjusted to reflect the number of options that have been estimated by management for which conditions attaching to service will be fulfilled as of the grant date until the vesting date so that the recognized expense corresponds to the options that have vested. Stock-based compensation expense is recorded in the equity reserve when the expense is recognized in the consolidated statements of earnings (loss). When options are exercised, any consideration received from participants as well as the related compensation cost recorded within the equity reserve are credited to share capital.

Other Equity-Settled Share Based payments

Restricted Share Units

An RSU is a unit equivalent in value to a Common Share that entitles the holder to receive Common Shares after a specified vesting period determined by the Plan Administrator of the 2015 Equity Incentive Plan (the “Plan Administrator”), in its sole discretion. Upon settlement, holders will receive one fully paid Common Share in respect of each vested RSU. Generally, the RSUs vest in equal annual installments over a three or four-year period (graded vesting method), and subject to continued employment through each vesting date.

Performance Share Units

A PSU is a unit equivalent in value to a Common Share that entitles the holder to receive Common Shares based on the achievement of performance goals established by the Plan Administrator, including in consultation with management, over a performance period. Generally, the PSUs vest on the third anniversary of the date of the grant (cliff vesting), and based on a weighted mix of revenue and Adjusted EBITDA targets of the Corporation for the applicable three-year performance period as well as the individual remaining employed by, or continuing to provide services to, the Corporation. The grantee is eligible for additional PSUs (the “Additional PSUs”) up to 50% of the PSUs granted on the grant date, subject to an additional total shareholder return condition (the “TSR Condition”), and to the extent the other service and performance conditions are met. The Additional PSUs have service, non-market and market (i.e., the TSR Condition) vesting conditions, all of which must be satisfied to vest.

Upon settlement, holders will receive fully paid Common Shares in proportion to the number of vested PSUs held and the level of performance achieved. Any unearned PSUs will be forfeited.

Deferred Share Units

The Corporation offers DSU grants to the members of the Board. Upon settlement, holders will receive one fully paid Common Share in respect of each vested DSU. The Corporation recognizes services received in a share-based payment transaction as an expense over the requisite service period and recognizes a corresponding increase in equity as the services are received. DSUs vest immediately or over either a one-, two- or three-year period. The grant date is the date on which the Corporation and the Board have a shared understanding of all the terms and conditions of the arrangement. If the grant date occurs after the service commencement date, then the Corporation estimates the grant-date fair value of the DSUs for the purpose of recognizing the expense from the service commencement date until the accounting grant date. All grants are subject to forfeiture if the director ceases to serve as a director prior to vesting and vested DSUs can only be settled at such time.

With respect to RSUs, PSUs and DSUs, the Corporation doesn’t currently expect to pay any dividends during the vesting period. Therefore, the fair market value of an RSU, PSU or DSU is equal to the market price of the underlying Common Share at the grant date. On the grant date, the fair value of the awards is measured using the higher of the closing stock price on the TSX or Nasdaq. The fair market value of the Additional PSUs is determined using a simulation based valuation to reflect the probability of the market condition being met. The service and non-market conditions do not affect the fair value of the awards at grant date. Market conditions are reflected as an adjustment (discount) to the initial estimate of fair value at grant date of the instrument to be received and there is no true-up for differences between estimated and actual vesting due to market conditions.

Share-based compensation expense is recognized over the vesting period in the consolidated statements of earnings (loss) with a corresponding increase to the equity reserve. Once the awards vest and are settled with the counterparty, the related amount recorded within the equity reserves is credited to share capital.

Dividend Equivalents

RSUs, PSUs and DSUs may be credited with dividend equivalents in the form of additional RSUs, PSUs, DSUs and other share-based awards, as applicable. Dividend equivalents shall vest in proportion to the awards to which they relate. Such dividend equivalents shall be computed by dividing: (i) the amount obtained by multiplying the amount of the dividend declared and paid per Common Share by the number of RSUs, PSUs, DSUs or other share-based awards, as applicable, held by the participant on the record date for the payment of such dividend, by (ii) the highest closing price of the Common Shares on any stock exchange on which the Common Shares are then listed on the date of grant, at the close of the first business day immediately following the dividend record date.

Provisions

Provisions represent liabilities of the Corporation for which the amount or timing of payment is uncertain. Provisions are recognized when the Corporation has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at the present value of the expected expenditures required to settle the obligation using a discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in provisions due to the passage of time is recognized in interest accretion within net financing charges on the consolidated statements of earnings (loss).

Contingent liabilities

Contingent liabilities are possible obligations the existence of which will be confirmed by uncertain future events that are not wholly within the control of the entity. Contingent liabilities also include obligations that are not recognized because their amount cannot be measured reliably or because settlement is not probable. A contingent liability is not recognized in the consolidated statements of financial position. However, unless the possibility of an outflow of economic resources is remote, a contingent liability is disclosed in the notes.

Translation of Foreign Operations and Foreign Currency Transactions

Functional and presentation currency

IFRS requires entities to consider primary and secondary indicators when determining functional currency. Primary indicators are closely linked to the primary economic environment in which the entity operates and are given more weight. Secondary indicators provide supporting evidence to determine an entity’s functional currency. Once the functional currency of an entity is determined, it should be used consistently, unless significant changes in economic factors, events and conditions indicate that the functional currency has changed.

A change in functional currency is accounted for prospectively from the date of the change by translating all items into the new functional currency using the exchange rate at the date of the change.

Based on an analysis of the primary and secondary indicators, the Corporation has determined its and its subsidiaries’ functional currencies. The Corporation’s functional currency is Canadian dollars. The Corporation’s consolidated financial statements are presented in U.S. dollars.

Transactions and balances

Foreign currency transactions are translated into the applicable functional currency using the exchange rates prevailing on the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized within general and administrative expenses.

Group companies

The results and financial position of the Corporation’s subsidiaries that have a functional currency different from the Corporation’s presentation currency are translated into the presentation currency as follows:


(i)	assets and liabilities for each statement of financial position presented are translated at the closing exchange rate on the date of that statement of financial position;


(ii)	income and expenses for each statement of net earnings (loss) and statement of other comprehensive income (loss) are translated at the rates of exchange prevailing on the dates of the transactions; and


(iii)	all resulting exchange rate differences are recognized in other comprehensive income (loss) and are transferred to net earnings (loss) upon the sale or disposition of subsidiaries.

Business Combination

Business Combinations

Business combinations are accounted for using the acquisition method. Under this method, the identifiable assets acquired and liabilities assumed, including contingent liabilities, are recognized in the consolidated statements of financial position at their respective fair values. Goodwill is recorded based on the excess of the fair value of the consideration transferred over the fair value of the Corporation’s interest in the acquiree’s net identifiable assets on the date of the acquisition. Any excess of the identifiable net assets over the consideration transferred is immediately recognized in the consolidated statements of earnings (loss).

The consideration transferred by the Corporation to acquire control of an entity is calculated as the sum of the acquisition-date fair values of the assets transferred, liabilities incurred and equity interests issued by the Corporation, including the fair value of all the assets and liabilities resulting from a deferred contingent payment arrangement. Acquisition-related costs are expensed as incurred.

Operating Segments

Segments are reported in a manner consistent with the internal reporting provided to the Corporation’s Chief Operating Decision Maker (“CODM”). The Corporation’s CODM consists of its Chief Executive Officer and Chief Financial Officer, as this group is responsible for allocating resources to, and assessing the performance of, the operating segments of the Corporation.

Key Sources of Estimation Uncertainty

Key sources of estimation uncertainty

Determining the carrying amounts of some assets and liabilities requires estimation of the effects of uncertain future events on those assets and liabilities at the end of the reporting period. The following discussion sets forth key sources of estimation uncertainty at the end of the reporting period that management believes have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Goodwill impairment

At least annually, the Corporation tests whether goodwill is subject to any impairment in accordance with the applicable accounting policy set forth above. The Corporation completed its annual goodwill impairment testing as at December 31, 2019.

Estimation uncertainty exists in the determination of goodwill impairment, which is based on the recoverable amount for any cash generating units (“CGUs”) or group of CGUs. The recoverable amount for any CGU or group of CGUs is determined based on the higher of (i) fair value less costs to sell and (ii) value in use. Both valuation approaches require management to make estimates about the future. Goodwill impairment exists when the carrying value of a CGU or group of CGUs exceeds its recoverable amount. Estimates used in determining the recoverable amount include but are not limited to expected cash flows, growth rates, capital expenditures and discount rates. If in the next financial year there is a significant decline in the performance of a CGU or group of CGUs, a significant change in regulation impacting the Corporation’s operations, or a combination of changes to the key assumptions disclosed in note 11, this could result in an impairment loss.

Uncertain tax treatments

Determining the Corporation’s income tax and its provisions for income taxes involves a significant degree of estimation and judgment, particularly in respect of open tax returns relating to prior years where the liabilities remain to be agreed with the local tax authorities. The Corporation is also subject to tax audits and has a number of open tax inquiries covering corporate tax matters. As a result, it has recognized a number of provisions against uncertain tax positions that are recognized based on management’s best estimate of the outcome after taking into consideration all available evidence, and where appropriate, after taking external advice. This includes the reassessment from the Canadian tax authorities relating to transfer pricing, where a provision for the full amount of the reassessments received was booked during the year ended December 31, 2017 and discussions with the Canadian tax authorities are continuing to date through the usual appeals process. See note 9. The tax provisions recorded in the Corporation’s consolidated financial statements in respect of prior years relate to intercompany trading and financing arrangements entered into in the normal course of business and tax audits that are currently in progress with fiscal authorities. Due to the uncertainty associated with such tax items it is possible that at a future date, on resolution of the open tax matters, the final outcome may vary significantly and there is the potential for a material adjustment to the carrying amounts of the liability recorded as a result of this estimation uncertainty.

Critical Accounting Judgments

Critical accounting judgments

The preparation of the Corporation’s consolidated financial statements requires management to exercise its judgment in applying the Corporation’s accounting policies. Judgments are continuously evaluated and are based on historical experience, general economic conditions, and trends and other factors, including expectations of future events.

The following discussion sets forth for the year ended December 31, 2019 what management believes to be the most significant judgments in applying the Corporation’s accounting policies.

Valuation of embedded derivatives

The following table summarizes the fair value of derivatives as at December 31, 2019 and December 31, 2018:



	Year Ended December 31, 2019		Year Ended December 31, 2018
In thousands of U.S. Dollars	Assets	Liabilities	Assets	Liabilities
Derivatives held for hedging

Derivatives designated in cash flow hedges
Cross currency interest rate swaps	59,258	—	41,117	1,096
Interest rate swap	—	17,144	—	4,972
Total derivatives designated in cash flow hedges	59,258	17,144	41,117	6,068

Derivatives designated in net investment hedges
Cross currency interest rate swaps	—	78,787	1,866	—
Total derivatives designated in net investment hedge	—	78,787	1,866	—

Total derivatives held for hedging	59,258	95,931	42,983	6,068

Derivatives held for risk management and other purposes not designated in hedges
Forward contracts	—	—	—	208
Unsettled bets	—	17,628	—	16,285
Embedded Derivative	109,900	—	11,600	—
Total derivatives held for risk management and other purposes not designated in hedges	109,900	17,628	11,600	16,493

Contingent liabilities

The Corporation reviews its legal proceedings following developments in the same at each balance sheet date, considering, among other things: the nature of the litigation, claim or assessment; the legal processes and potential level of damages in the jurisdiction in which the litigation, claim or assessment has been brought; the progress of the case (including progress after the date of the consolidated financial statements but before those statements are issued); the opinions or views of legal counsel and other advisors; experience of similar cases; and any decision of the Corporation’s management as to how it will respond to the litigation, claim or assessment. The Corporation assesses the probability of an outflow of resources to settle the alleged obligation as well as if the outflow can be reliably measured. If these conditions are not met, no provision will be recorded and the relevant facts will be disclosed as a contingent liability. To the extent that the Corporation’s assessments at any time do not reflect subsequent developments or the eventual outcome of any claim, its future consolidated financial statements may be materially affected, with a favorable or adverse impact on the Corporation’s business, financial condition or results of operations

Determination of lease term

The Corporation’s lease portfolio includes contracts with extension and termination options. These terms are used to maximize operational flexibility with respect to managing such contracts.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).

The Corporation reviews the applicable assessment if a significant event or a significant change in circumstances occurs which affects the assessment and that is within the control of the lessee. If the Corporation exercises an extension option (or elects not to exercise a termination option) that was not included in the lease term, this would result in an increase to the right of use asset and lease liability. As at December 31, 2019, the weighted average remaining life of the Corporation’s leases is 4.2 years.

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2019 shares
Document And Entity Information [Abstract]
Document Type	40-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	Stars Group Inc.
Entity Central Index Key	0001635327
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding	147,947,874
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes

Customer Deposits

12 Months Ended

Dec. 31, 2019

Deposits from customers [abstract]

Disclosure of detailed information about property, plant and equipment [abstract]

CUSTOMER DEPOSITS

The Corporation holds customer deposits, along with winnings and any bonuses, in trust accounts from which money may not be removed if it would result in a shortfall of such deposits. These deposits are included in current assets in the consolidated statements of financial position under Cash and cash equivalents - customer deposits and Current investments - customer deposits and includes cash and short term, highly liquid investments. Customer deposits are segregated as follows:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Cash and cash equivalents - customer deposits	300,916	328,223
Current investments - customer deposits (note 13)	109,017	103,153
Total	409,933	431,376
Customer deposits liability	409,390	423,739

Customer deposit liabilities relate to customer deposits that are held in multiple bank and investment accounts that are segregated from those holding operational funds.

Property and Equipment

12 Months Ended

Dec. 31, 2019

Property and Equipment

PROPERTY AND EQUIPMENT

For the year ended December 31, 2019:



In thousands of U.S. Dollars	Furniture and Fixtures		Computer Equipment		Building	Right-of-use assets *		Total
Cost
Balance – January 1, 2019	45,633		49,806		21,937	57,288		174,664
Additions	9,404		18,119		—	16,496		44,019
Additions through business combination	—		—		—	—		—
Disposals	(937	)	(1,044	)	—	(5,531	)	(7,512	)
Translation	712		26		1,399	118		2,255
Balance – December 31, 2019	54,812		66,907		23,336	68,371		213,426

Accumulated amortization and impairments
Balance – January 1, 2019	11,467		17,104		3,636	—		32,207
Depreciation	13,283		10,490		951	17,532		42,256
Disposals	(715	)	(997	)	—	(36	)	(1,748	)
Translation	1,155		(17	)	268	77		1,483
Balance – December 31, 2019	25,190		26,580		4,855	17,573		74,198

Net carrying amount
At January 1, 2019	34,166		32,702		18,301	57,288		142,457
At December 31, 2019	29,622		40,327		18,481	50,798		139,228

_____________________________

* The table below illustrates the right-of-use assets included as part of property and equipment in the consolidated statement of financial position by asset class:



In thousands of U.S. Dollars	Land and Buildings		Computer Equipment and Data Centers	Total
Cost
Balance – January 1, 2019	42,194		15,094	57,288
Additions	12,818		3,678	16,496
Disposals	(5,531	)	—	(5,531	)
Translation	41		77	118
Balance – December 31, 2019	49,522		18,849	68,371

Accumulated amortization
Balance – January 1, 2019	—		—	—
Depreciation	12,525		5,007	17,532
Disposals	(36	)	—	(36	)
Translation	16		61	77
Balance – December 31, 2019	12,505		5,068	17,573

Net carrying amount
At January 1, 2019	42,194		15,094	57,288
At December 31, 2019	37,017		13,781	50,798

For the year ended December 31, 2018:



In thousands of U.S. Dollars	Furniture and Fixtures		Computer Equipment		Building		Total
Cost
Balance – January 1, 2018	12,497		26,155		23,928		62,580
Additions	11,283		22,669		—		33,952
Additions through business combination	24,582		1,642		—		26,224
Disposals	(338	)	(26	)	—		(364	)
Impairment	(1,521	)	—		—		(1,521	)
Translation	(870	)	(634	)	(1,991	)	(3,495	)
Balance – December 31, 2018	45,633		49,806		21,937		117,376

Accumulated amortization and impairments
Balance – January 1, 2018	5,324		9,402		3,017		17,743
Depreciation	7,682		7,960		991		16,633
Disposals	(57	)	(12	)	—		(69	)
Impairment	(954	)	—		—		(954	)
Translation	(528	)	(246	)	(372	)	(1,146	)
Balance – December 31, 2018	11,467		17,104		3,636		32,207

Net carrying amount
At January 1, 2018	7,173		16,753		20,911		44,837
At December 31, 2018	34,166		32,702		18,301		85,169

Statements of Cash Flows - Schedule of Changes in Non Cash Operating Working Capital (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Cash Flow Statement [Abstract]
Accounts receivable	$ 23,273	$ 90,677
Prepaid expenses	(34,989)	(14,250)
Accounts payable and accrued liabilities	30,557	(112,275)
Provisions	23,872	15,652
Other	(8,640)	10,793
Total	$ (34,073)	$ 9,403

Reserves - Summary of Class of Reserves (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Reserves WIthin Equity Rollforward [Roll Forward]

Cumulative translation adjustments

$ 4,153,400

^[1],[2]

$ 2,347,338

(1,474)

(61,204)

18,842

12,806

(45,582)

Reversal of deferred tax on stock-based compensation

1,155

(359)

Issue of Common Shares in connection with acquired subsidiaries

(105,855)

1,477,478

4,519,443

4,153,400

^[1],[2]

Reserves WIthin Equity Rollforward [Roll Forward]

(469,629)

^[1]

(142,127)

Reversal of deferred tax on stock-based compensation

18,842

12,806

(359)

(423,283)

(469,629)

^[1]

Reserves WIthin Equity Rollforward [Roll Forward]

Cumulative translation adjustments

(142,127)

131,286

(93,350)

Exercise of stock options and settlement of equity awards

(4,543)

(6,982)

Re-allocation from warrants reserve to share capital for exercised warrants

(14,688)

(34,974)

15,605

40,862

Reversal of deferred tax on stock-based compensation

25,923

(359)

Issue of Common Shares in connection with acquired subsidiaries

(220,178)

Reserves | Impact of adoption of IFRS 9

(423,283)

Reserves WIthin Equity Rollforward [Roll Forward]

Reserves | Restated for IFRS 9

(84)

Reserves WIthin Equity Rollforward [Roll Forward]

(469,629)

Reserves | Cash Flow Hedges

(469,629)

Reserves WIthin Equity Rollforward [Roll Forward]

(33,983)

(34,916)

(45,271)

14,450

41,201

Reserves | Cash Flow Hedges | Restated for IFRS 9

(58,519)

Reserves WIthin Equity Rollforward [Roll Forward]

(38,053)

Reserves | Acquisition Reserve

(38,053)

Reserves WIthin Equity Rollforward [Roll Forward]

Issue of Common Shares in connection with acquired subsidiaries

(220,023)

(105,855)

(220,023)

Reserves WIthin Equity Rollforward [Roll Forward]

(325,878)

(220,023)

Reserves | Warrants

Re-allocation from warrants reserve to share capital for exercised warrants

14,688

(14,688)

Reserves | Warrants | Restated for IFRS 9

Reserves WIthin Equity Rollforward [Roll Forward]

Reserves WIthin Equity Rollforward [Roll Forward]

Reserves | Equity

36,865

Exercise of stock options and settlement of equity awards

18,842

12,806

(4,543)

(6,982)

Reversal of deferred tax on stock-based compensation

(359)

Reserves | Equity | Restated for IFRS 9

56,629

Reserves WIthin Equity Rollforward [Roll Forward]

42,330

Reserves WIthin Equity Rollforward [Roll Forward]

42,330

Reserves | Treasury

Reserves | Treasury | Restated for IFRS 9

(29,542)

Reserves WIthin Equity Rollforward [Roll Forward]

(29,542)

Reserves | Cumulative Translation Reserve

(29,542)

Reserves WIthin Equity Rollforward [Roll Forward]

Cumulative translation adjustments

(120,694)

131,286

(93,350)

26,089

Reserves | Cumulative Translation Reserve | Restated for IFRS 9

(56,669)

Reserves WIthin Equity Rollforward [Roll Forward]

(214,044)

Reserves | Financial Assets at FVOCI

(214,044)

Reserves WIthin Equity Rollforward [Roll Forward]

(58)

1,155

(166)

Reserves | Financial Assets at FVOCI | Impact of adoption of IFRS 9

480

Reserves WIthin Equity Rollforward [Roll Forward]

Reserves | Financial Assets at FVOCI | Restated for IFRS 9

(84)

Reserves WIthin Equity Rollforward [Roll Forward]

(513)

168

(311)

(339)

Reserves WIthin Equity Rollforward [Roll Forward]

(513)

Reserves | Other

(9,629)

Reserves | Other | Reclassification

(9,784)

Reserves WIthin Equity Rollforward [Roll Forward]

Issue of Common Shares in connection with acquired subsidiaries

(155)

Reserves | Other | Restated for IFRS 9

Reserves WIthin Equity Rollforward [Roll Forward]

$ (9,784)

Disclosure of detailed information about financial instruments [line items]

$ (9,784)

[1]	The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[2]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Derivatives and Hedge Accounting - Summary of Reconciliation of Accumulated Other Comprehensive Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Floating Rate Foreign Currency Debt
Disclosure Of Derivatives [Line Items]
Accumulated other comprehensive loss, end of year	$ (41,375)
Accumulated other comprehensive loss on designated hedges	(40,862)
Net Investment Hedges
Disclosure Of Derivatives [Line Items]
Accumulated other comprehensive loss, beginning of year	(17,599)
Net change in other comprehensive income (loss)	(153,886)
Accumulated other comprehensive loss, end of year	(171,485)
Accumulated other comprehensive loss on designated hedges	(220,635)
Accumulated other comprehensive income (loss) on de-designated hedges	49,150
Cash Flow Hedges
Disclosure Of Derivatives [Line Items]
Accumulated other comprehensive loss, beginning of year	(38,053)
Net change in other comprehensive income (loss)	(20,466)
Accumulated other comprehensive loss, end of year	(58,519)
Accumulated other comprehensive loss on designated hedges	(58,006)
Accumulated other comprehensive income (loss) on de-designated hedges	(513)
Cash Flow Hedges \| Floating Interest Rate
Disclosure Of Derivatives [Line Items]
Accumulated other comprehensive loss, beginning of year	(4,972)
Net change in other comprehensive income (loss)	(12,172)
Accumulated other comprehensive loss, end of year	(17,144)
Accumulated other comprehensive loss on designated hedges	(17,144)
Accumulated other comprehensive income (loss) on de-designated hedges	0
Cash Flow Hedges \| Floating Rate Foreign Currency Debt
Disclosure Of Derivatives [Line Items]
Accumulated other comprehensive loss, beginning of year	(33,081)
Net change in other comprehensive income (loss)	(8,294)
Accumulated other comprehensive income (loss) on de-designated hedges	$ (513)

Acquisition of Subsidiaries - Additional Information (Details) $ in Thousands, $ in Millions			12 Months Ended
	Dec. 03, 2019 AUD ($)	Apr. 24, 2018 USD ($)	Dec. 31, 2020 AUD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jul. 10, 2018 USD ($)	Mar. 06, 2018	Feb. 27, 2018 USD ($)
Disclosure of detailed information about business combination [line items]
Percentage of equity interests acquired		100.00%
Total consideration		$ 241,200
Financial assets recognised as of acquisition date		162,500
Identifiable intangible assets recognised as of acquisition date		$ 267,300
Deferred contingent payment				$ 0	$ 77,628
BetEasy
Disclosure of detailed information about business combination [line items]
Percentage of equity interests acquired		18.00%			18.00%		80.00%	62.00%
Total consideration		$ 229,200
Financial assets recognised as of acquisition date								$ 58,800
Identifiable intangible assets recognised as of acquisition date								102,400
Fair value of this non-controlling interest								1,000
Goodwill recognised as of acquisition date								59,900
Deferred contingent payment	$ 100
Proportion of ownership interests held by non-controlling interests	20.00%
BetEasy \| Put-call option
Disclosure of detailed information about business combination [line items]
Proportion of ownership interests held by non-controlling interests		20.00%
BetEasy \| Put Option Deed
Disclosure of detailed information about business combination [line items]
Total consideration								$ 117,700
William Hill Australia
Disclosure of detailed information about business combination [line items]
Percentage of equity interests acquired		100.00%
Goodwill recognised as of acquisition date		$ 78,700
Measurement period adjustments recognised for particular assets, liabilities, non-controlling interests or items of consideration				400
Increase (decrease) in goodwill				$ 400
SBG
Disclosure of detailed information about business combination [line items]
Percentage of equity interests acquired						100.00%
Total consideration						$ 3,240,000
Financial assets recognised as of acquisition date						808,700
Identifiable intangible assets recognised as of acquisition date						3,040,000
Goodwill recognised as of acquisition date						$ 2,430,000
Forecast \| BetEasy
Disclosure of detailed information about business combination [line items]
Percentage of equity interests acquired			20.00%	20.00%
Deferred contingent payment			$ 151
Proportion of ownership interests held by non-controlling interests			20.00%
Term to acquire remaining interest			90 days
Business Acquisition, Liability To Acquire Interest \| BetEasy
Disclosure of detailed information about business combination [line items]
Proportion of ownership interests held by non-controlling interests	20.00%

Goodwill and Intangible Assets - Summary of Key Assumption Used value in Calculation (Details)	Dec. 31, 2019
International
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Discount Rate (pre-tax)	10.70%
Discount Rate (after-tax)	10.50%
Perpetual Growth Rate	3.00%
Revenue Growth Rate (2020 - 2025)	6.80%
International \| Minimum
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Revenue Growth Rate (2020 - 2025)	4.80%
Adjusted EBITDA Margin as % of Revenue	40.60%
CAPEX as % of Revenue	4.70%
International \| Maximum
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Revenue Growth Rate (2020 - 2025)	9.80%
Adjusted EBITDA Margin as % of Revenue	47.90%
CAPEX as % of Revenue	7.00%
United Kingdom
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Discount Rate (pre-tax)	10.10%
Discount Rate (after-tax)	8.90%
Perpetual Growth Rate	3.00%
Revenue Growth Rate (2020 - 2025)	4.00%
United Kingdom \| Minimum
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Revenue Growth Rate (2020 - 2025)	4.00%
Adjusted EBITDA Margin as % of Revenue	34.00%
CAPEX as % of Revenue	3.00%
United Kingdom \| Maximum
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Revenue Growth Rate (2020 - 2025)	7.30%
Adjusted EBITDA Margin as % of Revenue	35.80%
CAPEX as % of Revenue	3.90%
Australia
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Discount Rate (pre-tax)	13.60%
Discount Rate (after-tax)	10.00%
Perpetual Growth Rate	2.00%
Revenue Growth Rate (2020 - 2025)	4.00%
Australia \| Minimum
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Revenue Growth Rate (2020 - 2025)	4.00%
Adjusted EBITDA Margin as % of Revenue	19.30%
CAPEX as % of Revenue	4.10%
Australia \| Maximum
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Revenue Growth Rate (2020 - 2025)	6.50%
Adjusted EBITDA Margin as % of Revenue	21.40%
CAPEX as % of Revenue	4.60%

Financial Instruments Risk Management - Schedule of Foreign Exchange Currency Exposure of Financial Instruments by Currency (Details)
€ in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands

Dec. 31, 2019

AUD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2019

GBP (£)

Dec. 31, 2019

CAD ($)

Dec. 31, 2019

EUR (€)

Dec. 31, 2018

USD ($)

^[1]

Long-term debt

$ (4,895,425)

$ (5,411,208)

Disclosure of detailed information about financial instruments [line items]

$ (17,628)

$ (16,493)

Foreign Exchange Risk

Cash

$ 31,235

£ 233,590

$ 4,607

€ 100,085

Restricted cash

4,138

279

Equity in unquoted companies - FVTPL

13,588

Accounts receivable

6,013

23,332

6,890

43,537

Accounts payable and accrued liabilities

(59,258)

(143,735)

(199,831)

(10,191)

(71,697)

Long-term debt

(934,733)

Statement of comprehensive income [abstract]

(1,616)

(14,472)

(12)

(79,733)

Customer deposits

$ (24,898)

£ (54,200)

$ 969

€ (79,423)

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Long-Term Debt - Additional Information (Details) $ in Millions						12 Months Ended
	Feb. 21, 2020 USD ($)	Dec. 05, 2019 AUD ($)	Dec. 05, 2019 USD ($)	Jul. 10, 2018 USD ($)	Apr. 06, 2018 USD ($)	Dec. 31, 2019 AUD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 AUD ($)	Dec. 31, 2018 USD ($)	Jul. 10, 2018 EUR (€)	Apr. 24, 2018	Mar. 06, 2018 AUD ($)	Mar. 06, 2018 USD ($)	Feb. 27, 2018 AUD ($)	Feb. 27, 2018 USD ($)
Disclosure Of Long Term Debt [Line Items]
Carrying amount of long-term debt							$ 4,931,175,000		$ 5,446,958,000
Percentage of aggregate principal amount				0.25%						0.25%
Percentage of equity interests acquired											100.00%
BetEasy
Disclosure Of Long Term Debt [Line Items]
Percentage of equity interests acquired									18.00%		18.00%	80.00%	80.00%	62.00%	62.00%
Financial liabilities															$ 59,200,000
Loan from minority shareholders														$ 19.7	$ 15,500,000
Repayment of loan								$ 8.2	$ 6,200,000
Discharged loan from shareholder								11.5	8,600,000
Loans from noncontrolling interests												$ 47.4	$ 35,100,000
Equity contribution by noncontrolling interest												$ 15.8	$ 12,100,000
Additional shareholder loan by non-controlling interest						$ 7.0	$ 4,900,000	$ 2.5	1,800,000
Repayment of long-term debt		$ 56.9	$ 38,900,000
Senior Notes due 2026
Disclosure Of Long Term Debt [Line Items]
Contractual interest rate				7.00%						7.00%
Aggregate principal amount				$ 1,000,000,000.00
Redemption price as a percentage						101.00%	101.00%
Senior Notes
Disclosure Of Long Term Debt [Line Items]
Carrying amount of long-term debt							$ 982,033,000		980,008,000
Contractual interest rate							7.00%
Aggregate principal amount							$ 1,000,000,000		1,000,000,000
Carrying value of embedded derivative							109,900,000
Fair value of embedded derivative									11,600,000
USD second lien term loan \| Stars Interactive Group
Disclosure Of Long Term Debt [Line Items]
Termination costs on debt extinguishment					$ 0
USD First Lien Term Loan
Disclosure Of Long Term Debt [Line Items]
Carrying amount of long-term debt							$ 3,014,409,000		3,479,823,000
Contractual interest rate							5.60%
Aggregate principal amount							$ 3,071,375,000		3,557,125,000
USD First Lien Term Loan \| Stars Interactive Group
Disclosure Of Long Term Debt [Line Items]
Termination costs on debt extinguishment				$ 0
First Lien Term Loan
Disclosure Of Long Term Debt [Line Items]
Contractual interest rate							2.82%
LIBOR
Disclosure Of Long Term Debt [Line Items]
Floor rate				0.00%						0.00%
Maximum \| Senior Notes
Disclosure Of Long Term Debt [Line Items]
Percentage of aggregate principal amount							40.00%
Purchased call options \| Senior Notes
Disclosure Of Long Term Debt [Line Items]
Redemption price as a percentage						107.00%	107.00%
First Lien Term Loan
Disclosure Of Long Term Debt [Line Items]
Carrying amount of long-term debt				$ 4,567,000,000
Senior Notes
Disclosure Of Long Term Debt [Line Items]
Carrying amount of long-term debt				1,000,000,000
Proceeds from issue of debt				621,800,000
Revolving Credit Facilities
Disclosure Of Long Term Debt [Line Items]
Carrying amount of long-term debt				700,000,000			$ 0		0
Drawings on revolving credit facility				$ 100,000,000
Variation in interest rate margin				3.25%						3.25%
Letter of credit issued							74,000,000		74,200,000
Undrawn borrowing facilities							626,000,000		$ 625,800,000
Revolving Credit Facilities \| Minimum
Disclosure Of Long Term Debt [Line Items]
Commitment fee percentage				0.25%
Revolving Credit Facilities \| Maximum
Disclosure Of Long Term Debt [Line Items]
Commitment fee percentage				0.375%
USD First Lien Term Loan
Disclosure Of Long Term Debt [Line Items]
Carrying amount of long-term debt				$ 3,575,000,000.000
Secured debt leverage ratio				675.00%
Repayment Of Long-Term Debt							450,000,000
Repayment of long-term debt							$ 485,750,000
USD First Lien Term Loan \| Prepayment Of Loan
Disclosure Of Long Term Debt [Line Items]
Repayment of long-term debt	$ 100,000,000
USD First Lien Term Loan \| LIBOR
Disclosure Of Long Term Debt [Line Items]
Percentage added to reference rate				3.50%						3.50%
EUR First Lien Term Loan \| EURIBOR
Disclosure Of Long Term Debt [Line Items]
Carrying amount of long-term debt \| €										€ 850,000,000
Percentage added to reference rate				3.75%						3.75%
Put-call option \| Senior Notes
Disclosure Of Long Term Debt [Line Items]
Redemption price as a percentage						100.00%	100.00%

Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

^[2]

Debt instruments at FVOCI – changes in fair value

$ 61,862

$ (108,906)

^[1],[3]

989

(286)

^[4]

Debt instruments at FVOCI – reclassified to net earnings (loss)

(395)

^[4]

Foreign operations – unrealized foreign currency translation differences

157,347

(95,281)

^[5]

Cash flow hedges – effective portion of changes in fair value

14,450

41,201

^[6]

Cash flow hedges – reclassified to net earnings (loss)

(34,916)

(45,271)

^[6]

Other comprehensive income (loss)

137,874

(100,032)

Total comprehensive income (loss) attributable to:

199,736

(208,938)

Shareholders of The Stars Group Inc.

200,724

(200,553)

Non-controlling interest

(988)

(8,385)

Disclosure of transactions between related parties [abstract]

$ 199,736

$ (208,938)

[1]	Certain amounts were reclassified in the comparative periods. See note 2.
[2]	The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[3]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[4]	For debt instruments measured at fair value through other comprehensive income (“FVOCI”), the amounts are presented net of aggregate income tax recovery of $0.2 million for the year ended December 31, 2019 (December 31, 2018 - net of income tax recovery of $0.1 million).
[5]	For unrealized foreign currency translation differences in connection with foreign operations, the amounts are presented net of aggregate income tax of $26.1 million for the year ended December 31, 2019 (December 31, 2018 - net of income tax of $nil).
[6]	For other comprehensive income in relation to cash flow hedges, the amounts are presented net of aggregate income tax of $nil for the year ended December 31, 2019 (December 31, 2018 - net of income tax of $nil).

Derivatives and Hedge Accounting - Summary of Effects of Cash flow Hedges and Net Investment Hedges (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Cash Flow Hedges
Disclosure Of Derivatives [Line Items]
Change in value of hedged items for ineffectiveness measurement	$ (112)
Change in fair value of hedging instruments for ineffectiveness measurement	(7,940)
Hedge ineffectiveness loss	(8,052)
Hedging gains (losses) recognized in other comprehensive income (loss)	14,450
Amount reclassified from accumulated other comprehensive loss to net earnings	(34,916)
Net change in other comprehensive income (loss)	(20,466)
Cash Flow Hedges \| Floating Interest Rate
Disclosure Of Derivatives [Line Items]
Change in value of hedged items for ineffectiveness measurement	(12,172)
Change in fair value of hedging instruments for ineffectiveness measurement	12,172
Hedging gains (losses) recognized in other comprehensive income (loss)	(12,172)
Net change in other comprehensive income (loss)	(12,172)
Cash Flow Hedges \| Floating Rate Foreign Currency Debt
Disclosure Of Derivatives [Line Items]
Change in value of hedged items for ineffectiveness measurement	12,060
Change in fair value of hedging instruments for ineffectiveness measurement	(20,112)
Hedge ineffectiveness loss	(8,052)
Hedging gains (losses) recognized in other comprehensive income (loss)	26,622
Amount reclassified from accumulated other comprehensive loss to net earnings	(34,916)
Net change in other comprehensive income (loss)	(8,294)
Net Investment Hedges
Disclosure Of Derivatives [Line Items]
Change in value of hedged items for ineffectiveness measurement	(153,886)
Change in fair value of hedging instruments for ineffectiveness measurement	153,886
Hedging gains (losses) recognized in other comprehensive income (loss)	(153,886)
Net change in other comprehensive income (loss)	$ (153,886)

Consolidated Statement of Changes in Equity (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Statement of changes in equity [abstract]
Adjustment to amounts recognized in common stock	$ 3.7

Related Party Transactions

12 Months Ended

Dec. 31, 2019

Related Party Transactions

RELATED PARTY TRANSACTIONS

Key management of the Corporation includes the members of the Board, the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Corporate Development Officer, Executive Vice-President and Chief Legal Officer, Chief Technology Officer, and certain other key members of management.

The compensation of such key management for the years ended December 31, 2019 and 2018 included the following:



	Year Ended December 31,
In thousands of U.S. Dollars	2019	2018
Salaries, bonuses and short-term employee benefits	10,071	10,320
Director retainers	822	796
Stock-based payments	12,843	6,824
	23,736	17,940

The remuneration of the Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, Chief Operating Officer, Chief Corporate Development Officer, Executive Vice-President and Chief Legal Officer consists primarily of a salary, cash bonuses and share-based awards and was negotiated at arm’s length. Director retainers include both retainers, committee fees and share-based awards.

Long-Term Debt

12 Months Ended

Dec. 31, 2019

Disclosure Of Long Term Debt [Abstract]

Long-Term Debt

LONG-TERM DEBT



In thousands of U.S. Dollars (except as noted)	Contractual interest rate	December 31, 2019 Principal outstanding balance in currency of borrowing	December 31, 2019 Carrying amount in USD	December 31, 2018 Principal outstanding balance in currency of borrowing	December 31, 2018 Carrying amount in USD
USD First Lien Term Loan	5.60%	3,071,375	3,014,409	3,557,125	3,479,823
EUR First Lien Term Loan	3.75%	850,000	934,733	850,000	951,980
Senior Notes	7.00%	1,000,000	982,033	1,000,000	980,008
Loan payable to non-controlling interests	0.00%	—	—	49,936	35,147
Total long-term debt			4,931,175		5,446,958
Current portion			35,750		35,750
Non-current portion			4,895,425		5,411,208



In thousands of U.S. Dollars	Effective interest rate *		Interest **	Interest Accretion	Total Interest
USD First Lien Term Loan	6.63	%	142,509	20,336	162,845
EUR First Lien Term Loan	4.26	%	36,196	2,898	39,094
Senior Notes	7.48	%	70,000	2,025	72,025
Total			248,705	25,259	273,964

During the year ended December 31, 2018, the Corporation incurred the following interest on its then-outstanding long-term debt:



In thousands of U.S. Dollars	Effective interest rate *	Interest	Interest Accretion	Total Interest
USD First Lien Term Loan	6.54%	75,988	7,799	83,787
EUR First Lien Term Loan	4.26%	17,792	1,365	19,157
Senior Notes	7.47%	33,250	1,000	34,250
Previous USD first lien term loan ***	6.07%	42,885	112,135	155,020
Previous EUR first lien term loan ***	3.87%	9,693	41,502	51,195
USD second lien term loan ***	13.78%	2,216	4,643	6,859
Total		181,824	168,444	350,268

_____________________________

The Corporation’s change in its long-term debt balance from December 31, 2018 to December 31, 2019 was as follows:



In thousands of U.S. Dollars	Opening balance	New debt	Principal payments		Interest Accretion *	Translation		Closing balance
USD First Lien Term Loan	3,479,823	—	(485,750	)	20,336	—		3,014,409
EUR First Lien Term Loan	951,980	—	—		2,898	(20,145	)	934,733
Senior Notes	980,008	—	—		2,025	—		982,033
Loan payable to the holders of non-controlling interests	35,147	4,894	(38,941	)	—	(1,100	)	—
Total	5,446,958	4,894	(524,691	)	25,259	(21,245	)	4,931,175

_____________________________

As at December 31, 2019, the contractual principal repayments of the Corporation’s outstanding long-term debt over the next five years amount to the following:



In thousands of U.S. Dollars	<1 Year	1-2 Years	2-3 Years	3-4 Years	4-5 Years	>5 Years
USD First Lien Term Loan	35,750	35,750	35,750	35,750	35,750	2,892,625
EUR First Lien Term Loan	—	—	—	—	—	953,187
Senior Notes	—	—	—	—	—	1,000,000
Total	35,750	35,750	35,750	35,750	35,750	4,845,812


(a)	Revolving Facility, First Lien Term Loans and Senior Notes

As previously disclosed, on July 10, 2018, the Corporation completed the SBG Acquisition. To finance the cash portion of the purchase price, repay the Corporation’s previous first lien term loans and repay SBG’s existing long-term debt, which was assumed by the Corporation as part of the acquisition, the Corporation used existing cash resources and raised $4.567 billion in First Lien Term Loans, $1.00 billion in Senior Notes (each as defined below) and $621.8 million of net proceeds (before expenses), excluding the overallotment, from the issuance of additional Common Shares as a result of the Equity Offering (as defined below). The Corporation also obtained a new Revolving Facility (as defined below) of $700.0 million, of which it had drawn $100 million as of completion of the acquisition (collectively with the foregoing, the “SBG Financing”). The debt portion of the SBG Financing is described below. For further details on the Equity Offering portion of the SBG Financing, see note 24.

Revolving Facility

On July 10, 2018, as part of the SBG Financing, the Corporation replaced its previous revolving facility with a new first lien revolving facility of $700 million (the “Revolving Facility”). Maturing on July 10, 2023, the Revolving Facility includes a margin of 3.25% for borrowings, which is subject to leverage-based step-downs. The commitment fee on the Revolving Facility varies from 0.250% to 0.375% based on first lien leverage. Borrowings under the Revolving Facility are subject to the satisfaction of customary conditions, including the absence of a default and compliance with certain representations and warranties. The Revolving Facility requires, subject to a testing threshold, that the Corporation comply on a quarterly basis with a maximum net first lien senior secured leverage ratio of 6.75 to 1.00.

The Revolving Facility can be used for working capital needs and for general corporate purposes. As at December 31, 2019 and December 31, 2018 there were no amounts outstanding under the Revolving Facility. The Corporation had $74.0 million of letters of credit issued but undrawn as of December 31, 2019 (2018 – $74.2 million). Availability under the Revolving Facility as of December 31, 2019 was $626.0 million (2018 – $625.8 million).

First Lien Term Loans

On July 10, 2018, as part of the SBG Financing, the Corporation repaid its previous first lien term loans and issued new First Lien Term Loans of $3.575 billion priced at LIBOR plus 3.50% (the “USD First Lien Term Loan”) and new EUR first lien term loans of €850 million priced at EURIBOR plus 3.75% (the “EUR First Lien Term Loan” and, together with the USD First Lien Term Loan, the “First Lien Term Loans”), each with a maturity date of July 10, 2025 and a LIBOR and EURIBOR floor, as applicable, of 0%. Starting on the last day of the first fiscal quarter ending after July 10, 2018, the USD First Lien Term Loan requires scheduled quarterly principal payments in amounts equal to 0.25% of the initial aggregate principal amount of the USD First Lien Term Loan, with the balance due at maturity. There is no amortization on the EUR First Lien Term Loan and the principal is due at maturity. During the year ended December 31, 2019, the Corporation made voluntary prepayments totaling $450.0 million on its USD First Lien Term Loan, including accrued and unpaid interest, using proceeds from the issuance of Common Shares to FOX and available cash on hand. Subsequent to December 31, 2019, the Corporation prepaid a further $100.0 million, including accrued and unpaid interest. See note 32.

The Corporation, its lenders, Deutsche Bank AG New York Branch, as administrative agent, and certain other parties also entered into a new credit agreement (the “Credit Agreement”) for the First Lien Term Loans and the Revolving Facility to, among other things, reflect the foregoing transactions and add certain operational and financial flexibility, particularly as it relates to the Corporation on a combined basis following the SBG Acquisition.

The Credit Agreement limits Stars Group Holdings B.V. and its subsidiaries’ ability to, among other things, (i) incur additional debt, (ii) grant additional liens on their assets and equity, (iii) distribute equity interests and/or distribute any assets to third parties, (iv) make certain loans or investments (including acquisitions), (v) consolidate, merge, sell or otherwise dispose of all or substantially all assets, (vi) pay dividends on or make distributions in respect of capital stock or make restricted payments, (vii) enter into certain transactions with affiliates, (viii) change lines of business, and (ix) modify the terms of certain debt or organizational documents, in each case subject to certain exceptions. The Credit Agreement also provides for customary mandatory prepayments, including a customary excess cash flow sweep if certain conditions are met.

Senior Notes

Also in connection with the SBG Financing, two of the Corporation’s subsidiaries, Stars Group Holdings B.V. and Stars Group (US) Co-Borrower, LLC (the “Issuers”), issued 7.00% Senior Notes due 2026 (the “Senior Notes”) on July 10, 2018 at par in an aggregate principal amount of $1.00 billion. The Senior Notes mature on July 15, 2026. Interest on the Senior Notes is payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2019. The Senior Notes are guaranteed by each of the Issuers’ restricted subsidiaries that guarantee the Revolving Facility. The Senior Notes are the Issuers’ senior unsecured obligations and rank equally in right of payment with all of the Issuers’ existing and future senior unsecured indebtedness. The Senior Notes include the following features which were collectively identified as the Embedded Derivative (as defined below) that required bifurcation from the carrying value of the Senior Notes.

•

Upon certain events constituting a change of control under the indenture governing the Senior Notes (the “Indenture”), the holders of the Senior Notes have the right to require Stars Group Holdings B.V. to offer to repurchase the Senior Notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, to (but not including) the date of purchase (the “Change of Control Put”).


•	Prior to July 15, 2021, the Issuers may redeem up to 40% of the original aggregate principal of the Senior Notes with proceeds from an equity offering at a redemption price of 107%, plus accrued and unpaid interest, if any, to (but not including) the applicable redemption date (the “Equity Clawback”).

•

Prior to July 15, 2021, the Issuers may redeem some or all of the Senior Notes at a redemption price equal to 100% of the principal amount of the Senior Notes, plus accrued and unpaid interest, if any, to (but not including) the applicable redemption date, plus an applicable ‘‘make-whole’’ premium. On or after July 15, 2021, the Issuers may redeem some or all of the Senior Notes at declining redemption prices as set forth in the Indenture (collectively, the “Redemption Option” and together with the Change of Control Put and the Equity Clawback, the “Embedded Derivative”).

The fair value of the Embedded Derivative as at December 31, 2019 and 2018 was $109.9 million and $11.6 million, respectively. See notes 19 and 26.

The Senior Notes include, among other terms and conditions, limitations on the Issuers’ ability to create, incur or allow certain liens; create, assume, incur or guarantee additional indebtedness of certain of the Issuers’ subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Issuers’ and their subsidiaries’ assets, to another person.


(b)	Loan payable to the holders of non-controlling interests

In connection with the acquisition of a 62% equity interest in BetEasy, the Corporation acquired financial liabilities of $59.2 million, which included a loan of $15.5 million (AUD$19.7 million) from the holders of non-controlling interests of BetEasy. During the year ended December 31, 2018 a subsidiary of the Corporation repaid $6.2 million (AUD$8.2 million) of such loan and entered into an agreement with such holders of non-controlling interests to forgive and discharge $8.6 million (AUD$11.5 million) of the outstanding loan balance.

As previously reported, on March 6, 2018, a subsidiary of the Corporation entered into agreement with the holders of the non-controlling interest in BetEasy to increase its equity interest from 62% to 80% and for BetEasy to acquire the former William Hill Australia business. According to the agreement, the non-controlling interest of BetEasy made a loan of $35.1 million (AUD$47.4 million) and equity contribution of $12.1 million (AUD$15.8 million). During the years ended December 31, 2018 and 2019, the non-controlling interest provided an additional shareholder loans of $1.8 million (AUD$2.5 million) and $4.9 million (AUD$7.0 million), respectively. On December 5, 2019, the Corporation repaid the outstanding balance of $38.9 million (AUD$56.9 million) using available cash on hand.


(c)	Previous first lien term loans, USD second lien term loan and previous revolving facility

On April 6, 2018, the Corporation successfully increased, repriced and extended its previous first lien term loans and previous revolving facility and repaid its USD second lien term loan. The transaction was recorded as an extinguishment for accounting purposes. No termination costs were incurred. Subsequently, in connection with the SBG Acquisition and SBG Financing, on July 10, 2018, the Corporation repaid its previous first lien term loans, repaid the existing long-term indebtedness of SBG, entered into the new Credit Agreement with respect to the First Lien Term Loans and Revolving Facility, and issued the Senior Notes. The transaction was recorded as an extinguishment for accounting purposes. No termination costs were incurred upon repayment.

Reserves

12 Months Ended

Dec. 31, 2019

Disclosure of reserves within equity [abstract]

RESERVES



In thousands of U.S. Dollars	Acquisition reserve		Warrants		Equity		Treasury		Cumulative translation		Financial assets at FVOCI		Cash flow hedging		Other		Total
Balance – January 1, 2018	—		14,688		36,865		(29,542	)	(120,694	)	168		(33,983	)	(9,629	)	(142,127	)
Cumulative translation adjustments	—		—		—		—		(93,350	)	—		—		—		(93,350	)
Stock-based compensation	—		—		12,806		—		—		—		—		—		12,806
Exercise of stock options and settlement of equity awards	—		—		(6,982	)	—		—		—		—		—		(6,982	)
Re-allocation from warrants reserve to share capital for exercised warrants	—		(14,688	)	—		—		—		—		—		—		(14,688	)
Reclassified to net earnings	—		—		—		—		—		(311	)	(45,271	)	—		(45,582	)
Unrealized (losses) gains	—		—		—		—		—		(339	)	41,201		—		40,862
Deferred taxes	—		—		—		—		—		53		—		—		53
Reversal of deferred tax on stock-based compensation	—		—		(359	)	—		—		—		—		—		(359	)
Reversal of impairment of financial instruments at FVOCI	—		—		—		—		—		(84	)	—		—		(84	)
Further acquisition of subsidiary	(220,023	)	—		—		—		—		—		—		(155	)	(220,178	)
Balance – December 31, 2018	(220,023	)	—		42,330		(29,542	)	(214,044	)	(513	)	(38,053	)	(9,784	)	(469,629	)
Cumulative translation adjustments	—		—		—		—		131,286		—		—		—		131,286
Stock-based compensation	—		—		18,842		—		—		—		—		—		18,842
Exercise of stock options and settlement of equity awards	—		—		(4,543	)	—		—		—		—		—		(4,543	)
Reclassified to net earnings (loss)	—		—		—		—		—		(58	)	(34,916	)	—		(34,974	)
Unrealized gains	—		—		—		—		—		1,155		14,450		—		15,605
Obligation to acquire non-controlling interest in BetEasy	(105,855	)	—		—		—		—		—		—		—		(105,855	)
Deferred taxes	—		—		—		—		26,089		(166	)	—		—		25,923
Impairment of financial instruments at FVOCI	—		—		—		—		—		62		—		—		62
Balance – December 31, 2019	(325,878	)	—		56,629		(29,542	)	(56,669	)	480		(58,519	)	(9,784	)	(423,283	)

Acquisition reserve

On February 27, 2018, a subsidiary of the Corporation completed its acquisition of a 62% interest in BetEasy. On April 24, 2018, a subsidiary of the Corporation acquired an additional 18% interest in BetEasy and on the same date, BetEasy completed its acquisition of 100% of the former William Hill Australia business. The carrying amounts of the controlling and non-controlling interest were adjusted to reflect the changes in the Corporation’s equity interest in BetEasy. The change in carrying amounts were recognized directly in equity in acquisition reserve and any difference between the amount by which the non-controlling interest was adjusted and the fair value of the consideration paid was attributed to the Corporation.

On December 3, 2019, the Corporation announced that it agreed with the holders of the non-controlling interest of BetEasy to acquire the remaining 20% interest in the company for AUD$151 million within 90 days following the earlier of either the issuance of the Corporation’s audited financial statements for the year-ended December 31, 2020 or the completion of the previously announced board-recommended all share combination of the Corporation with Flutter (the “BetEasy Minority Acquisition”). See note 31. Upon acquisition of the 20% interest, the Corporation will be obligated to make a contractual payment to a third-party supplier of BetEasy. The recognition of a liability in respect of the Corporation’s obligation to acquire the remaining 20% interest in BetEasy and a portion of the above mentioned contractual payment resulted in a corresponding increase to the acquisition reserve.

Cumulative translation adjustments

Exchange differences relating to the translation of the net assets of the Corporation’s foreign operations from their functional currency into the Corporation’s presentational currency are recognized directly in the Cumulative translation adjustment reserve. This reserve also recognizes the realized and unrealized gains and losses in derivative instruments designated as net investment hedges. See note 19.

Cash flow hedging reserve

This reserve recognizes realized and unrealized gains and losses in derivative instruments designated as cash flow hedges. See note 19.

Stock Options

The following table provides information about outstanding stock options issued under the Plans:



	As at December 31, 2019			As at December 31, 2018
Exercise price	Number of options		Weighted average exercise price CDN$	Number of options		Weighted average exercise price CDN$
Beginning balance	4,741,930		26.49	6,875,616		25.24
Issued	12,500		22.25	—		—
Exercised	(726,300	)	22.18	(1,731,761	)	23.23
Forfeited	(931,073	)	27.77	(401,925	)	19.17
Ending balance	3,097,057		27.05	4,741,930		26.49

The outstanding stock options issued under the Plans are exercisable at prices ranging from CDN$4.20 to CDN$35.30 per share and have a weighted average contractual term of 2.2 years.

The weighted average exercise price of options exercised during the year ended December 31, 2019 was CDN$22.18 (December 31, 2018 - CDN$23.23).

A summary of exercisable options per stock option grant under the Plans is as follows:



	Outstanding options		Exercisable options
Exercise price CDN$	Number of options	Weighted average outstanding maturity period (years)	Number of options	Weighted average outstanding maturity period (years)
0.01 to 8.00	2,000	0.02	2,000	0.02
8.01 to 16.00	40,000	3.03	30,000	3.03
16.01 to 24.00	968,300	2.49	932,500	2.43
24.01 to 32.00	1,364,605	1.88	1,364,605	1.88
32.01 to 40.00	722,152	1.20	722,152	1.20
	3,097,057	2.18	3,051,257	2.15

The Corporation recorded a compensation expense for the year ended December 31, 2019 of $0.5 million (December 31, 2018 - $3.2 million) relating to stock options. As at December 31, 2019, the Corporation had $nil of unrecognized compensation expense to be recorded in future periods and relating to outstanding and unvested stock options.

RSUs

The following table provides information about outstanding RSUs issued by the Corporation under the 2015 Equity Incentive Plan.



	2019 No. of units		Weighted average fair value		2018 No. of units		Weighted average fair value
Balance as at January 1	220,200		$	29.72	141,064		$	22.46
Issued	697,498		$	24.18	123,833		$	31.92
Vested and settled	(93,225	)	$	28.72	(35,268	)	$	22.47
Forfeited	(46,002	)	$	30.22	(9,429	)	$	22.58
Balance as at December 31	778,471		$25.42		220,200		$29.72

The Corporation recorded a compensation expense for the year ended December 31, 2019 of $6.3 million (December 31, 2018 - $2.1 million) relating to RSUs. As at December 31, 2019, the Corporation had $8.3 million of unrecognized compensation expense to be recorded in future periods and relating to outstanding and unvested RSUs.

PSUs



	2019 No. of units		Weighted average fair value		2018 No. of units		Weighted average fair value
Balance as at January 1	936,134		$	30.81	418,188		$	22.47
Issued	2,687,550		$	24.15	552,874		$	36.77
Vested and settled	—		$	—	—		$	—
Forfeited	(101,570	)	$	31.44	(34,928	)	$	25.30
Balance as at December 31	3,522,114		$25.71		936,134		$30.81

The Corporation recorded a compensation expense for the year ended December 31, 2019 of $10.8 million (December 31, 2018 - $4.9 million) relating to PSUs. As at December 31, 2019, the Corporation had $27.1 million of unrecognized compensation expense to be recorded in future periods and relating to outstanding and unvested PSUs.

DSUs

The following table provides information about outstanding DSUs issued by the Corporation under the 2015 Equity Incentive Plan.



	2019 No. of units	Weighted average fair value		2018 No. of units		Weighted average fair value
Balance as at January 1	201,255	$	26.37	92,703		$	22.65
Issued	90,446	$	23.68	133,383		$	29.54
Vested and settled	—	$	—	(24,831	)	$	29.55
Forfeited	—	$	—	—		$	—
Balance as at December 31	291,701	$25.53		201,255		$26.37

The Corporation recorded a compensation expense for the year ended December 31, 2019 of $1.2 million (December 31, 2018 - $2.6 million) relating to DSUs. As at December 31, 2019, the Corporation had $0.5 million of unrecognized compensation expense to be recorded in future periods and relating to outstanding and unvested DSUs.

Dividend Equivalents

During the years ended December 31, 2019 and 2018, no dividends were declared.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Taxes

INCOME TAXES

Details of income tax expense were as follows:



	Year Ended December 31,
In thousands of U.S. Dollars	2019		2018
Current income tax expense	62,498		19,813
Current income tax recovery - provision adjustment	(8,057	)	(2,155	)
Deferred income tax recovery relating to the origination and reversal of temporary differences	(52,124	)	(17,971	)
Deferred income tax recovery - provision adjustment	(2,514	)	(675	)
Income tax recovery	(197	)	(988	)

The Corporation’s applicable Canadian statutory tax rate is equal to the Federal and Provincial combined tax rate for the period applicable in the jurisdiction within Canada where the Corporation’s head office is registered (i.e., Ontario). The Corporation’s primary operations were previously in the Isle of Man and Malta and, subsequent to the Australian Acquisitions and SBG Acquisition, are now also in Australia and the United Kingdom. Income taxes reported differ from the amount computed by applying the Canadian statutory rates to earnings before income taxes primarily due to differences in statutory rates across the countries where the Corporation operates and where the Corporation is incorporated, among other factors. The reconciliation is as follows:



	Year Ended December 31,
In thousands of U.S. Dollars	2019		2018
Net earnings (loss) before income taxes	61,665		(109,894	)
Canadian statutory tax rate	26.5	%	26.5	%
Income taxes at Canadian statutory tax rate	16,341		(29,122	)
Differences in effective income tax rates in foreign jurisdictions	(53,223	)	(97,919	)
Non-taxable income	(12,881	)	(9,030	)
Non-deductible expenses	31,673		34,815
Deferred tax assets not recognized	28,464		103,098
Provision adjustment	(10,571	)	(2,830	)
Income tax recovery	(197	)	(988	)

The Corporation’s effective income tax rate for the year ended December 31, 2019, was (0.3)% (December 31, 2018 – 0.9%). The Corporation’s income tax recovery for the current year ended December 31, 2019 includes an income tax recovery of $47.5 million (December 31, 2018 - $27.3 million) in relation to the deferred tax credit associated with the amortization expense of acquired intangible assets from the Australian Acquisitions and the SBG Acquisition. Additionally, the year ended December 31, 2019 includes an income tax expense of $26.1 million, which relates to the tax effect of foreign exchange gains with respect to the Corporation’s hedging activities. However, the Corporation recognized a corresponding tax recovery of $26.1 million in relation to the same in the foreign currency translation reserve within other comprehensive income such that there is no overall impact on the consolidated statement of financial position.

In addition to the impacts described above, the Corporation’s income taxes for the year ended December 31, 2019 were impacted by the mix of taxable earnings among and across geographies, with an increase in taxable earnings following the Acquisitions in geographies with higher statutory corporate tax rates. The effective tax rate was also impacted by the recognition of a net deferred tax liability as a result of the transfer of customer intangible rights from the Isle of Man to Malta in connection with an internal corporate restructuring and an Australian business continuity tax law change during 2019.

During the year ended December 31, 2017, the Corporation received notification of a proposed tax assessment from the Canadian tax authorities relating to transfer pricing. The proposed assessment covered periods prior to the acquisition of Stars Interactive Group in 2014, covering the 2003 to 2007 tax years. For the year ended December 31, 2017 the Corporation recorded a tax provision based on the proposed assessments for both Federal and Provincial tax of $26.5 million including interest. During the year ended December 31, 2018 the Corporation received the Federal and Provincial tax assessments and submitted an objection to the relevant authorities regarding the same. During the year ended December 31, 2019 the provision was reduced to $25.8 million resulting from adjustments for interest, foreign exchange movements and a pre-payment made in relation to the provincial assessment. The Corporation intends to vigorously defend its position against the assessments.

The $10.6 million recovery (2018 – $2.8 million recovery) in respect of the prior year provision adjustments represents the settlement of historic tax liabilities and the release of part of the provision for uncertain tax liabilities as a result of new information received during the periods, respectively.

Deferred Tax

Recognized deferred tax assets and liabilities

Significant components of the Corporation’s deferred income tax asset balance at December 31, 2019 and 2018 are as follows:



In thousands of U.S. Dollars	Property & Equipment		Intangibles	Tax Losses		Other		Total *
At January 1, 2018	148		—	174		4,484		4,806
Credited (charged) to net earnings	41		—	1,051		(1,008	)	84
Credited to other comprehensive income	—		—	—		53		53
Charged directly to equity - share-based payment transactions	—		—	—		(359	)	(359	)
Acquisition of subsidiary	1,016		—	—		9,921		10,937
Foreign exchange on translation	(61	)	—	(34	)	(1,177	)	(1,272	)
At December 31, 2018	1,144		—	1,191		11,914		14,249
Opening adjustment	35		—	(5	)	167		197
At January 1, 2019	1,179		—	1,186		12,081		14,446
Credited to net earnings	501		5,332	6,682		20,985		33,500
Charged to other comprehensive income	—		—	—		(166	)	(166	)
Foreign exchange on translation	56		62	29		(36	)	111
At December 31, 2019	1,736		5,394	7,897		32,864		47,891

Significant components of the Corporation’s deferred income tax liability balance at December 31, 2019 and 2018 are as follows:



In thousands of U.S. Dollars	Property & Equipment		Intangibles		Tax Losses	Other		Total *
At January 1, 2018	(45	)	(16,130	)	—	—		(16,175	)
(Charged) credited to net earnings	(82	)	15,525		—	(513	)	14,930
Acquisition of subsidiary	—		(620,796	)	—	(465	)	(621,261	)
Foreign exchange on translation	6		29,278		—	51		29,335
At December 31, 2018	(121	)	(592,123	)	—	(927	)	(593,171	)
Opening adjustment	(9	)	(131	)	—	(57	)	(197	)
At January 1, 2019	(130	)	(592,254	)	—	(984	)	(593,368	)
(Charged) credited to net earnings	(1,948	)	23,802		—	(715	)	21,139
Foreign exchange on translation	(10	)	(16,959	)	—	322		(16,647	)
At December 31, 2019	(2,088	)	(585,411	)	—	(1,377	)	(588,876	)

_____________________________

* Deferred taxes by category above are presented on a gross basis. The statements of financial position present deferred taxes net for amounts included within the same jurisdiction.

Unrecognized deferred tax assets



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Tax losses	1,843,670	1,619,702
Other temporary differences	95,813	82,814
Total deferred tax asset unrecognized	1,939,483	1,702,516

Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profits will be available in these jurisdictions against which the Corporation can utilize the benefit from them.

Included in tax losses not recognized as at December 31, 2019 are Canadian non-capital tax losses of $190.3 million (December 31, 2018 - $129.2 million) that may be applied against earnings for up to 20 years from the end of the year the losses were generated and the first year of expiry is 2034 for $14.6 million of the carried forward tax losses. Tax losses also include foreign subsidiary non-capital losses of $1.65 billion (December 31, 2018 - $1.49 billion) that may be applied against future years. The majority of these losses of $1.56 billion (December 31, 2018 - $1.44 billion) can be carried forward for up to 9 years from the end of the year the tax losses were generated and the first year of expiry is 2023 for $393.0 million of the carried forward tax losses.

As a result of exemptions from taxation (corporate tax and withholding tax) applicable to dividends from subsidiaries, there are no significant taxable temporary differences associated with investments in subsidiaries, branches, associates and interests in joint arrangements and no material deferred tax liability arises on unremitted earnings totaling $4.85 billion (December 31, 2018 - $1.87 billion). Unremitted earnings as at December 31, 2019 includes a reclassification of equity to distributable earnings as a result of an internal reorganization undertaken during the year.

Capital Management	12 Months Ended
Capital Management	Dec. 31, 2019
Capital Management [Abstract]
Capital Management	CAPITAL MANAGEMENT The Corporation’s objective in managing capital is to ensure it has sufficient liquidity to manage its business and growth objectives while maximizing return to shareholders through the optimization of the use of debt and equity. Liquidity is necessary to meet the Corporation’s existing general capital needs, fund the Corporation’s growth and expansion plans, and undertake certain capital markets activities, including the repayment of debt. The Corporation has historically met its liquidity needs through cash flow generated from operations and capital markets activities, including the incurrence and issuance of debt and issuance of capital stock. The Corporation’s current objective is to meet all of its current liquidity and existing general capital requirements from the cash flow generated from operations. The capital structure of the Corporation and its subsidiaries consists of long-term debt, which is offset by cash balances, and total equity attributable to shareholders. The Corporation’s capital management objectives are to optimize its capital structure and cost of capital. The Corporation intends to deleverage by focusing on improving profitability and repaying debt. For additional information regarding the Corporation’s liquidity risks, see note 29.

Fair Value - Schedule of Reconciliation of Level 3 Fair Values (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

ASSETS

^[1]

$ 11,265,538

11,275,782

$ 11,265,538

^[1]

^[1]

7,112,138

(1,474)

(61,204)

Level 3 | Deferred payment provision

6,756,339

7,112,138

^[1]

Acquired on business combination

77,628

84,662

Settlements

(68,394)

(7,371)

(342)

(1,863)

(6,692)

Level 3 | Unsettled bets - net outflows

77,628

Acquired on business combination

16,285

779

19,226

Settlements

500

968

300

(4,782)

543

17,628

16,285

Level 3 | Other

Acquired on business combination

2,740

10,119

Settlements

(1,504)

(7,006)

121

215

520

(588)

Equity investments | Level 3

1,877

2,740

ASSETS

6,773

8,768

2,883

(1,974)

(5)

(21)

Embedded Derivative | Level 3

9,651

6,773

ASSETS

11,600

17,700

98,300

(6,100)

Disclosure Of Expenses Classified By Nature [Abstract]

$ 109,900

$ 11,600

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Expenses Classified By Nature

12 Months Ended

Dec. 31, 2019

Expenses Classified By Nature

EXPENSES CLASSIFIED BY NATURE



	Year Ended December 31,
In thousands of U.S. Dollars	2019		2018 *
Cost of revenue (excluding depreciation and amortization)
Direct selling costs	144,330		99,642
Gaming duty, levies and fees	441,543		268,857
Processor and other operating costs	107,189		90,665
	693,062		459,164
General and administrative
Salaries and wages	346,792		285,234
Legal and professional fees	99,206		84,288
Impairment of intangible and other assets	3,931		6,156
(Gain) loss on disposal of investments and other assets	(2,520	)	1,992
Acquisition-related costs	22,141		54,209
Acquisition of market access rights	22,500		20,661
Foreign exchange loss	1,474		61,204
IT and software costs	110,658		74,334
Legal settlement †	32,500		—
Other operational costs	80,132		106,108
Depreciation and amortization	438,626		282,806
	1,155,440		976,992
Net financing charges
Interest on long-term debt	253,624		186,720
Other interest expense	2,368		—
Gain on re-measurement of deferred contingent payment **	(7,371	)	(342	)
(Gain) loss on re-measurement of Embedded Derivative ***	(98,300	)	6,100
Unrealized foreign exchange loss on financial instruments associated with financing activities	11,320		7,202
Ineffectiveness on cash flow hedges	8,052		(14,909	)
Loss on debt extinguishment	—		146,950
Accretion expense	37,267		42,431
Interest income	(4,426	)	(3,066	)
	202,534		371,086

_____________________________

* The Corporation reclassified a loss of $7.2 million for the year ended December 31, 2018 previously reported within foreign exchange loss to unrealized foreign exchange loss on financial instruments associated with financing activities. See note 2.

** See notes 5 and 26 for details regarding the recognition and measurement of the deferred contingent payment.

*** See notes 17, 19 and 26 for details regarding the recognition and measurement of the Embedded Derivative.

† On September 9, 2019, the Corporation entered into minutes of settlement with respect to the appeal of the Ontario Superior Court of Justice’s prior dismissal of an application by certain holders of Preferred Shares (as defined below) regarding the Corporation’s mandatory conversion of its Preferred Shares in July 2018. On September 23, 2019, the Court of Appeal for Ontario entered an order dismissing the appeal with prejudice. The settlement of $32.5 million has been and will be funded entirely by available cash on hand, and the currently remaining liability is included within accounts payable and other liabilities on the consolidated statement of financial position.

The Corporation participates in defined contribution retirement plans for all qualifying employees, as applicable, across its segments. The assets of the plans are held separate from those of the Corporation in funds under the control of the Corporation’s pension providers. The Corporation is obligated to make the specified contributions in accordance with the plans. Included within salaries and wages is $11.5 million (2018 – $9.2 million) recorded in respect of these plans.

Accounts Receivable

12 Months Ended

Dec. 31, 2019

Trade and other current receivables [abstract]

Accounts Receivable

ACCOUNTS RECEIVABLE

The Corporation’s accounts receivable balances at December 31, 2019 and 2018 consist of the following:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Balances held with processors	70,678	92,971
Balances due from live events	1,361	13,983
VAT receivable	13,130	11,029
Other receivables	26,046	18,364
Total accounts receivable balance	111,215	136,347
Long-term VAT receivable	3,329	14,906
Guarantees held by regulators in relation to licenses	13,436	—
Total non-current receivable balance	16,765	14,906

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Condensed Statement of Income Captions [Line Items]
Net of income tax recovery expense under debt instrument	$ 200,000	$ 100,000
Reversal of deferred tax on stock based compensation		359,000
Net of income tax - Foreign currency exchange		0
Net of income tax - Cash flow hedges	0	0
Reserves
Condensed Statement of Income Captions [Line Items]
Deferred taxes	25,923,000	53,000
Reversal of deferred tax on stock based compensation		$ 359,000
Reserves \| Cumulative Translation Reserve
Condensed Statement of Income Captions [Line Items]
Deferred taxes	$ 26,089,000

Accounts Payable And Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Other Payables [Abstract]

Schedule of Accounts Payable and other liabilities

The Corporation’s accounts payable and other liabilities comprise the following:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Accounts payable and accrued liabilities	314,379	282,630
Obligation to acquire non-controlling interest in BetEasy	109,666	—
VAT payable	11,826	18,792
Customer loyalty rewards	17,755	24,787
Employee benefits payable	69,917	57,143
Dormant funds	6,907	7,308
Accrued interest on long-term debt	32,281	33,347
Total accounts payable and other current liabilities	562,731	424,007
Deferred contingent payment (notes 5 and 26)	—	77,628
Other long-term payables	1,770	2,088
Total long-term payables	1,770	79,716

Long-Term Debt - Disclosure of Schedule of Principle Repayments of Long-Term Debt Over the Next Five Years (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Disclosure Of Long Term Debt [Line Items]
Less than 1 Year	$ 35,750
1-2 Years	35,750
2-3 Years	35,750
3-4 Years	35,750
4-5 Years	35,750
Greater than 5 Years	4,845,812
USD First Lien Term Loan
Disclosure Of Long Term Debt [Line Items]
Less than 1 Year	35,750
1-2 Years	35,750
2-3 Years	35,750
3-4 Years	35,750
4-5 Years	35,750
Greater than 5 Years	2,892,625
EUR First Lien Term Loan
Disclosure Of Long Term Debt [Line Items]
Less than 1 Year	0
1-2 Years	0
2-3 Years	0
3-4 Years	0
4-5 Years	0
Greater than 5 Years	953,187
Senior Notes
Disclosure Of Long Term Debt [Line Items]
Less than 1 Year	0
1-2 Years	0
2-3 Years	0
3-4 Years	0
4-5 Years	0
Greater than 5 Years	$ 1,000,000

Adoption of New Accounting Standards - Disclosure of impact of adoption of IFRS 16 on consolidated statement of earnings (loss) (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Impact on earnings for the period

Increase in depreciation and amortization expenses

$ 438,626

$ 282,806

Increase in net financing charges

202,534

371,086

Basic (in dollars per share)

$ 61,862

$ (108,906)

^[1],[2],[3]

Decrease in earnings per share

$ 0.22

$ (0.49)

^[1],[3]

Diluted (in dollars per share)

$ 0.22

$ (0.49)

IFRS 16

Impact on earnings for the period

Increase in depreciation and amortization expenses

$ (17,532)

Increase in net financing charges

(2,368)

Decrease in other operational costs

19,414

Basic (in dollars per share)

$ (486)

Decrease in earnings per share

$ 0.00

Diluted (in dollars per share)

$ 0.00

[1]	Certain amounts were reclassified in the comparative periods. See note 2.
[2]	The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[3]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2019-01-01
-Paragraph 18
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=7&code=ifrs-tx-2019-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2019-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2019-01-01
-Paragraph 24
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2019-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2019-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2019-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2019-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2019-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 28
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2019-03-27

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2019-01-01
-Paragraph 39L
-Subparagraph e
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2019-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2019-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2019-01-01
-Paragraph 23
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2019-en-r&anchor=para_23&doctype=Standard
-URIDate 2019-03-27

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2019-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2019-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2019-03-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2019-03-27

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2021-01-01
-Name IFRS
-Number 17
-IssueDate 2019-01-01
-Paragraph 113
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2019-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2019-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2019-01-01
-Paragraph 81A
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2019-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2019-03-27

+ Details

Fair Value - Additional Information (Details) $ in Millions, $ in Millions		12 Months Ended
	Dec. 03, 2019 AUD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 AUD ($)	Dec. 31, 2018	Apr. 24, 2018	Mar. 06, 2018	Feb. 27, 2018
Disclosure Of Fair Value Measurement Of Assets And Liabilities That Are Classified As Level 3 In Fair Value Hierarchy [Line Items]
Percentage of equity interests acquired					100.00%
Fair value input, discount rate		10.50%
Estimated volatility		25.00%
Contingent payment	$ 100
Payment of contingent liability			$ 100
Impact on fair value due to increase in implied credit spread		$ (4.7)
Impact on fair value due to decrease in implied credit spread		$ 4.8
BetEasy
Disclosure Of Fair Value Measurement Of Assets And Liabilities That Are Classified As Level 3 In Fair Value Hierarchy [Line Items]
Percentage of equity interests acquired				18.00%	18.00%	80.00%	62.00%

Summary of Significant Accounting Policies - Summary of Estimated Useful Life of the Intangible Assets (Details)	12 Months Ended
	Dec. 31, 2019
Software Technology (Defensive Intangible Asset)
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Intangible Assets	2 years
Customer relationships
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Intangible Assets	15 years
Brands
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Intangible Assets	22 years
Minimum \| Software Technology (Including Deferred Development Costs)
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Intangible Assets	4 years
Minimum \| Other Intangibles
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Intangible Assets	3 years
Maximum \| Software Technology (Including Deferred Development Costs)
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Intangible Assets	5 years
Maximum \| Other Intangibles
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Useful lives of Intangible Assets	25 years

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Disclosure of reconciliation of changes in intangible assets and goodwill [abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

For the year ended December 31, 2019:



In thousands of U.S. Dollars	Software technology		Customer relationships	Brands	Brands (licensed)	Deferred development cost	Other Intangibles		Goodwill	Total
Cost
Balance – January 1, 2019	406,639		3,847,370	506,672	486,551	122,786	82,394		5,267,306	10,719,718
Additions	8,974		—	—	—	82,751	21,512		—	113,237
Additions through business combination	2,460		—	—	—	—	—		—	2,460
Translation	10,056		75,196	911	17,466	1,994	568		83,009	189,200
Balance – December 31, 2019	428,129		3,922,566	507,583	504,017	207,531	104,474		5,350,315	11,024,615

Accumulated amortization and impairments
Balance – January 1, 2019	141,149		494,697	—	14,077	38,929	20,861		1,326	711,039
Amortization	69,124		257,683	—	20,811	31,525	17,226		—	396,369
Impairment	561		—	—	—	1,835	476		—	2,872
Translation	(1,368	)	8,536	—	1,609	6,656	(309	)	13	15,137
Balance – December 31, 2019	209,466		760,916	—	36,497	78,945	38,254		1,339	1,125,417

Net carrying amount
At January 1, 2019	265,490		3,352,673	506,672	472,474	83,857	61,533		5,265,980	10,008,679
At December 31, 2019	218,663		3,161,650	507,583	467,520	128,586	66,220		5,348,976	9,899,198

For the year ended December 31, 2018:



In thousands of U.S. Dollars	Software technology		Customer relationships		Brands		Brands (licensed)		Deferred development cost		Other Intangibles		Goodwill		Total
Cost
Balance – January 1, 2018	117,492		1,423,719		485,253		—		71,819		18,712		2,810,681		4,927,676
Additions	6,808		—		—		—		51,574		21,394		—		79,776
Additions through business combination	300,825		2,533,869		22,447		509,896		—		46,668		2,571,350		5,985,055
Disposals	(2,336	)	—		—		—		—		(550	)	(4,944	)	(7,830	)
Translation	(16,150	)	(110,218	)	(1,028	)	(23,345	)	(607	)	(3,830	)	(109,781	)	(264,959	)
Balance – December 31, 2018	406,639		3,847,370		506,672		486,551		122,786		82,394		5,267,306		10,719,718

Accumulated amortization and impairments
Balance – January 1, 2018	91,072		324,292		—		—		20,107		9,384		5,471		450,326
Amortization	53,159		172,241		—		14,346		14,656		11,769		—		266,171
Disposals	(2,171	)	—		—		—		—		(550	)	(4,944	)	(7,665	)
Impairment	—		—		—		—		4,178		396		799		5,373
Translation	(911	)	(1,836	)	—		(269	)	(12	)	(138	)	—		(3,166	)
Balance – December 31, 2018	141,149		494,697		—		14,077		38,929		20,861		1,326		711,039

Net carrying amount
At January 1, 2018	26,420		1,099,427		485,253		—		51,712		9,328		2,805,210		4,477,350
At December 31, 2018	265,490		3,352,673		506,672		472,474		83,857		61,533		5,265,980		10,008,679

Impairment Testing

During the year ended December 31, 2019 the Corporation recognized impairment losses (classified in General and administrative expenses) of $2.9 million for software technology, deferred development costs and other intangibles, related to discontinued development and other projects within the International and United Kingdom segments (December 31, 2018 - $4.6 million) and $nil for Goodwill (December 31, 2018 - $0.8 million).



	As at December 31, 2019		As at December 31, 2018
In thousands of U.S. Dollars	Goodwill	Brand (Indefinite)	Goodwill	Brand (Indefinite)
International	2,805,434	485,253	2,806,485	485,253
United Kingdom *	2,417,572	22,330	2,333,476	21,419
Australia	125,970	—	126,019	—
Total	5,348,976	507,583	5,265,980	506,672

_____________________________

* The United Kingdom segment includes a non-significant CGU, which includes the indefinite lived brand as noted in the table above.

The Corporation has not identified any impairment in relation to the indefinite lived brand.

The recoverable amount of each CGU tested for impairment is determined from value in use calculations and use discounted cash flow projections. The key assumptions for the value in use calculations are the future cash flow and growth projections (including estimates of future capital expenditures), discount rates and perpetual growth rates. Management estimates discount rates using post-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGU, including economic risk assumptions and estimates of the likelihood of achieving forecasted cash flow results. The pre tax discount rate is then inferred by recalculation. Management considers a range of reasonably possible amounts to use for key assumptions and applies amounts that represent management’s best estimate of future outcomes.

The Corporation prepares cash flow forecasts derived from the most recent financial budgets approved by management for the next five years.


•	For the International segment, the sixth year (2025) cash flow assumes a revenue growth rate of 6.8% before a steady growth rate of 3.0% is applied to the perpetual net cash flows.


•	For the UK segment, the sixth year (2025) cash flow assumes a revenue growth rate of 4.0% before a steady growth rate of 3.0% is applied to the perpetual net cash flows.


•	For the Australian segment, the sixth year (2025) cash flow assumes a revenue growth rate of 4.0% before a steady growth rate of 2.0% is applied to the perpetual net cash flows.

The cash flows are discounted based on the discount rates as presented below. The estimated perpetual growth rates are based on independent country specific market reports for online gaming growth projections.

The following table shows key assumptions used in the value in use calculations:



	Assumptions used in value in use calculation
	International		United Kingdom		Australia
Discount Rate (pre-tax)	10.7	%	10.1	%	13.6	%
Discount Rate (after-tax)	10.5	%	8.9	%	10.0	%
Perpetual Growth Rate	3.0	%	3.0	%	2.0	%
Revenue Growth Rate (2020 - 2025)	4.8% - 9.8%		4.0% - 7.3%		4.0% - 6.5%
Adjusted EBITDA Margin as % of Revenue	40.6% - 47.9%		34.0% - 35.8%		19.3% - 21.4%
CAPEX as % of Revenue	4.7% - 7.0%		3.0% - 3.9%		4.1% - 4.6%

Based on the impairment test performed, the recoverable amount of the CGUs were in excess of their carrying amount and accordingly, there is no impairment of the carrying value of the goodwill. Further, the International CGU has significant headroom. The Corporation has concluded that there are no assumptions to which the impairment test is particularly sensitive and accordingly no sensitivity analysis is disclosed.

With respect to the United Kingdom and Australia, the recoverable amount exceeds the carrying amount by $932.1 million and $66.2 million, respectively. The impairment assessments for the United Kingdom and Australia are sensitive to changes in a number of key assumptions (considered in isolation) in the value in use calculation over a five year period. The following table shows the changes to key assumptions used in the impairment review that would be required for the carrying amount to equal the recoverable amount:



	Change required for carrying value to equal recoverable amount
	United Kingdom pps	Australia pps
Discount Rate (pre-tax)	1.4	2.0
Discount Rate (after-tax)	1.1	1.3
Revenue Growth Rate across the five year forecast	(3.8)	(2.7)
Adjusted EBITDA Margin as % of Revenue across the five year forecast	(5.0)	(1.7)
CAPEX as % of Revenue	4.8	1.9

Customer Deposits (Tables)

12 Months Ended

Dec. 31, 2019

Deposits from customers [abstract]

Summary of Customer Deposits Segregation

Customer deposits are segregated as follows:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Cash and cash equivalents - customer deposits	300,916	328,223
Current investments - customer deposits (note 13)	109,017	103,153
Total	409,933	431,376
Customer deposits liability	409,390	423,739

Commitments	12 Months Ended
Commitments	Dec. 31, 2019
Disclosure Of Operating Lease [Abstract]
Commitments	COMMITMENTS As at December 31, 2019, the Corporation had $0.7 million of commitments relating to short-term leases payable within one year (2018 – $3.7 million). Additionally, the Corporation had $74.0 million of letters of credit issued but undrawn as of December 31, 2019 (2018 – $74.2 million). See note 17. As at December 31, 2019, the Corporation has no commitments to purchase plant, property, equipment, or intangible assets (2018 – $nil).

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2019
Nature Of Business [Abstract]
Nature of Business	NATURE OF BUSINESS The Stars Group Inc. (“The Stars Group” or the “Corporation”) is a global leader in the online and mobile gaming and interactive entertainment industries, entertaining millions of customers across its online real- and play-money poker, gaming and betting product offerings. The Stars Group offers these products directly or indirectly under several ultimately owned or licensed gaming and related consumer businesses and brands, including, among others, PokerStars, PokerStars Casino, BetStars, Full Tilt, FOX Bet, BetEasy, Sky Bet, Sky Vegas, Sky Casino, Sky Bingo, Sky Poker, and Oddschecker, as well as live poker tour and events brands, including the PokerStars Players No Limit Hold’em Championship, European Poker Tour and Asia Pacific Poker Tour. The Stars Group is one of the world’s most licensed online gaming operators with its subsidiaries collectively holding licenses or approvals in 22 jurisdictions throughout the world, including in Europe, Australia and the Americas. The Stars Group’s primary business and main source of revenue is its online gaming businesses. These currently consist of the operations of Stars Interactive Holdings (IOM) Limited and its subsidiaries and affiliates (collectively, “Stars Interactive Group”), which it acquired in August 2014, the operations of Cyan Blue Topco Limited and its subsidiaries and affiliates (collectively, “Sky Betting & Gaming” or “SBG”), which it acquired in July 2018 (the “SBG Acquisition”), and the operations of TSG Australia Pty Ltd and its subsidiaries and affiliates (collectively, “BetEasy”), in which it acquired an 80% equity interest in between February 2018 and April 2018, and announced in December 2019 that it has agreed to acquire the remaining 20% equity interest (BetEasy acquired what was formally the William Hill Australia business in April 2018) (collectively, the “Australian Acquisitions”). Stars Interactive Group is headquartered in the Isle of Man and Malta and operates globally; SBG is headquartered in and primarily operates in the United Kingdom; and BetEasy is headquartered in and primarily operates in Australia. For the year ended December 31, 2019, The Stars Group had three reportable segments, the international business (“International”), the United Kingdom business (“United Kingdom”) and the Australian business (“Australia”), each as described below, as well as a corporate cost center (“Corporate”). There are up to four major lines of operations within the Corporation’s reportable segments, as applicable: real-money online poker (“Poker”), real-money online betting (“Betting”), real-money online casino gaming and bingo (collectively, “Gaming”), and other gaming-related revenue, including, without limitation, from social and play-money gaming, live poker events, branded poker rooms, Oddschecker and other nominal sources of revenue (collectively, “Other”). As it relates to these lines of operations, online revenue includes revenue generated through the Corporation’s online, mobile and desktop client platforms and applications, as applicable. The International segment currently includes the business operations of Stars Interactive Group and FOX Bet and its related brands, and operates across all lines of operations and in various jurisdictions around the world, including the United Kingdom; the United Kingdom segment currently consists of the business operations of Sky Betting & Gaming, including those outside of the United Kingdom, and operates across all lines of operations primarily in the United Kingdom; and the Australia segment currently consists of the business operations of BetEasy, and operates primarily within the Betting line of operation and primarily in Australia. The Stars Group was incorporated on January 30, 2004 under the Companies Act (Quebec) and continued under the Business Corporations Act (Ontario) (“OBCA”) on August 1, 2017. The registered head office is located at 200 Bay Street, South Tower, Suite 3205, Toronto, Ontario, Canada, M5J 2J3 and its common shares (“Common Shares”) are listed on the Toronto Stock Exchange (the “TSX”) under the symbol “TSGI”, and the Nasdaq Global Select Market (“Nasdaq”) under the symbol “TSG”. On October 2, 2019, the Corporation and Flutter Entertainment Plc (“Flutter”) entered into an arrangement agreement providing for an all-share combination (the “Combination”) recommended by its board of directors (the “Board”) to be implemented through an acquisition of The Stars Group by Flutter pursuant to a plan of arrangement under the OBCA. See note 31 for additional information. For reporting purposes, the Corporation prepares its consolidated financial statements in U.S. dollars. Unless otherwise indicated, all dollar (“$”) amounts and references to “USD” or “USD $” in these consolidated financial statements are expressed in U.S. dollars. References to ‘‘EUR’’ or “€” are to European Euros, references to ‘‘CDN’’ or “CDN $” are to Canadian dollars, references to “GBP” or “₤” are to British Pound Sterling and references to “AUD” or “AUD $” are to Australian dollars. Unless otherwise indicated, all references to a specific “note” refer to these notes to the consolidated financial statements of the Corporation for the year ended December 31, 2019. References to “IFRS” and “IASB” are to International Financial Reporting Standards and the International Accounting Standards Board, respectively.

Investments - Schedule Significant Subsidiaries of Corporation (Details)	12 Months Ended
	Dec. 31, 2019
Stars Group Holdings B.V. \| Netherlands
Disclosure Of Investment [Line Items]
Percentage of ownership	100.00%
Stars Group Holdings Cooperatieve U.A \| Netherlands
Disclosure Of Investment [Line Items]
Percentage of ownership	100.00%
Stars Interactive Holdings (IOM) Limited \| Isle of Man
Disclosure Of Investment [Line Items]
Percentage of ownership	100.00%
Worldwide Independent Trust Limited \| Isle of Man
Disclosure Of Investment [Line Items]
Percentage of ownership	100.00%
Rational Entertainment Enterprises Limited \| Isle of Man
Disclosure Of Investment [Line Items]
Percentage of ownership	100.00%
Stars Interactive Limited \| Isle of Man
Disclosure Of Investment [Line Items]
Percentage of ownership	100.00%
RG Cash Plus Limited \| Isle of Man
Disclosure Of Investment [Line Items]
Percentage of ownership	100.00%
Rational Gaming Europe Limited \| Malta
Disclosure Of Investment [Line Items]
Percentage of ownership	100.00%
REEL Italy Limited \| Malta
Disclosure Of Investment [Line Items]
Percentage of ownership	100.00%
Hestview Limited \| England and Wales
Disclosure Of Investment [Line Items]
Percentage of ownership	100.00%
Bonne Terre Limited \| Alderney
Disclosure Of Investment [Line Items]
Percentage of ownership	100.00%
BetEasy Pty Limited \| Australia
Disclosure Of Investment [Line Items]
Percentage of ownership	80.00%

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2019
Disclosure Recent Accounting Pronouncements [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS New accounting pronouncements - not yet effective Amendments to IFRS 9, IAS 39 and IFRS 7 In July 2017, the Financial Conduct Authority (“FCA”), which regulates LIBOR, announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee (“ARRC”), which identified the Secured Overnight Financing Rate as its preferred alternative rate for USD LIBOR in derivatives and other financial contracts. Other benchmark rates including EURIBOR are also impacted by this reform and the European Central Bank has identified the Euro Short Term Rate as its preferred alternative rate for EURIBOR in derivatives and other financial contracts. The Corporation is not able to predict when USD-LIBOR or EURIBOR will cease to be available or when there will be sufficient liquidity in the alternative markets. Any changes adopted by the FCA or other governing bodies in the method used for determining USD-LIBOR and EURIBOR may result in a sudden or prolonged increase or decrease in reported USD-LIBOR and EURIBOR. If that were to occur, the Corporation’s interest payments could change. In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if USD-LIBOR and EURIBOR were to remain available in their current form. In September 2019, the IASB issued amendments to IFRS 9, IAS 39, and IFRS 7 in order to provide relief in respect of the potential impacts to hedge accounting following the uncertainties arising from the impact of the Interbank offered rate (“IBOR”) reform on the timing and amount of designated future cash flows. The amendments provide exceptions to the requirements of hedge accounting during this period of uncertainty with the impact being that existing and new hedge accounting designations will be unaffected by the above noted uncertainties. The amendments are effective for annual reporting periods beginning on or after January 1, 2020, but the Corporation chose to early apply the amendments for the reporting period ending December 31, 2019. Adopting these amendments allows the Corporation to continue hedge accounting during the period of uncertainty arising from interest rate benchmark reforms. See note 4. IFRIC agenda decision In November 2019, the IFRIC discussed a question about how to determine the lease term for cancellable or renewable leases. Entities may enter into cancellable or renewable leases that do not specify a particular term, but which continue indefinitely until one party gives notice to terminate. The request asked how the lease term should be determined and whether the useful life of any related non-removable leasehold improvements is limited to the lease term determined applying IFRS 16. The IFRIC clarified that determining the lease term will depend on both the termination penalties in the contract and the broader economics of the contract. Further an entity must apply IAS 16 Property, Plant and Equipment (“IAS 16) in determining the useful life of non-removable leasehold improvements and may often conclude that it will use and benefit from leasehold improvements only for as long as it uses the underlying leased asset. The IFRIC concluded that the principles and requirements in IFRS 16 provide an adequate basis for an entity to determine the lease term of cancellable and renewable leases and those in IAS 16 and IFRS 16 provide an adequate basis for an entity to determine the useful life of any non-removable leasehold improvements relating to such a lease. Therefore, the IFRIC decided not to add these items to its agenda. Agenda decisions issued by the IFRIC do not have an application date. Sufficient time is entity specific and depends on the relevant facts and circumstances, but agenda decisions are expected to be implemented as soon and as quickly as possible. The IASB expects this to be months rather than years. The Corporation is currently assessing the impact of the agenda decision and does not expect a material impact to the consolidated financial statements. The Corporation expects to have completed its assessment in the first quarter of 2020.

Provisions (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of other provisions [abstract]

Carrying Amounts and Movements in Provisions

The carrying amounts of provisions as at December 31, 2019 and January 1, 2019 and the movements in the provisions during the year ended December 31, 2019 are as follows:



In thousands of U.S. Dollars	Player bonuses and jackpots		Deferred payment provision	Restructuring provision		Litigation provision		Other		Total
Balance at January 1, 2018	4,265		6,300	—		—		10,118		20,683
Provisions acquired in business combinations	8,349		—	1,614		—		5,297		15,260
Recognized	—		—	8,164		—		—		8,164
Adjustment to provision recognized	55,734		—	—		—		654		56,388
Payments	(48,902	)	—	—		—		(7,006	)	(55,908	)
Accretion of discount	—		—	—		—		411		411
Foreign exchange translation losses	(862	)	—	(65	)	—		(880	)	(1,807	)
Balance – January 1, 2019	18,584		6,300	9,713		—		8,594		43,191
Recognized	50,235		—	13,198		22,953		1,154		87,540
Adjustment to provision recognized	—		—	(2,149	)	—		136		(2,013	)
Payments	(47,545	)	—	(10,963	)	(287	)	(3,535	)	(62,330	)
Accretion of discount	—		—	—		—		108		108
Foreign exchange translation losses	128		—	12		401		776		1,317
Balance at December 31, 2019	21,402		6,300	9,811		23,067		7,233		67,813

Current portion at December 31, 2018	18,584		6,300	9,713		—		4,592		39,189
Non-current portion at December 31, 2018	—		—	—		—		4,002		4,002
Current portion at December 31, 2019	21,402		6,300	9,811		23,067		4,348		64,928
Non-current portion at December 31, 2019	—		—	—		—		2,885		2,885

Income Taxes - Summary of Significant Components of Deferred Income Tax Asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2019
Disclosure Of Deferred Income Taxes [Line Items]
Beginning balance	$ 14,249	$ 4,806
Credited (charged) to net earnings	33,500	84
Credited to other comprehensive income	(166)	53
Charged directly to equity - share-based payment transactions		(359)
Acquisition of subsidiary		10,937
Foreign exchange on translation	111	(1,272)
Opening adjustment			$ 197
Deferred tax assets			14,446
Ending balance	47,891	14,249
Property & Equipment
Disclosure Of Deferred Income Taxes [Line Items]
Beginning balance	1,144	148
Credited (charged) to net earnings	501	41
Credited to other comprehensive income	0	0
Charged directly to equity - share-based payment transactions		0
Acquisition of subsidiary		1,016
Foreign exchange on translation	56	(61)
Opening adjustment			35
Deferred tax assets			1,179
Ending balance	1,736	1,144
Intangibles
Disclosure Of Deferred Income Taxes [Line Items]
Beginning balance	0	0
Credited (charged) to net earnings	5,332	0
Credited to other comprehensive income	0	0
Charged directly to equity - share-based payment transactions		0
Acquisition of subsidiary		0
Foreign exchange on translation	62	0
Opening adjustment			0
Deferred tax assets			0
Ending balance	5,394	0
Tax Losses
Disclosure Of Deferred Income Taxes [Line Items]
Beginning balance	1,191	174
Credited (charged) to net earnings	6,682	1,051
Credited to other comprehensive income	0	0
Charged directly to equity - share-based payment transactions		0
Acquisition of subsidiary		0
Foreign exchange on translation	29	(34)
Opening adjustment			(5)
Deferred tax assets			1,186
Ending balance	7,897	1,191
Other
Disclosure Of Deferred Income Taxes [Line Items]
Beginning balance	11,914	4,484
Credited (charged) to net earnings	20,985	(1,008)
Credited to other comprehensive income	(166)	53
Charged directly to equity - share-based payment transactions		(359)
Acquisition of subsidiary		9,921
Foreign exchange on translation	(36)	(1,177)
Opening adjustment			167
Deferred tax assets			$ 12,081
Ending balance	$ 32,864	$ 11,914

Segmental Information (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of operating segments [abstract]

Summary of Segmental Net Earnings

Segmental information for the year ended December 31, 2019 and December 31, 2018:



	Year Ended December 31, 2019
In thousands of U.S. Dollars	International	United Kingdom	Australia	Corporate		Intercompany eliminations *		Consolidated
Revenue	1,312,365	946,679	274,414	—		(5,010	)	2,528,448
Poker	781,637	11,647	—	—		—		793,284
Gaming	427,316	364,983	—	—		—		792,299
Betting	72,561	528,110	270,267	—		—		870,938
Other	30,851	41,939	4,147	—		(5,010	)	71,927

Adjusted EBITDA (**)	604,851	324,633	44,358	(52,717	)	—		921,125

Net financing charges	—	—	—	202,534		—		202,534

Depreciation and amortization	159,895	241,283	36,703	745		—		438,626

Capital expenditures	91,209	32,095	17,197	259		—		140,760



	Year Ended December 31, 2018 ***
In thousands of U.S. Dollars	International	United Kingdom	Australia	Corporate		Intercompany eliminations *		Consolidated
Revenue	1,440,177	394,131	196,930	—		(2,000	)	2,029,238
Poker	886,628	5,929	—	—		—		892,557
Gaming	428,364	157,482	—	—		—		585,846
Betting	79,117	215,921	196,101	—		—		491,139
Other	46,068	14,799	829	—		(2,000	)	59,696

Adjusted EBITDA (**)	703,342	102,107	21,571	(46,071	)	—		780,949

Net financing charges	—	—	—	371,086		—		371,086

Depreciation and amortization	144,304	108,879	29,476	147		—		282,806

Capital expenditures	81,189	18,971	12,386	1,182		—		113,728

_____________________________

** Adjusted EBITDA is used internally by the CODM when analyzing underlying segment performance.

*** Certain amounts were reclassified in the comparative periods. See note 2.

Summary of Reconciliation of Adjusted EBITDA to Net Earnings (Loss)

A reconciliation of Adjusted EBITDA to Net earnings (loss) is as follows:



	Year Ended December 31,
In thousands of U.S. Dollars	2019		2018 ¹
Consolidated
Adjusted EBITDA	921,125		780,949
Add (deduct) the impact of the following:
Acquisition-related costs, deal contingent forward expenses and certain other costs related to the Combination²	(27,165	)	(115,569	)
Stock-based compensation³	(18,842	)	(12,806	)
Gain (loss) from investments	2,520		(1,667	)
Impairment of intangible assets	(3,931	)	(6,223	)
Other costs	(170,882	)	(101,754	)
Total adjusting items	(218,300	)	(238,019	)
Depreciation and amortization	(438,626	)	(282,806	)
Operating income	264,199		260,124
Net financing charges	(202,534	)	(371,086	)
Net earnings from associates	—		1,068
Earnings (loss) before income taxes	61,665		(109,894	)
Income tax recovery	197		988
Net earnings (loss)	61,862		(108,906	)

_____________________________


¹	Certain amounts were reclassified in the comparative periods. See note 2.


²	Acquisition-related costs, deal contingent forward expenses and certain other costs related to the Combination are excluded from Adjusted EBITDA as management believes these expenses are not representative of the underlying operations for the following reasons:


–	Acquisition-related costs include legal and professional fees incurred in connection with the SBG Acquisition and Australia Acquisitions.

–


–	Deal contingent forward expenses include costs associated with forward contracts that were entered into to hedge foreign exchange risk associated with the purchase price of the SBG Acquisition and Australia Acquisitions.


–	Other costs related to the Combination include legal and professional fees and costs incurred in connection with employee retention programs implemented by management to manage certain personnel-related risks associated with the same.


³	Stock-based compensation expense excluded from Adjusted EBITDA primarily due to its discretionary nature.

Summary of Reconciliation of Other Expenses included in EBITDA

A reconciliation of certain items comprising “Other costs” in the Adjusted EBITDA reconciliation table above:



	Year Ended December 31, 2019
In thousands of U.S. Dollars	2019	2018
Integration costs of acquired businesses	19,753	45,597
Financial expenses	1,733	446
Restructuring expenses¹	37,474	8,827
AMF, foreign payments and other investigation and related professional fees²	18,896	6,673
Lobbying (US and Non-US) and other legal expenses³	14,909	16,194
Professional fees in connection with non-core activities⁴	21,889	4,578
Austria gaming duty	—	(3,679	)
Acquisition of market access rights	22,500	20,661
Legal settlement⁵	32,500	—
Other	1,228	2,457
Other costs	170,882	101,754

_____________________________

⁴


⁵	For additional information see notes 8 and 28.

Summary of Distribution of Corporation's Assets by Reporting Segment

The distribution of the Corporation’s assets and liabilities by reporting segment is as follows:



	International	United Kingdom	Australia	Corporate	Total
Total assets as at December 31, 2019	5,083,015	5,468,613	489,605	234,549	11,275,782
Total liabilities as at December 31, 2019	673,016	705,168	499,170	4,878,985	6,756,339

Total assets as at December 31, 2018	5,248,115	5,430,110	510,805	76,508	11,265,538
Total liabilities as at December 31, 2018	623,096	715,398	550,562	5,223,082	7,112,138

Summary of Segment by Geographic Region

The distribution of some of the Corporation’s non-current assets (goodwill, intangible assets and property and equipment) by geographic region is as follows:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Geographic Area
Canada	85,302	66,830
United Kingdom	5,188,175	5,191,994
Isle of Man	4,206,424	4,346,599
Australia	442,024	456,422
Malta	57,069	7,469
Other licensed or approved jurisdictions	59,432	24,534
	10,038,426	10,093,848

Summary of Segment by Customer Location

The following tables set out the proportion of revenue attributable to each gaming license or approval (as opposed to the jurisdiction where the customer was located) that either generated a minimum of 5% of total consolidated revenue for the year ended December 31, 2019 or 2018, or that the Corporation otherwise deems relevant based on its historical reporting of the same or otherwise:



	Year Ended December 31, 2019
In thousands of U.S. Dollars	International	United Kingdom	Australia	Intercompany eliminations *		Total
Geographic Area
United Kingdom	75,674	924,787	—	(5,010	)	995,451
Malta	557,423	13	—	—		557,436
Australia	—	158	274,414	—		274,572
Italy	165,807	233	—	—		166,040
Spain	108,439	152	—	—		108,591
Isle of Man	99,504	—	—	—		99,504
Other licensed or approved jurisdictions	305,518	21,336	—	—		326,854
	1,312,365	946,679	274,414	(5,010	)	2,528,448



	Year Ended December 31, 2018
In thousands of U.S. Dollars	International	United Kingdom	Australia	Intercompany eliminations *		Total
Geographic Area
United Kingdom	73,969	388,421	—	—		462,390
Malta	497,126	—	—	—		497,126
Australia	—	190	196,930	—		197,120
Italy	156,946	1,144	—	—		158,090
Spain	121,776	86	—	—		121,862
Isle of Man	377,702	—	—	(2,000	)	375,702
Other licensed or approved jurisdictions	212,658	4,290	—	—		216,948
	1,440,177	394,131	196,930	(2,000	)	2,029,238

_____________________________

Reserves - Additional Information (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Dec. 03, 2019 AUD ($)	Dec. 31, 2020 AUD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 CAD ($) $ / shares	Dec. 31, 2018 USD ($)	Dec. 31, 2018 USD ($) $ / shares	Apr. 24, 2018	Mar. 06, 2018	Feb. 27, 2018
Disclosure of reserves within equity [line items]
Expense from share-based payment transactions with employees			$ 500,000		$ 3,200,000
Percentage of equity interests acquired							100.00%
Deferred contingent payment			$ 0		77,628,000	$ 77,628,000
Weighted average outstanding maturity period (years)			2 years 2 months 5 days	2 years 2 months 5 days
Weighted average exercise price (dollars per share) \| $ / shares				$ 22.18		$ 23.23
Compensation cost not yet recognized			$ 0
Dividends declared				$ 0
Minimum
Disclosure of reserves within equity [line items]
Outstanding stock option exercisable price per share (dollars per share) \| $ / shares				$ 4.2
Maximum
Disclosure of reserves within equity [line items]
Outstanding stock option exercisable price per share (dollars per share) \| $ / shares				$ 35.3
RSUs
Disclosure of reserves within equity [line items]
Expense from share-based payment transactions with employees			6,300,000		2,100,000
Compensation cost not yet recognized			8,300,000
PSUs
Disclosure of reserves within equity [line items]
Expense from share-based payment transactions with employees			10,800,000		4,900,000
Compensation cost not yet recognized			$ 27,100,000
PSUs \| Minimum
Disclosure of reserves within equity [line items]
Additional percentage of target, preferred shares that can be issued			0.00%	0.00%
PSUs \| Maximum
Disclosure of reserves within equity [line items]
Additional percentage of target, preferred shares that can be issued			100.00%	100.00%
DSUs
Disclosure of reserves within equity [line items]
Expense from share-based payment transactions with employees			$ 1,200,000		$ 2,600,000
Compensation cost not yet recognized			$ 500,000
BetEasy
Disclosure of reserves within equity [line items]
Percentage of equity interests acquired					18.00%	18.00%	18.00%	80.00%	62.00%
Proportion of ownership interests held by non-controlling interests	20.00%
Deferred contingent payment	$ 100
William Hill Australia
Disclosure of reserves within equity [line items]
Percentage of equity interests acquired							100.00%
Forecast \| BetEasy
Disclosure of reserves within equity [line items]
Percentage of equity interests acquired		20.00%	20.00%
Proportion of ownership interests held by non-controlling interests		20.00%
Deferred contingent payment		$ 151
Term to acquire remaining interest		90 days

Accounts Payable And Other Liabilities

12 Months Ended

Dec. 31, 2019

Disclosure Of Other Payables [Abstract]

Accounts Payable And Other Liabilities

ACCOUNTS PAYABLE AND OTHER LIABILITIES

The Corporation’s accounts payable and other liabilities comprise the following:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Accounts payable and accrued liabilities	314,379	282,630
Obligation to acquire non-controlling interest in BetEasy	109,666	—
VAT payable	11,826	18,792
Customer loyalty rewards	17,755	24,787
Employee benefits payable	69,917	57,143
Dormant funds	6,907	7,308
Accrued interest on long-term debt	32,281	33,347
Total accounts payable and other current liabilities	562,731	424,007
Deferred contingent payment (notes 5 and 26)	—	77,628
Other long-term payables	1,770	2,088
Total long-term payables	1,770	79,716

Investments - Additional Information (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

^[1]

Dec. 31, 2017

Current investments - customer deposits (note 13)

$ 109,017

$ 103,153

621,924

721,076

$ 510,323

Disclosure of detailed information about financial instruments [line items]

$ 300,916

$ 328,223

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Related Party Transactions - Summary of Compensation to Key Management Members (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [abstract]
Retention bonuses	$ 10,071	$ 10,320
Director retainers	822	796
Stock-based payments	12,843	6,824
Total key management personnel compensation	$ 23,736	$ 17,940

Financial Instruments Risk Management - Schedule of Effect on Earnings Before Tax of Exchange Rate (Details)
€ in Thousands, £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2019

AUD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2019

GBP (£)

Dec. 31, 2019

CAD ($)

Dec. 31, 2019

EUR (€)

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

$ 4,519,443

$ 4,153,400

^[1],[2]

$ 2,347,338

Foreign Exchange Risk | Strengthening Of L I B O R

61,862

(108,906)

^[3],[4],[5]

Disclosure of detailed information about financial instruments [line items]

Earnings impact - gain (loss)

$ (15)

£ 1,225

$ (800)

€ (89)

Equity impact - gain (loss)

12,902

(67)

574

94,973

Foreign Exchange Risk | Strengthening Of L I B O R | USD:EUR exchange rate

Disclosure of detailed information about financial instruments [line items]

Foreign Exchange Risk | Strengthening Of L I B O R | EUR:GBP exchange rate

257,000

Disclosure of detailed information about financial instruments [line items]

Foreign Exchange Risk | Weakening Of L I B O R

139,722

Disclosure of detailed information about financial instruments [line items]

Earnings impact - gain (loss)

(1,225)

800

Equity impact - gain (loss)

$ (12,902)

£ 67

$ (574)

€ (94,973)

Foreign Exchange Risk | Weakening Of L I B O R | USD:EUR exchange rate

Disclosure of detailed information about financial instruments [line items]

Foreign Exchange Risk | Weakening Of L I B O R | EUR:GBP exchange rate

(233,636)

Disclosure of detailed information about financial instruments [line items]

Interest Rate Risk | Strengthening Of L I B O R

(127,020)

Disclosure of detailed information about financial instruments [line items]

Interest Rate Risk | Strengthening Of L I B O R | USD:EUR exchange rate

3,244

Disclosure of detailed information about financial instruments [line items]

Interest Rate Risk | Weakening Of L I B O R

(1,779)

Disclosure of detailed information about financial instruments [line items]

Interest Rate Risk | Weakening Of L I B O R | USD:EUR exchange rate

(3,632)

Disclosure of detailed information about financial instruments [line items]

Interest Rate Risk | Weakening of EURIBOR

1,779

Disclosure of detailed information about financial instruments [line items]

(37,631)

Interest Rate Risk | Strengthening of EURIBOR

Disclosure of detailed information about financial instruments [line items]

$ 36,004

Interest Rate Risk | Weakening of GBP LIBOR

(9,532)

Disclosure of detailed information about financial instruments [line items]

Interest Rate Risk | Strengthening of GBP LIBOR

(48,434)

Disclosure of detailed information about financial instruments [line items]

Disclosure Of Derivatives [Abstract]

$ 46,590

[1]	The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[2]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[3]	Certain amounts were reclassified in the comparative periods. See note 2.
[4]	The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[5]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Reserves - Summary of Exercisable Options Per Stock Option (Details)	12 Months Ended
	Dec. 31, 2019 shares $ / shares	Dec. 31, 2018 shares	Dec. 31, 2017 shares
Options Outstanding [Abstract]
Number of options (in shares)	3,097,057	4,741,930	6,875,616
Weighted average outstanding maturity period (years)	2 years 2 months 5 days
Options Exercisable [Abstract]
Number of options (in shares)	3,051,257
Weighted average outstanding maturity period (years)	2 years 1 month 24 days
0.01 to 8.00
Options Outstanding [Abstract]
Number of options (in shares)	2,000
Weighted average outstanding maturity period (years)	7 days
Options Exercisable [Abstract]
Number of options (in shares)	2,000
Weighted average outstanding maturity period (years)	7 days
8.01 to 16.00
Options Outstanding [Abstract]
Number of options (in shares)	40,000
Weighted average outstanding maturity period (years)	3 years 11 days
Options Exercisable [Abstract]
Number of options (in shares)	30,000
Weighted average outstanding maturity period (years)	3 years 11 days
16.01 to 24.00
Options Outstanding [Abstract]
Number of options (in shares)	968,300
Weighted average outstanding maturity period (years)	2 years 5 months 27 days
Options Exercisable [Abstract]
Number of options (in shares)	932,500
Weighted average outstanding maturity period (years)	2 years 5 months 5 days
24.01 to 32.00
Options Outstanding [Abstract]
Number of options (in shares)	1,364,605
Weighted average outstanding maturity period (years)	1 year 10 months 17 days
Options Exercisable [Abstract]
Number of options (in shares)	1,364,605
Weighted average outstanding maturity period (years)	1 year 10 months 17 days
32.01 to 40.00
Options Outstanding [Abstract]
Number of options (in shares)	722,152
Weighted average outstanding maturity period (years)	1 year 2 months 12 days
Options Exercisable [Abstract]
Number of options (in shares)	722,152
Weighted average outstanding maturity period (years)	1 year 2 months 12 days
Minimum \| 0.01 to 8.00
Options Exercisable [Abstract]
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares	$ 0.01
Minimum \| 8.01 to 16.00
Options Exercisable [Abstract]
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares	8.01
Minimum \| 16.01 to 24.00
Options Exercisable [Abstract]
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares	16.01
Minimum \| 24.01 to 32.00
Options Exercisable [Abstract]
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares	24.01
Minimum \| 32.01 to 40.00
Options Exercisable [Abstract]
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares	32.01
Maximum \| 0.01 to 8.00
Options Exercisable [Abstract]
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares	8.00
Maximum \| 8.01 to 16.00
Options Exercisable [Abstract]
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares	16.00
Maximum \| 16.01 to 24.00
Options Exercisable [Abstract]
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares	24.00
Maximum \| 24.01 to 32.00
Options Exercisable [Abstract]
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares	32.00
Maximum \| 32.01 to 40.00
Options Exercisable [Abstract]
Weighted average exercise price of share options exercised in share-based payment arrangement \| $ / shares	$ 40.00

Derivatives and Hedge Accounting (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Fair Value of Derivatives

The following table summarizes the fair value of derivatives as at December 31, 2019 and December 31, 2018:



	Year Ended December 31, 2019		Year Ended December 31, 2018
In thousands of U.S. Dollars	Assets	Liabilities	Assets	Liabilities
Derivatives held for hedging

Derivatives designated in cash flow hedges
Cross currency interest rate swaps	59,258	—	41,117	1,096
Interest rate swap	—	17,144	—	4,972
Total derivatives designated in cash flow hedges	59,258	17,144	41,117	6,068

Derivatives designated in net investment hedges
Cross currency interest rate swaps	—	78,787	1,866	—
Total derivatives designated in net investment hedge	—	78,787	1,866	—

Total derivatives held for hedging	59,258	95,931	42,983	6,068

Derivatives held for risk management and other purposes not designated in hedges
Forward contracts	—	—	—	208
Unsettled bets	—	17,628	—	16,285
Embedded Derivative	109,900	—	11,600	—
Total derivatives held for risk management and other purposes not designated in hedges	109,900	17,628	11,600	16,493

Summary of Effects of Cash flow Hedges and Net Investment Hedges

The following tables presents the effects of cash flow hedges and net investment hedges on the Corporation’s financial position and performance.



In thousands of U.S. Dollars	Change in value of hedged items for ineffectiveness measurement		Change in fair value of hedging instruments for ineffectiveness measurement		Hedge ineffectiveness loss *		Hedging gains (losses) recognized in other comprehensive income (loss)		Amount reclassified from accumulated other comprehensive loss to net earnings **		Net change in other comprehensive income (loss)
Cash flow hedges
Interest rate risk
Floating rate debt	(12,172	)	12,172		—		(12,172	)	—		(12,172	)
Interest rate risk and foreign exchange risk
Floating rate, foreign currency debt and other	12,060		(20,112	)	(8,052	)	26,622		(34,916	)	(8,294	)
	(112	)	(7,940	)	(8,052	)	14,450		(34,916	)	(20,466	)

Net investment hedges	(153,886	)	153,886		—		(153,886	)	—		(153,886	)

_____________________________

* Hedge ineffectiveness is recorded within net financing charges on the consolidated statements of earnings (loss).

** For cash flow hedges that address interest rate risk and/or foreign currency exchange risk, the amount reclassified from accumulated other comprehensive earnings (loss) to net earnings (loss) is recorded within interest expense included in Net financing charges or foreign exchange losses included in general and administrative expenses on the consolidated statements of earnings (loss).

Summary of Reconciliation of Accumulated Other Comprehensive Income

Reconciliation of accumulated other comprehensive income (loss):



In thousands of U.S. Dollars (except as noted)	Accumulated other comprehensive loss, beginning of year		Net change in other comprehensive income (loss)		Accumulated other comprehensive loss, end of year		Accumulated other comprehensive loss on designated hedges		Accumulated other comprehensive income (loss) on de-designated hedges
Cash flow hedges *
Interest rate risk
Floating rate debt	(4,972	)	(12,172	)	(17,144	)	(17,144	)	—
Interest rate risk and foreign exchange risk
Floating rate, foreign currency debt and other	(33,081	)	(8,294	)	(41,375	)	(40,862	)	(513	)
	(38,053	)	(20,466	)	(58,519	)	(58,006	)	(513	)

Net investment hedges **	(17,599	)	(153,886	)	(171,485	)	(220,635	)	49,150

_____________________________

* Net changes in other comprehensive income (loss) is recorded through the Cash flow hedging reserve. See note 25.

** Net changes in other comprehensive income (loss) is recorded through the Cumulative translation reserve. See note 25.

Derivatives and Hedge Accounting

12 Months Ended

Dec. 31, 2019

Disclosure Of Derivatives [Abstract]

Derivatives and Hedge Accounting

DERIVATIVES AND HEDGE ACCOUNTING

The Corporation is exposed to interest rate and currency risk, refer to note 29. The Corporation uses derivative financial instruments for risk management and mitigation purposes. As such, any change in cash flows associated with derivative instruments is expected to be offset by changes in cash flows related to the hedged position.

Subsequent to the SBG Financing, and as part of managing the Corporation’s exposure to foreign exchange risk and interest rate risk, the Corporation entered into the Swap Agreements (as defined below), each as discussed below. At the time of entering into the Swap Agreements, the Corporation made a cash payment of $61.1 million to unwind and settle its previously existing swap agreements (the “Previous Swap Agreements”) as discussed below.

Derivatives

Swap Agreements

During the year ended December 31, 2018, a subsidiary of the Corporation entered into Swap Agreements consisting of USD-EUR cross-currency interest rate swap agreements (the “EUR Cross-Currency Interest Rate Swaps”) with a notional amount of €1.99 billion ($2.33 billion), which fix the USD to EUR exchange rate at 1.167 and fix the Euro interest payments at an average interest rate of 3.6%, as well as EUR-GBP cross-currency interest rate swap agreements (the “GBP Cross-Currency Interest Rate Swaps”) with a notional amount of £1.00 billion (€1.12 billion), which fix the EUR to GBP exchange rate at 0.889 and fix the GBP interest payments at an average interest rate of 5.4%. The cross-currency interest rate swaps have a profile that amortizes in line with the USD First Lien Term Loan and each are set to mature in July 2023. The Corporation also entered into an amortizing USD interest rate swap agreement (the “Interest Rate Swap” and collectively with the EUR Cross-Currency Interest Rate Swaps and the GBP Cross-Currency Interest Rate Swaps, the “Swap Agreements”) with a notional amount of $700 million, which is set to mature in July 2023, and swaps USD three-month LIBOR to a fixed interest rate of 2.82%.

Previous Swap Agreements

The Previous Swap Agreements hedged the interest rate and foreign exchange risk on the Corporation’s previous first lien term loans. Therefore, in connection with the repayment of the previous first lien term Loans, the Corporation unwound and settled the remaining USD notional principal of $1.39 billion related to the Previous Swap Agreements for a cash payment of $61.1 million.

Embedded Derivative

See note 17 for a discussion of the features embedded in the Senior Notes that the Corporation bifurcated as it determined that the features were derivatives to be classified and recorded at fair value through profit or loss.

The fair value of the Embedded Derivative as at December 31, 2019 and 2018 was $109.9 million and $11.6 million, respectively. The fair value of the Embedded Derivative was determined using an interest rate option pricing valuation model. The key assumptions include the implied credit spread of 1.9% at December 31, 2019 (December 31, 2018 - 4.6%). The Embedded Derivative is categorized as a Level 3 within the fair value hierarchy. The Corporation did not account for the Embedded Derivative as a qualifying hedge under IAS 39.

Unsettled bets

Unsettled bets represent bets that are staked but the event to which the bet relates have not yet concluded. See note 2 for further details regarding Betting revenue. The principal assumption used in the fair value determination of unsettled bets is the anticipated gross win margin on the outcome of the events to which the bets relate. The unsettled bets are categorized as a Level 3 within the fair value hierarchy.

Deal contingent forwards

In connection with the SBG Acquisition and the Australian Acquisitions, to economically hedge its risk of foreign exchange fluctuations leading up to the acquisitions, the Corporation entered into deal contingent forward contracts. At the time of completion of the acquisitions, the Corporation settled the deal contingent forwards and recognized an aggregate realized loss of $61.5 million included in foreign exchange within the general and administrative category in the consolidated statements of earnings (loss). The Corporation did not account for the deal contingent forward contracts as qualifying hedges under IAS 39.

The following table summarizes the fair value of derivatives as at December 31, 2019 and December 31, 2018:



	Year Ended December 31, 2019		Year Ended December 31, 2018
In thousands of U.S. Dollars	Assets	Liabilities	Assets	Liabilities
Derivatives held for hedging

Derivatives designated in cash flow hedges
Cross currency interest rate swaps	59,258	—	41,117	1,096
Interest rate swap	—	17,144	—	4,972
Total derivatives designated in cash flow hedges	59,258	17,144	41,117	6,068

Derivatives designated in net investment hedges
Cross currency interest rate swaps	—	78,787	1,866	—
Total derivatives designated in net investment hedge	—	78,787	1,866	—

Total derivatives held for hedging	59,258	95,931	42,983	6,068

Derivatives held for risk management and other purposes not designated in hedges
Forward contracts	—	—	—	208
Unsettled bets	—	17,628	—	16,285
Embedded Derivative	109,900	—	11,600	—
Total derivatives held for risk management and other purposes not designated in hedges	109,900	17,628	11,600	16,493

Hedge Accounting

The Corporation’s exposure to market risks including interest rate risk (such as benchmark interest rates) and foreign exchange risk and its approach to managing those risks is discussed in note 29.

Cash flow hedge accounting

In accordance with the Corporation’s current risk management strategy, the Corporation entered into the Swap Agreements to mitigate the risk of fluctuation of coupon and principal cash flows due to changes in foreign currency rates and interest rates related to the USD First Term Lien Loan.

The Corporation assesses hedge effectiveness by comparing the changes in fair value of a hypothetical derivative reflecting the terms of the debt instrument issued due to movements in the applicable foreign currency exchange rate and benchmark interest rate with the changes in fair value of the cross-currency interest rate swaps and interest rate swaps used to hedge the exposure, as applicable. The Corporation uses the hypothetical derivative method to determine the changes in fair value of the hedged item. The Corporation has identified the following possible sources of ineffectiveness in its cash flow hedge relationships:


•	The use of derivatives as a protection against currency and interest rate risk creates an exposure to the derivative counterparty’s credit risk which is not offset by the hedged item. This risk is minimized by entering into derivatives with high credit quality counterparties.


•	Difference in tenor of hedged items and hedging instruments.


•	Use of different discounting curves for hedged item and hedging instrument, because for cross-currency interest rate swaps the discounting curve used depends on collateralization and the type of collateral used.


•	Difference in timing of settlement of the hedging instrument and hedged item.


•	Designation of off-market hedging instruments.

The EUR Cross-Currency Interest Rate Swaps and the Interest Rate Swap were designated in cash flow hedge relationships to hedge the foreign exchange risk and/or interest rate risk on the USD First Lien Term Loan bearing a minimum floating interest rate of 3.5% (USD three-month LIBOR plus a 3.5% margin, with a LIBOR floor of 0%).

As at December 31, 2019, $0.5 million of accumulated other comprehensive loss is included in the cash flow hedging reserve (see note 25) related to de-designated cash flow hedges and is reclassified to the statements of earnings (loss) as the hedged cash flows impact earnings (loss).

Net investment hedge accounting

In accordance with the Corporation’s current risk management strategy, the Corporation designates certain cross-currency interest rate swap contracts and the carrying amount of certain debt instruments in net investment hedging relationships to mitigate the risk of changes in foreign currency rates with respect to the translation of assets and liabilities of subsidiaries with foreign functional currencies.

Upon entering into the GBP Cross-Currency Interest Rate Swaps, the Corporation designated these instruments as a hedge of the forward foreign exchange risk of its net investment in its GBP foreign operations. The Corporation assesses hedge effectiveness by comparing the changes in fair value of the net assets designated, due to movements in the foreign currency rate with the changes in fair value of the hedging instruments used to hedge the exposure. The Corporation uses the hypothetical derivative method to determine the changes in fair value of the hedged item. The only source of ineffectiveness is the effect of the counterparty and the Corporation’s own credit risk on the fair value of the derivative, which is not reflected in the fair value of the hypothetical derivative.

Upon completion of the SBG Financing, the Corporation designated the carrying amount of the USD First Lien Term Loan (excluding the carrying amount subject to the Swap Agreements) and the carrying amount of the Senior Notes as a hedge of the spot foreign exchange risk of its net investment in its USD functional subsidiaries. The Corporation assesses hedge effectiveness using the forward rate method by comparing the currency and the carrying amount of the USD First Lien Term Loan with the currency and the net assets of its USD functional subsidiaries.

As at December 31, 2019, $49.2 million of accumulated other comprehensive income is included in the Cumulative translation reserve (see note 25) related to de-designated net investment hedges and is reclassified to the statements of earnings (loss) upon disposition of the net investment in the applicable foreign subsidiaries.

Effects of hedge accounting

The following tables presents the effects of cash flow hedges and net investment hedges on the Corporation’s financial position and performance.



In thousands of U.S. Dollars	Change in value of hedged items for ineffectiveness measurement		Change in fair value of hedging instruments for ineffectiveness measurement		Hedge ineffectiveness loss *		Hedging gains (losses) recognized in other comprehensive income (loss)		Amount reclassified from accumulated other comprehensive loss to net earnings **		Net change in other comprehensive income (loss)
Cash flow hedges
Interest rate risk
Floating rate debt	(12,172	)	12,172		—		(12,172	)	—		(12,172	)
Interest rate risk and foreign exchange risk
Floating rate, foreign currency debt and other	12,060		(20,112	)	(8,052	)	26,622		(34,916	)	(8,294	)
	(112	)	(7,940	)	(8,052	)	14,450		(34,916	)	(20,466	)

Net investment hedges	(153,886	)	153,886		—		(153,886	)	—		(153,886	)

_____________________________

* Hedge ineffectiveness is recorded within net financing charges on the consolidated statements of earnings (loss).

Reconciliation of accumulated other comprehensive income (loss):



In thousands of U.S. Dollars (except as noted)	Accumulated other comprehensive loss, beginning of year		Net change in other comprehensive income (loss)		Accumulated other comprehensive loss, end of year		Accumulated other comprehensive loss on designated hedges		Accumulated other comprehensive income (loss) on de-designated hedges
Cash flow hedges *
Interest rate risk
Floating rate debt	(4,972	)	(12,172	)	(17,144	)	(17,144	)	—
Interest rate risk and foreign exchange risk
Floating rate, foreign currency debt and other	(33,081	)	(8,294	)	(41,375	)	(40,862	)	(513	)
	(38,053	)	(20,466	)	(58,519	)	(58,006	)	(513	)

Net investment hedges **	(17,599	)	(153,886	)	(171,485	)	(220,635	)	49,150

_____________________________

* Net changes in other comprehensive income (loss) is recorded through the Cash flow hedging reserve. See note 25.

** Net changes in other comprehensive income (loss) is recorded through the Cumulative translation reserve. See note 25.

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	$ 10,008,679,000	$ 4,477,350,000
Ending balance	9,899,198,000	10,008,679,000
Cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	10,719,718,000	4,927,676,000
Additions	113,237,000	79,776,000
Additions through business combination	2,460,000	5,985,055,000
Disposals		(7,830,000)
Translation	189,200,000	(264,959,000)
Ending balance	11,024,615,000	10,719,718,000
Accumulated amortization and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	711,039,000	450,326,000
Amortization	396,369,000	266,171,000
Disposals		(7,665,000)
Impairment	2,872,000	5,373,000
Translation	15,137,000	(3,166,000)
Ending balance	1,125,417,000	711,039,000
Software technology
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	265,490,000	26,420,000
Ending balance	218,663,000	265,490,000
Software technology \| Cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	406,639,000	117,492,000
Additions	8,974,000	6,808,000
Additions through business combination	2,460,000	300,825,000
Disposals		(2,336,000)
Translation	10,056,000	(16,150,000)
Ending balance	428,129,000	406,639,000
Software technology \| Accumulated amortization and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	141,149,000	91,072,000
Amortization	69,124,000	53,159,000
Disposals		(2,171,000)
Impairment	561,000	0
Translation	(1,368,000)	(911,000)
Ending balance	209,466,000	141,149,000
Customer relationships
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	3,352,673,000	1,099,427,000
Ending balance	3,161,650,000	3,352,673,000
Customer relationships \| Cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	3,847,370,000	1,423,719,000
Additions	0	0
Additions through business combination	0	2,533,869,000
Disposals		0
Translation	75,196,000	(110,218,000)
Ending balance	3,922,566,000	3,847,370,000
Customer relationships \| Accumulated amortization and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	494,697,000	324,292,000
Amortization	257,683,000	172,241,000
Disposals		0
Impairment	0	0
Translation	8,536,000	(1,836,000)
Ending balance	760,916,000	494,697,000
Brands
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	506,672,000	485,253,000
Ending balance	507,583,000	506,672,000
Brands \| Cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	506,672,000	485,253,000
Additions	0	0
Additions through business combination	0	22,447,000
Disposals		0
Translation	911,000	(1,028,000)
Ending balance	507,583,000	506,672,000
Brands \| Accumulated amortization and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	0	0
Amortization	0	0
Disposals		0
Impairment	0	0
Translation	0	0
Ending balance	0	0
Brands (licensed)
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	472,474,000	0
Ending balance	467,520,000	472,474,000
Brands (licensed) \| Cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	486,551,000	0
Additions	0	0
Additions through business combination	0	509,896,000
Disposals		0
Translation	17,466,000	(23,345,000)
Ending balance	504,017,000	486,551,000
Brands (licensed) \| Accumulated amortization and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	14,077,000	0
Amortization	20,811,000	14,346,000
Disposals		0
Impairment	0	0
Translation	1,609,000	(269,000)
Ending balance	36,497,000	14,077,000
Deferred development cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	83,857,000	51,712,000
Ending balance	128,586,000	83,857,000
Deferred development cost \| Cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	122,786,000	71,819,000
Additions	82,751,000	51,574,000
Additions through business combination	0	0
Disposals		0
Translation	1,994,000	(607,000)
Ending balance	207,531,000	122,786,000
Deferred development cost \| Accumulated amortization and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	38,929,000	20,107,000
Amortization	31,525,000	14,656,000
Disposals		0
Impairment	1,835,000	4,178,000
Translation	6,656,000	(12,000)
Ending balance	78,945,000	38,929,000
Other Intangibles
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	61,533,000	9,328,000
Ending balance	66,220,000	61,533,000
Other Intangibles \| Cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	82,394,000	18,712,000
Additions	21,512,000	21,394,000
Additions through business combination	0	46,668,000
Disposals		(550,000)
Translation	568,000	(3,830,000)
Ending balance	104,474,000	82,394,000
Other Intangibles \| Accumulated amortization and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	20,861,000	9,384,000
Amortization	17,226,000	11,769,000
Disposals		(550,000)
Impairment	476,000	396,000
Translation	(309,000)	(138,000)
Ending balance	38,254,000	20,861,000
Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	5,265,980,000	2,805,210,000
Ending balance	5,348,976,000	5,265,980,000
Goodwill \| Cost
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	5,267,306,000	2,810,681,000
Additions	0	0
Additions through business combination	0	2,571,350,000
Disposals		(4,944,000)
Translation	83,009,000	(109,781,000)
Ending balance	5,350,315,000	5,267,306,000
Goodwill \| Accumulated amortization and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Beginning balance	1,326,000	5,471,000
Amortization	0	0
Disposals		(4,944,000)
Impairment	0	799,000
Translation	13,000	0
Ending balance	$ 1,339,000	$ 1,326,000

Share Capital - Summary of Share Capital (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Disclosure of classes of share capital [line items]

Issue of Common Shares in relation to stock options and equity awards

$ 4,153,400

^[1],[2]

$ 2,347,338

12,159

31,066

Issue of Common Shares in connection with acquired subsidiary

(105,855)

1,477,478

Issuance of Common Shares in connection with Equity Offering

690,353

Issue of Common Shares in connection with market access agreement

5,198

20,661

Equity fees

(5,413)

Reversal of 2014 deferred tax

^[3]

(3,747)

Issue of Common Shares to FOX

235,963

Disclosure of classes of share capital [line items]

$ 4,519,443

$ 4,153,400

^[1],[2]

Common Shares

Beginning Balance (in shares)

273,177,244

^[1]

147,947,874

Issue of Common Shares in relation to stock options and equity awards (in shares)

$ 4,116,287

^[1]

$ 1,199,834

819,525

1,791,860

Issue of Common Shares in relation to stock options and equity awards

$ 16,702

$ 38,048

Conversion of Preferred Shares to Common Share (in shares)

60,013,510

Conversion of Preferred Shares to Common Shares

$ 684,385

Issue of Common Shares in connection with acquired subsidiary (in shares)

41,049,398

Issue of Common Shares in connection with acquired subsidiary

$ 1,477,478

Issuance of Common Shares in connection with Equity Offering (in shares)

18,875,000

Issuance of Common Shares in connection with Equity Offering

$ 690,353

Issue of Common Shares in connection with market access agreement (in shares)

215,332

1,076,658

Issue of Common Shares in connection with market access agreement

$ 5,198

$ 20,661

Issue of Common Shares in connection with exercised warrants (in shares)

2,422,944

Issue of Common Shares in connection with exercised warrants

$ 14,688

Equity fees

(5,413)

Reversal of 2014 deferred tax

^[3]

$ (3,747)

Issue of Common Shares to FOX (in shares)

14,352,331

Issue of Common Shares to FOX

$ 235,963

Ending Balance (in shares)

288,564,432

273,177,244

^[1]

Disclosure of classes of share capital [line items]

$ 4,374,150

$ 4,116,287

^[1]

Preferred Shares

Beginning Balance (in shares)

1,139,249

Conversion of Preferred Shares to Common Share (in shares)

$ 684,385

1,139,249

Conversion of Preferred Shares to Common Shares

$ (684,385)

Ending Balance (in shares)

[1]	The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[2]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[3]	Certain amounts were reclassified in the comparative periods. See note 2.

Consolidated Statement of Changes in Equity - USD ($)
$ in Thousands

Total

Common Shares

Preferred Shares

Reserves

Retained Earnings

Equity Attributable to the Shareholders of the Stars Group Inc.

Non-controlling Interests

Beginning Balance (in shares) at Dec. 31, 2017

147,947,874

1,139,249

Beginning Balance at Dec. 31, 2017

$ 2,347,338

$ 1,199,834

$ 684,385

$ (142,127)

$ 605,213

$ 2,347,305

$ 33

(108,906)

^[1],[2],[3]

(102,452)

(6,454)

Other comprehensive loss

(100,032)

^[2]

(98,101)

(1,931)

Issue of Common Shares in relation to stock options and equity awards

(208,938)

^[2]

(98,101)

(102,452)

(200,553)

(8,385)

1,791,860

Issue of Common Shares in relation to stock options and equity awards

31,066

$ 38,048

(6,982)

31,066

Conversion of Preferred Shares to Common Shares (in shares)

(60,013,510)

(1,139,249)

Conversion of Preferred Shares to Common Shares

$ 684,385

$ (684,385)

Issue of Common Shares in connection with acquired subsidiary (in shares0

41,049,398

Issue of Common Shares in connection with acquired subsidiary

1,477,478

$ 1,477,478

1,477,478

Issue of Common Shares in connection with Equity Offering

690,353

$ 690,353

690,353

Issuance of Common Shares in connection with Equity Offering

18,875,000

Issue of Common Shares in connection with market access agreement (in shares)

1,076,658

Issue of Common Shares in connection with market access agreement

20,661

$ 20,661

20,661

Issue of Common Shares in connection with exercised warrants (in shares)

2,422,944

Issue of Common Shares in connection with exercised warrants

$ 14,688

(14,688)

Reversal of deferred tax on stock-based compensation

12,806

(359)

Equity fees

(5,413)

Reversal of 2014 deferred tax

^[1]

(3,747)

$ (3,747)

(3,747)

Acquisition of non-controlling interest in subsidiary

(207,845)

(220,178)

12,333

Ending Balance (in shares) at Dec. 31, 2018

273,177,244

^[4]

Ending Balance at Dec. 31, 2018

^[4]

4,153,400

^[5]

$ 4,116,287

(469,629)

502,761

4,149,419

3,981

61,862

62,822

(960)

Other comprehensive loss

137,874

137,902

(28)

Issue of Common Shares in relation to stock options and equity awards

199,736

137,902

62,822

200,724

(988)

819,525

Issue of Common Shares in relation to stock options and equity awards

12,159

$ 16,702

(4,543)

12,159

Issue of Common Shares in connection with acquired subsidiary

(105,855)

Issuance of Common Shares for Fox commercial agreement (in shares)

14,352,331

Issuance Of Common Stock for Fox Commercial Agreement, Value

235,963

$ 235,963

235,963

Issue of Common Shares in connection with market access agreement (in shares)

215,332

Issue of Common Shares in connection with market access agreement

5,198

$ 5,198

5,198

Obligation to acquire non-controlling interest

18,842

(105,855)

Ending Balance (in shares) at Dec. 31, 2019

288,564,432

Ending Balance at Dec. 31, 2019

$ 4,519,443

$ 4,374,150

$ (423,283)

$ 565,583

$ 4,516,450

$ 2,993

[1]	Certain amounts were reclassified in the comparative periods. See note 2.
[2]	The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[3]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[4]	The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.
[5]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Fair Value - Summary of Fair Value of Other Financial Assets and Liabilities Measured at Amortized Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Derivative financial assets	$ 169,158	$ 54,583
Total financial assets	287,826	164,509
LIABILITIES
Derivative financial liabilities	113,559	22,561
Deferred contingent payment	0	77,628
Other non-current financial liabilities	1,877	2,740
Total financial liabilities	115,436	102,929
Liabilities at Amortized Cost [Abstract]
Total financial liabilities	5,143,717	5,383,895
Level 1
ASSETS
Derivative financial assets	0	0
Total financial assets	109,017	103,153
LIABILITIES
Derivative financial liabilities	0	0
Deferred contingent payment		0
Other non-current financial liabilities	0	0
Total financial liabilities	0	0
Liabilities at Amortized Cost [Abstract]
Total financial liabilities	0	0
Level 2
ASSETS
Derivative financial assets	59,258	42,983
Total financial assets	59,258	42,983
LIABILITIES
Derivative financial liabilities	95,931	6,276
Deferred contingent payment		0
Other non-current financial liabilities	0	0
Total financial liabilities	95,931	6,276
Liabilities at Amortized Cost [Abstract]
Total financial liabilities	5,143,717	5,383,895
Level 3
ASSETS
Derivative financial assets	109,900	11,600
Total financial assets	119,551	18,373
LIABILITIES
Derivative financial liabilities	17,628	16,285
Deferred contingent payment		77,628
Other non-current financial liabilities	1,877	2,740
Total financial liabilities	19,505	96,653
Liabilities at Amortized Cost [Abstract]
Total financial liabilities	0	0
First Lien Term Loan
Liabilities at Amortized Cost [Abstract]
Total financial liabilities	4,059,777
First Lien Term Loan \| Level 1
Liabilities at Amortized Cost [Abstract]
Total financial liabilities	0
First Lien Term Loan \| Level 2
Liabilities at Amortized Cost [Abstract]
Total financial liabilities	4,059,777
First Lien Term Loan \| Level 3
Liabilities at Amortized Cost [Abstract]
Total financial liabilities	0
Senior Notes
Liabilities at Amortized Cost [Abstract]
Total financial liabilities	1,083,940
Senior Notes \| Level 1
Liabilities at Amortized Cost [Abstract]
Total financial liabilities	0
Senior Notes \| Level 2
Liabilities at Amortized Cost [Abstract]
Total financial liabilities	1,083,940
Senior Notes \| Level 3
Liabilities at Amortized Cost [Abstract]
Total financial liabilities	0
Previous First Lien Term Loans
Liabilities at Amortized Cost [Abstract]
Total financial liabilities		4,414,525
Previous First Lien Term Loans \| Level 1
Liabilities at Amortized Cost [Abstract]
Total financial liabilities		0
Previous First Lien Term Loans \| Level 2
Liabilities at Amortized Cost [Abstract]
Total financial liabilities		4,414,525
Previous First Lien Term Loans \| Level 3
Liabilities at Amortized Cost [Abstract]
Total financial liabilities		0
USD second lien term loan
Liabilities at Amortized Cost [Abstract]
Total financial liabilities		969,370
USD second lien term loan \| Level 1
Liabilities at Amortized Cost [Abstract]
Total financial liabilities		0
USD second lien term loan \| Level 2
Liabilities at Amortized Cost [Abstract]
Total financial liabilities		969,370
USD second lien term loan \| Level 3
Liabilities at Amortized Cost [Abstract]
Total financial liabilities		0
Bonds – FVOCI
ASSETS
Financial assets available-for-sale	109,017	103,153
Bonds – FVOCI \| Level 1
ASSETS
Financial assets available-for-sale	109,017	103,153
Bonds – FVOCI \| Level 2
ASSETS
Financial assets available-for-sale	0	0
Bonds – FVOCI \| Level 3
ASSETS
Financial assets available-for-sale	0	0
Equity in unquoted companies – FVTPL
ASSETS
Financial assets available-for-sale	9,651	6,773
Equity in unquoted companies – FVTPL \| Level 1
ASSETS
Financial assets available-for-sale	0	0
Equity in unquoted companies – FVTPL \| Level 2
ASSETS
Financial assets available-for-sale	0	0
Equity in unquoted companies – FVTPL \| Level 3
ASSETS
Financial assets available-for-sale	$ 9,651	$ 6,773

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Disclosure of non-adjusting events after reporting period [abstract]
Subsequent Events	SUBSEQUENT EVENTS On February 21, 2020, the Corporation prepaid $100.0 million, including accrued and unpaid interest, of its USD First Lien Term Loan, using available cash on hand.

Financial Instruments Risk Management - Schedule of Information about Terms of Financial Obligations and Liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

Schedule Of Information About Terms Of Financial Obligations And Liabilities [Line Items]

$ 562,731

$ 424,007

^[1]

Provisions

1,877

2,740

Liquidity Risk | On demand $000s

4,895,425

$ 5,411,208

^[1]

Schedule Of Information About Terms Of Financial Obligations And Liabilities [Line Items]

Liquidity Risk | Less than 1 year $000s

143,358

409,390

552,748

Schedule Of Information About Terms Of Financial Obligations And Liabilities [Line Items]

Liquidity Risk | Later Than One Year but Not Later Than 5 Years

350,734

64,928

311,508

727,170

Schedule Of Information About Terms Of Financial Obligations And Liabilities [Line Items]

Liquidity Risk | More Than 5 Years

1,770

2,885

1,302,740

1,307,395

Schedule Of Information About Terms Of Financial Obligations And Liabilities [Line Items]

Restricted Cash Advances And Collateral [Line Items]

4,969,062

$ 4,969,062

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Cash and Cash Equivalents, Restricted Cash Advances and Collateral - Schedule of Restricted Cash Advances and Collateral (Details) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

$ 621,924,000

$ 721,076,000

^[1]

$ 510,323,000

Restricted cash advances and collateral - current portion

17,008,000

21,449,000

6,401,000

10,819,000

^[1]

Restricted cash advances and collateral - non-current portion

10,607,000

10,630,000

^[1]

Guarantees in connection with licenses held

Restricted Cash Advances And Collateral [Line Items]

Funds in connection with hedging contracts

4,318,000

4,312,000

Restricted Cash Advances And Collateral [Line Items]

Segregated funds in respect of payment processors

2,170,000

2,836,000

Restricted Cash Advances And Collateral [Line Items]

Guarantee in connection with acquisition of a subsidiary

2,030,000

Restricted Cash Advances And Collateral [Line Items]

Cash portion of Kentucky Bond Collateral

1,122,000

1,146,000

Restricted Cash Advances And Collateral [Line Items]

Funds held in term deposits

5,000,000

Restricted Cash Advances And Collateral [Line Items]

4,138,000

5,837,000

Restricted Cash Advances And Collateral [Line Items]

Restricted Cash Advances And Collateral [Line Items]

260,000

288,000

Subsidiaries

Disclosure of classes of share capital [abstract]

$ 0

$ 40,100,000

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Share Capital

12 Months Ended

Dec. 31, 2019

Shares Capital

SHARE CAPITAL

The authorized share capital of the Corporation consists of an unlimited number of Common Shares, with no par value, and an unlimited number of convertible preferred shares (“Preferred Shares”), with no par value, issuable in series. As at December 31, 2019, 288,564,432 Common Shares were issued, outstanding and fully paid (December 31, 2018 – 273,177,244), and there were no Preferred Shares outstanding (December 31, 2018 – nil).



	Common Shares #	Preferred Shares #		Common Shares $000’s		Preferred Shares $000’s
Opening balance, as at January 1, 2018	147,947,874	1,139,249		1,199,834		684,385
Issue of Common Shares in relation to stock options and equity awards	1,791,860	—		38,048		—
Conversion of Preferred Shares to Common Shares	60,013,510	(1,139,249	)	684,385		(684,385	)
Issue of Common Shares in connection with acquired subsidiary	41,049,398	—		1,477,478		—
Issuance of Common Shares in connection with Equity Offering	18,875,000	—		690,353		—
Issue of Common Shares in connection with market access agreement	1,076,658	—		20,661		—
Issue of Common Shares in connection with exercised warrants	2,422,944	—		14,688		—
Equity fees	—	—		(5,413	)	—
Reversal of 2014 deferred tax *	—	—		(3,747	)	—
Ending balance, as at December 31, 2018	273,177,244	—		4,116,287		—
Issue of Common Shares in relation to stock options and equity awards	819,525	—		16,702		—
Issue of Common Shares to FOX	14,352,331	—		235,963		—
Issue of Common Shares in connection with market access agreement	215,332	—		5,198		—
Ending balance, as at December 31, 2019	288,564,432	—		4,374,150		—

_____________________________

* During the year ended December 31, 2018, the Corporation made an adjustment of $3.7 million to the amounts recognized in Common Shares within share capital in respect of a previous reversal of deferred tax recognized through the consolidated statements of earnings (loss).

During the year ended December 31, 2019:

•

The Corporation issued 726,300 Common Shares for cash consideration of $12.2 million as a result of the exercise of stock options. The exercised stock options were initially valued at $2.4 million. The Corporation also issued 93,225 Common Shares in connection with the settlement of other equity-based awards, initially valued at $2.1 million. Upon exercise or settlement, as applicable, the values originally allocated to the stock options and equity-based awards in the Equity reserve were reallocated to the Common Shares so issued.


•	FOX acquired 14,352,331 newly issued Common Shares, representing 4.99% of the Corporation’s then-issued and outstanding Common Shares (including the newly issued Common Shares), at a price of $16.4408 per share, for aggregate proceeds of $236.0 million. The Common Shares issued to FOX are subject to certain transfer restrictions for two years, subject to customary exceptions.


•	The Corporation issued 215,332 Common Shares, valued at $5.2 million, to Eldorado Resorts, Inc. (“Eldorado”) as the Corporation exercised an option in connection with the 2018 Market Access Agreement (as defined below).

During the year ended December 31, 2018:

•

The Corporation closed an underwritten public offering of Common Shares (the “Equity Offering”) at a price of $38.00 per Common Share. The Corporation sold a total of 17,000,000 Common Shares and certain selling shareholders of the Corporation sold 8,000,000 Common Shares. The net proceeds to the Corporation (excluding the over-allotment proceeds), after underwriting discounts and commissions, but before expenses of the Equity Offering payable by the Corporation, were $621.8 million. The Equity Offering also included an over-allotment option granted to the underwriters to purchase an additional 1,875,000 Common Shares from the Corporation and 1,875,000 Common Shares from the selling shareholders at a price of $38.00 per Common Share. The underwriters exercised this over-allotment option in full which resulted in additional net proceeds to the Corporation after underwriting discounts and commissions, but before expenses of the over-allotment option payable by the Corporation, of $68.6 million.

•

The Corporation elected to effect the conversion of all Preferred Shares pursuant to their terms (the “Preferred Share Conversion”) as a result of meeting the applicable price and liquidity conditions with respect to the same. As a result, all of the Corporation’s outstanding Preferred Shares were converted into Common Shares at a rate of 52.7085 Common Shares per Preferred Share, resulting in the cancellation of all of the Preferred Shares and the issuance of 51,999,623 million Common Shares to the holders thereof. All the Preferred Shares were canceled and all rights associated therewith were terminated.

•

The Corporation issued 1,731,761 Common Shares for cash consideration of $31.0 million as a result of the exercise of stock options. The exercised stock options were initially valued at $5.8 million. The Corporation also issued 60,099 Common Shares in connection with the settlement of other equity-based awards, initially valued at $1.2 million. Upon exercise or settlement, as applicable, the values originally allocated to the stock options and equity-based awards in the Equity reserve were reallocated to the Common Shares so issued.


•	The Corporation issued 2,422,944 Common Shares as a result of the exercise of 4,000,000 warrants. There are no further outstanding warrants as at December 31, 2018. The exercised warrants were initially valued at $14.7 million. Upon the exercise of such warrants, the value originally allocated to the Warrants reserve were reallocated to the Common Shares so issued.

•

The Corporation issued 8,013,887 Common Shares as a result of the voluntary conversion of 152,698 Preferred Shares prior to the Preferred Share Conversion. The converted Preferred Shares were initially valued at $114.9 million. Upon the conversion of the Preferred Shares, the value originally allocated to the Preferred Shares was reallocated to the Common Shares so issued. 8,000,000 of the Common Shares issued as a result of such voluntary conversion were then sold by the holders thereof in the Equity Offering.


•	The Corporation issued 3,115,344 Common Shares, valued at $96.4 million, to the sellers of BetEasy as partial consideration for the acquisition of an additional 18% of the equity interests in BetEasy.


•	The Corporation issued 37,934,054 Common Shares, valued at $1.38 billion, to the sellers of SBG as partial consideration for the SBG Acquisition.


•	The Corporation issued 1,076,658 Common Shares, valued at $20.7 million, to Eldorado in connection with an agreement with Eldorado (the “Market Access Agreement”) which, among other things, grants the Corporation an option to operate online betting and gaming in certain states where Eldorado currently or in the future owns or operates casino properties.

Investments - Summary of Corporations investments Held by Maturity Date (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Disclosure Of Investment [Line Items]
Available for sale securities, debt maturities, next twelve months, fair value	$ 48,805
Available for sale securities, debt maturities, year two through five, fair value	60,212
Available for sale securities, debt maturities, after five years, fair value	0
Bonds
Disclosure Of Investment [Line Items]
Available for sale securities, debt maturities, next twelve months, fair value	48,805
Available for sale securities, debt maturities, year two through five, fair value	60,212
Available for sale securities, debt maturities, after five years, fair value	$ 0

Segmental Information - Summary of Segment by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Other sources of revenue	$ 2,505	$ 3,277
Goodwill, intangible assets and property and equipment	10,038,426	10,093,848
Canada
Disclosure of operating segments [line items]
Goodwill, intangible assets and property and equipment	85,302	66,830
United Kingdom
Disclosure of operating segments [line items]
Goodwill, intangible assets and property and equipment	5,188,175	5,191,994
Isle of Man
Disclosure of operating segments [line items]
Goodwill, intangible assets and property and equipment	4,206,424	4,346,599
Australia
Disclosure of operating segments [line items]
Goodwill, intangible assets and property and equipment	442,024	456,422
Malta
Disclosure of operating segments [line items]
Goodwill, intangible assets and property and equipment	57,069	7,469
Other licensed or approved jurisdictions
Disclosure of operating segments [line items]
Goodwill, intangible assets and property and equipment	59,432	24,534
Intercompany Eliminations
Disclosure of operating segments [line items]
Other sources of revenue	(5,010)	(2,000)
Intercompany Eliminations \| United Kingdom
Disclosure of operating segments [line items]
Other sources of revenue	(5,010)	0
Intercompany Eliminations \| Isle of Man
Disclosure of operating segments [line items]
Other sources of revenue	0	(2,000)
Intercompany Eliminations \| Australia
Disclosure of operating segments [line items]
Other sources of revenue	0	0
Intercompany Eliminations \| Malta
Disclosure of operating segments [line items]
Other sources of revenue	0	0
Intercompany Eliminations \| Other licensed or approved jurisdictions
Disclosure of operating segments [line items]
Other sources of revenue	$ 0	$ 0

Commitments - Schedule Future Minimum Lease Payments Under Non-cancellable Operating Leases (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Short-Term Lease Obligations By Lessee [Line Items]
Short-term and low value lease obligations	$ 700,000	$ 3,700,000
Contractual commitments for acquisition of property, plant and equipment	0	0
Revolving Credit Facilities
Disclosure Of Short-Term Lease Obligations By Lessee [Line Items]
Letter of credit issued	$ 74,000,000	$ 74,200,000

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Summary Of Significant Accounting Policies [Abstract]

Summary of Property and Equipment

Depreciation is expensed from the month the particular asset is available for use, over the estimated useful life of such asset at the following rates, which in each case are intended to reduce the carrying value of the asset to the estimated residual value:



Furniture and fixtures	Straight-line	4-10 years
Computer equipment	Straight-line	2-5 years
Building	Straight-line	25 years
Right of use assets	Straight-line	1-10 years (Shorter of term of lease and useful life of the asset)

For the year ended December 31, 2018:



In thousands of U.S. Dollars	Furniture and Fixtures		Computer Equipment		Building		Total
Cost
Balance – January 1, 2018	12,497		26,155		23,928		62,580
Additions	11,283		22,669		—		33,952
Additions through business combination	24,582		1,642		—		26,224
Disposals	(338	)	(26	)	—		(364	)
Impairment	(1,521	)	—		—		(1,521	)
Translation	(870	)	(634	)	(1,991	)	(3,495	)
Balance – December 31, 2018	45,633		49,806		21,937		117,376

Accumulated amortization and impairments
Balance – January 1, 2018	5,324		9,402		3,017		17,743
Depreciation	7,682		7,960		991		16,633
Disposals	(57	)	(12	)	—		(69	)
Impairment	(954	)	—		—		(954	)
Translation	(528	)	(246	)	(372	)	(1,146	)
Balance – December 31, 2018	11,467		17,104		3,636		32,207

Net carrying amount
At January 1, 2018	7,173		16,753		20,911		44,837
At December 31, 2018	34,166		32,702		18,301		85,169

For the year ended December 31, 2019:



In thousands of U.S. Dollars	Furniture and Fixtures		Computer Equipment		Building	Right-of-use assets *		Total
Cost
Balance – January 1, 2019	45,633		49,806		21,937	57,288		174,664
Additions	9,404		18,119		—	16,496		44,019
Additions through business combination	—		—		—	—		—
Disposals	(937	)	(1,044	)	—	(5,531	)	(7,512	)
Translation	712		26		1,399	118		2,255
Balance – December 31, 2019	54,812		66,907		23,336	68,371		213,426

Accumulated amortization and impairments
Balance – January 1, 2019	11,467		17,104		3,636	—		32,207
Depreciation	13,283		10,490		951	17,532		42,256
Disposals	(715	)	(997	)	—	(36	)	(1,748	)
Translation	1,155		(17	)	268	77		1,483
Balance – December 31, 2019	25,190		26,580		4,855	17,573		74,198

Net carrying amount
At January 1, 2019	34,166		32,702		18,301	57,288		142,457
At December 31, 2019	29,622		40,327		18,481	50,798		139,228

_____________________________

* The table below illustrates the right-of-use assets included as part of property and equipment in the consolidated statement of financial position by asset class:



In thousands of U.S. Dollars	Land and Buildings		Computer Equipment and Data Centers	Total
Cost
Balance – January 1, 2019	42,194		15,094	57,288
Additions	12,818		3,678	16,496
Disposals	(5,531	)	—	(5,531	)
Translation	41		77	118
Balance – December 31, 2019	49,522		18,849	68,371

Accumulated amortization
Balance – January 1, 2019	—		—	—
Depreciation	12,525		5,007	17,532
Disposals	(36	)	—	(36	)
Translation	16		61	77
Balance – December 31, 2019	12,505		5,068	17,573

Net carrying amount
At January 1, 2019	42,194		15,094	57,288
At December 31, 2019	37,017		13,781	50,798

Summary of Estimated Useful Life of the Intangible Assets

Amortization is expensed from the month the particular asset is available for use, over the estimated useful life of such asset at the following rates, which in each case are intended to reduce the carrying value of the asset to the estimated residual value:



Software technology (including deferred development costs)	Straight-line	4-5 years
Software technology (Defensive intangible asset)	Straight-line	2 years
Customer relationships	Straight-line	15 years
Brands (licensed)	Straight-line	22 years
Brands	N/A	Indefinite useful life
Other intangibles	Straight-line	3-25 years

Revenue - Additional Information (Details)	Dec. 31, 2019 USD ($)
Revenue [abstract]
Contract assets	$ 0
Unsatisfied Performance Obligation	$ 0

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2019

Dec. 31, 2018

Numerator

Numerator for basic and diluted earnings (loss) per Common Share – net earnings (loss) attributable to Shareholders of The Stars Group Inc. (in shares)

$ 62,822

$ (102,452)

Denominator

Denominator for basic earnings (loss) per Common Share – weighted average number of Common Shares

282,884,929

208,269,905

^[1],[2]

Effect of dilutive securities

Stock options (in shares)

233,223

1,371,177

Performance share units (in shares)

1,184,132

246,813

Deferred share units (in shares)

22,787

7,593

Restricted share units (in shares)

153,566

72,673

Warrants (in shares)

569,304

Convertible Preferred Shares (in shares)

32,231,301

Effect of dilutive securities (in shares)

1,593,708

34,498,861

Dilutive potential for diluted earnings (loss) per Common Share (in shares)

284,478,637

208,269,905

^[1],[2]

Basic earnings (loss) per Common Share (in dollars per share)

$ 0.22

$ (0.49)

^[1],[2]

Diluted earnings (loss) per Common Share (in dollars per share)

$ 0.22

$ (0.49)

[1]	Certain amounts were reclassified in the comparative periods. See note 2.
[2]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Cash Flow Statement [Abstract]

Schedule of Changes in Non Cash Operating Working Capital

Changes in non-cash operating elements of working capital



	Year Ended December 31,
In thousands of U.S. Dollars	2019		2018
Accounts receivable	23,273		90,677
Prepaid expenses	(34,989	)	(14,250	)
Accounts payable and accrued liabilities	30,557		(112,275	)
Provisions	23,872		15,652
Other	(8,640	)	10,793
Total	34,073		(9,403	)

Schedule of Changes in Liabilities Arising from Financing Activities



In thousands of U.S. Dollars	January 1, 2019	Financing cash flows		The effect of changes in foreign exchange rates		Other changes		December 31, 2019
Long-term debt	5,446,958	(519,797	)	(21,245	)	25,259		4,931,175
Lease liability	59,485	(17,532	)	2,262		11,109		55,324
Deferred contingent payment¹	77,628	(68,394	)	(1,863	)	(7,371	)	—
Balance – December 31, 2019	5,584,071	(605,723	)	(20,846	)	28,997		4,986,499



In thousands of U.S. Dollars	January 1, 2018	Financing cash flows	The effect of changes in foreign exchange rates		Other changes	December 31, 2018
Long-term debt	2,314,675	2,978,754	(46,040	)	199,569	5,446,958
Balance – December 31, 2018	2,314,675	2,978,754	(46,040	)	199,569	5,446,958

_____________________________

¹ Previously included within other long-term liabilities on the consolidated statement of financial position.

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
International
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Revenue growth rate	6.80%
Steady growth rate	3.00%
United Kingdom
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Revenue growth rate	4.00%
Steady growth rate	3.00%
Excess of recoverable amount over carrying amount	$ 932,100,000
Australia
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Revenue growth rate	4.00%
Steady growth rate	2.00%
Excess of recoverable amount over carrying amount	$ 66,200,000
Discontinued Development and Other Projects
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Impairment losses	2,900,000	$ 4,600,000
Accumulated amortization and impairments
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Impairment losses	2,872,000	5,373,000
Accumulated amortization and impairments \| Goodwill
Disclosure of reconciliation of changes in intangible assets and goodwill [line items]
Impairment losses	$ 0	$ 799,000

Contingent Liabilities	12 Months Ended
Contingent Liabilities	Dec. 31, 2019
Disclosure of contingent liabilities [abstract]
Contingent Liabilities	CONTINGENT LIABILITIES As part of management’s ongoing regulatory compliance and operational risk assessment process, management monitors legal and regulatory developments and proceedings, and their potential impact on the business. Kentucky Proceeding Prior to the Stars Interactive Group acquisition, the Commonwealth of Kentucky, ex. rel. J. Michael Brown, Secretary of the Justice and Public Safety Cabinet, filed a legal proceeding against Stars Interactive Group, then named Oldford Group, and certain affiliates thereof (together, the “Oldford Parties”) and various other defendants (the “Kentucky Proceeding”), pursuant to which the Commonwealth sought to recover alleged gambling losses on behalf of Kentucky residents who played real-money poker on the PokerStars website during the period between October 12, 2006 and April 15, 2011. On August 12, 2015, the trial court in the Kentucky Proceeding entered a default judgment against the Oldford Parties following certain alleged discovery failures, including by certain former owners of the Oldford Parties, and partial summary judgment on liability in favor of the Commonwealth. On December 23, 2015, the trial court entered an order for damages in the amount of approximately $290 million, which the trial court trebled to approximately $870 million. The Corporation, through certain subsidiaries, filed a notice of appeal to the Kentucky Court of Appeals and posted a $100 million supersedeas bond to stay enforcement of the order for damages during the pendency of the appeals process. In connection with the posting of the bond, the Corporation delivered cash collateral in the amount of $5 million and letters of credit in the aggregate amount of $65 million. See notes 15 and 17. On December 21, 2018, the Kentucky Court of Appeals ruled in the Corporation’s favor and reversed in its entirety the $870 million judgment. On January 18, 2019, the Commonwealth filed a motion for discretionary review with the Kentucky Supreme Court asking the Court to determine if it will hear an appeal of the decision issued by the Kentucky Court of Appeals. On April 11, 2019, the Kentucky Supreme Court granted such discretionary review. In late-January 2016, pursuant to and in accordance with the procedures set forth in the merger agreement governing the Stars Interactive Group acquisition, a subsidiary of the Corporation submitted a notice of claim to the sellers’ representative and escrow agent seeking indemnification for losses and potential losses caused by breaches under the merger agreement and requesting, among other things, that the escrow agent retain the then-remaining balance of the escrow fund established under the merger agreement in an aggregate amount equal to $300 million. Since 2016, the escrow fund was reduced according to the settlement of certain of the claims and on September 30 2019, the parties settled the remaining disputed claim regarding the Kentucky Proceedings and the escrow agent released the remaining funds to a payment agent designated by the former owners of Stars Interactive Group. No liability has been recognized relating to this matter as based on all available information, the Corporation does not consider it probable that there will be a future outflow.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about property, plant and equipment [abstract]

Summary of Property and Equipment



Furniture and fixtures	Straight-line	4-10 years
Computer equipment	Straight-line	2-5 years
Building	Straight-line	25 years
Right of use assets	Straight-line	1-10 years (Shorter of term of lease and useful life of the asset)

For the year ended December 31, 2018:



In thousands of U.S. Dollars	Furniture and Fixtures		Computer Equipment		Building		Total
Cost
Balance – January 1, 2018	12,497		26,155		23,928		62,580
Additions	11,283		22,669		—		33,952
Additions through business combination	24,582		1,642		—		26,224
Disposals	(338	)	(26	)	—		(364	)
Impairment	(1,521	)	—		—		(1,521	)
Translation	(870	)	(634	)	(1,991	)	(3,495	)
Balance – December 31, 2018	45,633		49,806		21,937		117,376

Accumulated amortization and impairments
Balance – January 1, 2018	5,324		9,402		3,017		17,743
Depreciation	7,682		7,960		991		16,633
Disposals	(57	)	(12	)	—		(69	)
Impairment	(954	)	—		—		(954	)
Translation	(528	)	(246	)	(372	)	(1,146	)
Balance – December 31, 2018	11,467		17,104		3,636		32,207

Net carrying amount
At January 1, 2018	7,173		16,753		20,911		44,837
At December 31, 2018	34,166		32,702		18,301		85,169

For the year ended December 31, 2019:



In thousands of U.S. Dollars	Furniture and Fixtures		Computer Equipment		Building	Right-of-use assets *		Total
Cost
Balance – January 1, 2019	45,633		49,806		21,937	57,288		174,664
Additions	9,404		18,119		—	16,496		44,019
Additions through business combination	—		—		—	—		—
Disposals	(937	)	(1,044	)	—	(5,531	)	(7,512	)
Translation	712		26		1,399	118		2,255
Balance – December 31, 2019	54,812		66,907		23,336	68,371		213,426

Accumulated amortization and impairments
Balance – January 1, 2019	11,467		17,104		3,636	—		32,207
Depreciation	13,283		10,490		951	17,532		42,256
Disposals	(715	)	(997	)	—	(36	)	(1,748	)
Translation	1,155		(17	)	268	77		1,483
Balance – December 31, 2019	25,190		26,580		4,855	17,573		74,198

Net carrying amount
At January 1, 2019	34,166		32,702		18,301	57,288		142,457
At December 31, 2019	29,622		40,327		18,481	50,798		139,228

_____________________________

* The table below illustrates the right-of-use assets included as part of property and equipment in the consolidated statement of financial position by asset class:



In thousands of U.S. Dollars	Land and Buildings		Computer Equipment and Data Centers	Total
Cost
Balance – January 1, 2019	42,194		15,094	57,288
Additions	12,818		3,678	16,496
Disposals	(5,531	)	—	(5,531	)
Translation	41		77	118
Balance – December 31, 2019	49,522		18,849	68,371

Accumulated amortization
Balance – January 1, 2019	—		—	—
Depreciation	12,525		5,007	17,532
Disposals	(36	)	—	(36	)
Translation	16		61	77
Balance – December 31, 2019	12,505		5,068	17,573

Net carrying amount
At January 1, 2019	42,194		15,094	57,288
At December 31, 2019	37,017		13,781	50,798

Disclosure of quantitative information about right-of-use assets

The table below illustrates the right-of-use assets as at December 31, 2019, included as part of property and equipment in the consolidated statement of financial position by asset class:



In thousands of U.S. Dollars	Land and Buildings	Computer Equipment	Total
Net carrying amount
January 1, 2019	42,194	15,094	57,288
December 31, 2019	37,018	13,780	50,798

Share Capital (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of classes of share capital [abstract]

Summary of Share Capital

As at December 31, 2019, 288,564,432 Common Shares were issued, outstanding and fully paid (December 31, 2018 – 273,177,244), and there were no Preferred Shares outstanding (December 31, 2018 – nil).



	Common Shares #	Preferred Shares #		Common Shares $000’s		Preferred Shares $000’s
Opening balance, as at January 1, 2018	147,947,874	1,139,249		1,199,834		684,385
Issue of Common Shares in relation to stock options and equity awards	1,791,860	—		38,048		—
Conversion of Preferred Shares to Common Shares	60,013,510	(1,139,249	)	684,385		(684,385	)
Issue of Common Shares in connection with acquired subsidiary	41,049,398	—		1,477,478		—
Issuance of Common Shares in connection with Equity Offering	18,875,000	—		690,353		—
Issue of Common Shares in connection with market access agreement	1,076,658	—		20,661		—
Issue of Common Shares in connection with exercised warrants	2,422,944	—		14,688		—
Equity fees	—	—		(5,413	)	—
Reversal of 2014 deferred tax *	—	—		(3,747	)	—
Ending balance, as at December 31, 2018	273,177,244	—		4,116,287		—
Issue of Common Shares in relation to stock options and equity awards	819,525	—		16,702		—
Issue of Common Shares to FOX	14,352,331	—		235,963		—
Issue of Common Shares in connection with market access agreement	215,332	—		5,198		—
Ending balance, as at December 31, 2019	288,564,432	—		4,374,150		—

Prepaid Expenses and Other Assets - Components of Prepaid Expenses and Other Assets (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Jan. 01, 2019

Dec. 31, 2018

Prepaid Expenses And Other Assets [Abstract]

Prepaid royalties

$ 530

$ 987

Prepaid expenses

50,051

38,688

Vendor deposits

1,397

1,297

Receivable from insurance

23,067

Other current assets

4,533

2,973

Total current portion of prepaid expenses and other assets

79,578

43,945

^[1]

Prepaid royalties

15,989

15,963

Vendor deposits

720

758

Long term investments (note 13)

9,651

6,773

Investment tax credits receivable

1,835

2,483

Deferred financing costs (note 17)

5,287

6,783

Total non-current portion of prepaid expenses and other assets

$ 33,482

$ 31,984

$ 32,760

^[1]

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Financial Instruments Risk Management - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about financial instruments [line items]
Strengthening or weakening exchange rates	10.00%
Sensitivity rate used when reporting foreign currency risk	10.00%
USD First Lien Term Loan
Disclosure of detailed information about financial instruments [line items]
First lien term loan floor rate	0.00%
Interest rate	5.60%
EUR First Lien Term Loan
Disclosure of detailed information about financial instruments [line items]
First lien term loan floor rate	0.00%
Foreign Exchange Risk
Disclosure of detailed information about financial instruments [line items]
Effect of exchange rate on earnings before tax, percentage	10.00%
Interest Rate Risk
Disclosure of detailed information about financial instruments [line items]
Description of sensitivity rate	100 basis points
Interest Rate Risk \| USD First Lien Term Loan \| Minimum
Disclosure of detailed information about financial instruments [line items]
Interest rate	3.50%
Interest Rate Risk \| EUR First Lien Term Loan \| Minimum
Disclosure of detailed information about financial instruments [line items]
Interest rate	3.75%
Credit risk
Disclosure of detailed information about financial instruments [line items]
Allowance for doubtful accounts	$ 14.6	$ 16.8

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Disclosure Of Summary Of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of accounting

Comparative balances

The Corporation made certain reclassifications to the comparative balances in the consolidated financial statements for the year ended December 31, 2019. These reclassifications are outlined below:

Consolidated Statements of Earnings (Loss)

Consolidated Statements of Cash Flows

Segmental Information


•	Reclassification of $2.5 million for the year ended December 31, 2018, resulting in an increase to Adjusted EBITDA for the International segment and a corresponding decrease of the same amount to Adjusted EBITDA for the Corporate cost center.


•	Reclassification of $2.1 million for the year ended December 31, 2018, resulting in an increase to Adjusted EBITDA for the United Kingdom segment and a corresponding decrease of the same amount to Adjusted EBITDA for the Corporate cost center.


•	Reclassification of $0.5 million for the year ended December 31, 2018, resulting in an increase to Adjusted EBITDA for the Australia segment and a corresponding decrease of the same amount to Adjusted EBITDA for the Corporate cost center.

Within the reconciliation of Adjusted EBITDA to Net Earnings, there was a reclassification of $7.2 million for the year ended December 31, 2018 previously reported within the financial expenses line of other costs to net financing charges with respect to the foreign currency translation of financial instruments related to financing activities as described above.

Going Concern

Principles of Consolidation

Revenue Recognition

The Corporation has disclosed disaggregated revenue recognized from customers and revenue from other online activities in note 7.

The Company’s principal arrangements include the following sources of revenue:

Revenue from customers within the scope of IFRS 15, Revenue from Contracts with Customers (“IFRS 15”)

Poker revenue

Gaming revenue

Conversion margins

Other revenue from customers

Revenue from customers out of the scope of IFRS 15

Betting revenue

Betting is presented as revenue gross of applicable gaming duties, which are presented within cost of revenue.

Customer loyalty programs

Other sources of revenue

Income from player funds

Income (loss) from dormant accounts

Cost of Revenue

Financial Instruments

Financial Assets

Recognition and Measurement


•	Those to be measured subsequently at fair value through profit or loss (“FVTPL”);


•	Those to be measured subsequently through other comprehensive income (“FVOCI”); or


•	Those to be measured at amortized cost.

Debt instruments

•

Equity instruments

•

Impairment of financial assets

Financial Liabilities

Recognition and measurement

Financial liabilities are classified, at initial recognition, as either financial liabilities at FVTPL or other financial liabilities.

•

Debt modifications

Transaction costs

Obligations of the Corporation to acquire its own shares or shares of a partially owned subsidiary

Derivatives

Hedge accounting

The Corporation designates certain derivatives as either:


•	hedges of a particular risk associated with the cash flows of recognized assets and liabilities and highly probable forecast transactions (cash flow hedges), or


•	hedges of a net investment in a foreign operation (net investment hedges).

Cash flow hedges

Net investment hedges

Determination of fair value

Level 1 ‑ Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 ‑ Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3 ‑ Inputs for the asset or liability that are not based on observable market data.

Transfers between levels of the fair value hierarchy are recognized by the Corporation at the end of the reporting period during which the transfer occurred.

Cash and cash equivalents

Leases

The Corporation applied the following transitional-related elections available upon transition to IFRS 16:


•	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.

The Corporation as a Lessee


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.

Lease payments included in the measurement of the lease liability include:


•	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 Corporation remeasures the lease liability and makes a corresponding adjustment to the related right-of-use asset whenever:


•	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.

The Corporation as a Lessor

The Corporation does not currently have any material contracts where the Corporation acts as a lessor.

Leases prior to January 1, 2019 under IAS 17

The Corporation as lessor

The Corporation as lessee

Prepaid Expenses and Deposits

Prepaid expenses and deposits consist of amounts paid in advance or deposits made for which the Corporation will receive goods or services.

Property and Equipment



Furniture and fixtures	Straight-line	4-10 years
Computer equipment	Straight-line	2-5 years
Building	Straight-line	25 years
Right of use assets	Straight-line	1-10 years (Shorter of term of lease and useful life of the asset)

Intangible Assets



Software technology (including deferred development costs)	Straight-line	4-5 years
Software technology (Defensive intangible asset)	Straight-line	2 years
Customer relationships	Straight-line	15 years
Brands (licensed)	Straight-line	22 years
Brands	N/A	Indefinite useful life
Other intangibles	Straight-line	3-25 years

Goodwill

Research and Development

The amortization method and the life of the commercial production are assessed annually and the assets are tested for impairment whenever an indication exists that an asset might be impaired.

Investments

Investments are stated at the lower of cost and fair market value. Cost is determined on a weighted average basis at a consolidated level.

Investments in Associates

Impairment of Non-Current Assets

Taxation

Current tax

Deferred tax

IFRS 2, Share-based Payment (“IFRS 2”)

Stock Options

Restricted Share Units

Performance Share Units

Upon settlement, holders will receive fully paid Common Shares in proportion to the number of vested PSUs held and the level of performance achieved. Any unearned PSUs will be forfeited.

Deferred Share Units

Dividend Equivalents

Provisions

Contingent liabilities

Translation of Foreign Operations and Foreign Currency Transactions

Functional and presentation currency

A change in functional currency is accounted for prospectively from the date of the change by translating all items into the new functional currency using the exchange rate at the date of the change.

Transactions and balances

Group companies


(i)	assets and liabilities for each statement of financial position presented are translated at the closing exchange rate on the date of that statement of financial position;


(ii)	income and expenses for each statement of net earnings (loss) and statement of other comprehensive income (loss) are translated at the rates of exchange prevailing on the dates of the transactions; and


(iii)	all resulting exchange rate differences are recognized in other comprehensive income (loss) and are transferred to net earnings (loss) upon the sale or disposition of subsidiaries.

Business Combinations

Operating Segments

Key sources of estimation uncertainty

Goodwill impairment

Uncertain tax treatments

Valuation of embedded derivatives

The Senior Notes (as defined below) include certain embedded features allowing the Corporation to redeem the Senior Notes or allowing the holders to require a redemption of the Senior Notes. As previously disclosed, these features were bifurcated from the carrying value of the Senior Notes. Management used estimates, including an implied credit spread of 1.9% as at December 31, 2019 (December 31, 2018 - 4.6%), in determining the fair value of the Embedded Derivative (as defined below). The implied credit spread represents management’s estimate of the Corporation’s creditworthiness as implied by the market value of the Senior Notes. See notes 17, 19 and 26. During the year end December 31, 2019, the Corporation recorded a gain of $98.3 million through Net financing charges in relation to the re-measurement of the Embedded Derivative, of which $48.1 million of the gain was recorded in the fourth quarter of 2019.

Critical accounting judgments

The following discussion sets forth for the year ended December 31, 2019 what management believes to be the most significant judgments in applying the Corporation’s accounting policies.

Contingent liabilities

Determination of lease term

The Corporation’s lease portfolio includes contracts with extension and termination options. These terms are used to maximize operational flexibility with respect to managing such contracts.

FOX equity option

On May 8, 2019, the Corporation and FOX Sports (“FOX Sports”), a unit of Fox Corporation (Nasdaq: FOXA, FOX) (“FOX”), announced plans to launch FOX Bet, the first-of-its kind national media and sports wagering partnership in the United States and entered into a commercial agreement of up to 25 years. As part of the transaction, FOX Sports will receive certain brand license, integration and affiliate fees. In addition, during the term of the commercial agreement, the Corporation has agreed to a minimum annual advertising commitment on certain FOX media assets. Prior to the tenth anniversary of the commercial agreement, and subject to certain conditions and applicable gaming regulatory approvals, FOX Sports has the right to acquire up to a 50% equity stake in the Corporation’s U.S. business. In accordance with IFRS 2, based on the judgment of the Corporation's management, this right granted to FOX Sports is considered a contingently cash-settled share-based payment because FOX Sports, subject to receiving regulatory approvals and meeting certain other conditions, has discretion to exercise the right During the year ended December 31, 2019, the Corporation recorded $0.1 million to cost of sales and $7.6 million to sales and marketing expense in relation to the commercial agreement.

Management has made certain judgments in the recognition and measurement of liabilities in relation to this commercial agreement and associated right of FOX Sports to acquire equity, including its judgment as to the probable method of settlement. The right has been valued using a discounted cash flow model and as it represents a contingently cash-settled share-based payment, will be recorded at fair value each reporting period.

Combination with Flutter Entertainment Plc

On October 2, 2019, the Corporation reached an agreement on the terms of an all-share combination recommended by the Board to be implemented through an acquisition of The Stars Group by Flutter pursuant to a plan of arrangement under the OBCA (see note 31) for additional information. Management has prepared its consolidated financial statements without giving effect to the potential impacts a combination with Flutter would have on the Corporation’s existing accounting treatments. This includes, but is not limited to, such judgments related to (i) the forecasted cash flows associated with the Corporation’s long-term debt and the related impact on its hedge accounting conclusions, and (ii) the expected period of vesting and change in control implications in relation to the Corporation’s long-term incentive program.

The completion of the Combination (as defined below) 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 Instruments Risk Management

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about financial instruments [abstract]

Financial Instruments Risk Management

FINANCIAL INSTRUMENTS RISK MANAGEMENT

Foreign Exchange Risk



	CDN		EUR		GBP		AUD
Cash	4,607		100,085		233,590		31,235
Restricted cash	—		279		—		4,138
Equity in unquoted companies - FVTPL	—		13,588		—		—
Accounts receivable	6,890		43,537		23,332		6,013
Derivatives	—		59,258		—		—
Accounts payable and accrued liabilities	(10,191	)	(71,697	)	(199,831	)	(143,735	)
Long-term debt	—		(934,733	)	—		—
Derivatives	(12	)	(79,733	)	(14,472	)	(1,616	)
Customer deposits	969		(79,423	)	(54,200	)	(24,898	)



	Earnings impact - gain (loss)				Equity impact - gain (loss)
	10% Strengthening $000s		10% Weakening $000s		10% Strengthening $000s		10% Weakening $000s
CDN	(800	)	800		574		(574	)
EUR	(89	)	89		94,973		(94,973	)
GBP	1,225		(1,225	)	(67	)	67
AUD	(15	)	15		12,902		(12,902	)

Interest Rate Risk

The Corporation’s exposure to changes in interest rates (particularly fluctuations in LIBOR) relates primarily to interest paid on the Corporation’s long-term indebtedness, as well as the interest earned on and market value of its cash and investments. The Corporation is also exposed to fair value interest rate risk with respect to its Senior Notes and cash flow interest rate risk on the unhedged elements of the USD First Lien Term Loan, and the EUR First Lien Term Loan which bear interest at variable rates. The Corporation manages its foreign currency exposure through its hedging instruments. See note 19.

The USD First Lien Term Loan has a floor of 0% for the LIBOR and as such, the interest rate cannot decrease below 3.50%. The EUR First Lien Term Loan has a floor of 0% for the EURIBOR and as such, the interest rate cannot decrease below 3.75%. Management monitors movements in the interest rates by reviewing the EURIBOR and LIBOR on a quarterly basis. During the years ended December 31, 2019 and 2018 the EURIBOR was negative.



	$000’s
	- 100 bps		+ 100 bps
LIBOR	(3,632	)	3,244
GBP LIBOR	(48,434	)	46,590
EURIBOR	(37,631	)	36,004

Credit Risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Corporation. The Corporation has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral where appropriate, as a means of mitigating the risk of financial loss from defaults. The Corporation’s policy is to transact wherever possible with investment grade counterparties. This information is supplied by independent rating agencies where available, and if not available, the Corporation uses other publicly available financial information and its own trading records to rate its major customers. The Corporation’s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is managed by the Corporation’s treasury and finance groups in accordance with the Corporation’s treasury investment policy, which was approved by the Corporation’s Audit Committee.

Credit risk arises from cash and cash equivalents, contractual cash flows of investments carried at amortized cost, at FVOCI and at FVTPL, as applicable, favorable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures on outstanding accounts receivable. The Corporation does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics.

The Corporation subjects its accounts receivable, investments carried at FVOCI, and cash and restricted cash to the expected credit loss model and specifically uses the simplified approach in respect of accounts receivable. The credit risk on cash and cash equivalents, investments and derivative financial instruments is limited because the Corporation operates a credit rating based limit system to ensure that the majority of the Corporation’s balances are held with banks with investment grade credit-ratings assigned by international credit-rating agencies. The Corporation’s treasury investment policy and related strategy is focused on the preservation of capital and supporting its liquidity requirements, not on generating trading profits. The Corporation’s receivables are primarily in relation to payment processors and credit risk associated with these receivables is limited. The application of the expected credit loss model did not result in material impairment losses recorded in respect of these instruments.

Age of receivables that are past due but not impaired:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Past due less than 181 days	2,352	2,103
Past due more than 181 days	3,562	2,309
Total past due	5,914	4,412

The allowance for doubtful accounts is $14.6 million as at December 31, 2019 (December 31, 2018 - $16.8 million).

Age of impaired trade receivables:



	As at December 31,
In thousands of U.S. Dollars	2019	2018
Past due less than 181 days	48	308
Past due more than 181 days	14,524	16,520
Total past due	14,572	16,828

Liquidity Risk

Liquidity risk is the Corporation’s ability to meet its financial obligations when they come due. The Corporation is exposed to liquidity risk with respect to its contractual obligations and financial liabilities. The Corporation manages liquidity risk by continuously monitoring forecasted and actual cash flows and matching maturity profiles of financial assets and liabilities. The Corporation’s objective is to maintain a balance between continuity of funding and flexibility through borrowing facilities available through the Corporation’s banks and other lenders. The Corporation’s policy is to seek to ensure adequate funding is available from operations, established lending facilities and other sources, including the debt and equity capital markets, as required.

The Corporation’s principal sources of liquidity are its cash generated from operations, the Revolving Facility and certain other currently available funds. Currently available funds consist primarily of cash on deposit with banks and investments, which are comprised primarily of certain highly liquid, short-term investments, including money market funds. The Corporation’s working capital requirements are generally minimal during the year as its current gaming business requires customers to deposit funds prior to playing or participating in its real-money product offerings. The Corporation believes that such deposits are typically converted to revenue efficiently and on a timely basis such that operating expenditures are sufficiently covered. Management also believes that investing is a key element necessary for the continued growth of the Corporation’s customer base and the future development of new and innovative product offerings. Based on the Corporation’s currently available funds, borrowing capacity available from the Revolving Facility and its ability to access the debt and equity capital markets, if necessary, management believes that the Corporation will have the cash resources necessary to satisfy current obligations and working capital needs, and fund currently planned development and integration activities and other capital expenditures, including those with respect to the continued launch and operation of its U.S. business, as well as strategic transactions, if any, for at least the next 12 months. Notwithstanding, the state of capital markets and the Corporation’s ability to access them on favorable terms, if at all; micro and macro-economic downturns; and fluctuations of the Corporation’s operations, among other things, may influence its ability to secure the capital resources required to satisfy current or future obligations and fund future projects, strategic initiatives and support growth.

Customer deposit liabilities relate to customer deposits that are held in multiple bank accounts and highly liquid investments which are segregated from those holding operational funds. These deposits are included in current assets in the consolidated statements of financial position under Cash and cash equivalents - customer deposits and Current investments - customer deposits (see note 23).



	On demand $000s	Less than 1 year $000s	2 to 5 years $000s	Greater than 5 years $000s
Accounts payable and other liabilities *	143,358	350,734	1,770	—
Customer deposits	409,390	—	—	—
Provisions	—	64,928	2,885	—
Long-term debt	—	311,508	1,302,740	4,969,062
Total	552,748	727,170	1,307,395	4,969,062

_____________________________

* Excludes VAT and other taxes as well as the interest accrual on Senior Notes, which are all included in accounts payable and other liabilities on the statements of financial position



	On demand $000s	Less than 1 year $000s		2 to 5 years $000s
Net settled derivatives
Unsettled bets - net outflows	—	17,628		—
Interest rate swap - net outflows	—	5,116		8,861

Gross settled derivatives
Cross currency interest rate swaps - inflows	—	(149,754	)	(2,582,758	)
Cross currency interest rate swaps - outflows	—	131,593		2,507,913
Total	—	4,583		(65,984	)

Summary of Significant Accounting Policies - Additional Information (Details)
$ in Thousands, $ in Millions

3 Months Ended

12 Months Ended

Dec. 03, 2019

AUD ($)

Apr. 24, 2018

Dec. 31, 2019

USD ($)

Plan

Dec. 31, 2020

AUD ($)

Dec. 31, 2019

USD ($)

Plan

Dec. 31, 2018

USD ($)

Mar. 06, 2018

Feb. 27, 2018

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Debt Instrument, Term of Expected Credit Loss, Low Risk Instruments

12 months

Number of equity based award plans | Plan

Weighted average remaining lease term

4 years 2 months 27 days

Revenue from sale of goods

$ 693,062

$ 459,164

^[1],[2]

Sales and marketing expense

360,662

292,963

^[1],[2]

100.00%

(Gain) loss on re-measurement of Embedded Derivative

$ 0

77,628

$ (48,100)

$ (98,300)

$ 6,100

BetEasy

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Proportion of ownership interests held by non-controlling interests

18.00%

80.00%

62.00%

20.00%

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

$ 100

PSUs

Performance period

3 years

Maximum eligible percentage for additional PSUs of PSUs granted subject to conditions

50.00%

Minimum

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

3 years

Maximum

Reclassification of loss from general and administrative to net financing charges

4 years

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Reclassification of loss from unrealized loss on foreign exchange to net financing charges

$ 7,200

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Reclassification from international segment to corporate cost center

7,200

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Reclassification from united kingdom segment to corporate cost center

2,500

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Reclassification from australia segment to corporate cost center

2,100

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

500

Fox Sports

Term of Commercial Contract

25 years

Revenue from sale of goods

$ 100

Sales and marketing expense

$ 7,600

Percentage of US business, right to aquire

50.00%

Put-call option | BetEasy

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Proportion of ownership interests held by non-controlling interests

20.00%

Forecast | BetEasy

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Proportion of ownership interests held by non-controlling interests

20.00%

20.00%

Term to acquire remaining interest

$ 151

90 days

Business Acquisition, Liability To Acquire Interest | BetEasy

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Proportion of ownership interests held by non-controlling interests

20.00%

Level 3

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

$ 77,628

Level 3 | BetEasy

Implied credit spread

1.90%

4.60%

Vesting Period One [Member] | DSUs

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Vesting Period Two [Member] | DSUs

1 year

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Vesting Period Three [Member] | DSUs

2 years

Disclosure Of Summary Of Significant Accounting Policies [Line Items]

Disclosure Of Fair Value Measurement Of Assets And Liabilities [Abstract]

3 years

[1]	Certain amounts were reclassified in the comparative periods. See note 2.
[2]	The Corporation applied IFRS 16, Leases (“IFRS 16”) from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Fair Values of Financial Assets and Liabilities

The following table provides information about how the fair values of these financial assets and liabilities were determined as at each of December 31, 2019 and December 31, 2018:



	As at December 31, 2019
In thousands of U.S. Dollars	Fair value & carrying value	Level 1	Level 2	Level 3
Bonds – FVOCI	109,017	109,017	—	—
Equity in unquoted companies - FVTPL	9,651	—	—	9,651
Derivatives	169,158	—	59,258	109,900
Total financial assets	287,826	109,017	59,258	119,551

Derivatives	113,559	—	95,931	17,628
Other provisions - FVTPL	1,877	—	—	1,877
Total financial liabilities	115,436	—	95,931	19,505



	As at December 31, 2018
In thousands of U.S. Dollars	Fair value & carrying value	Level 1	Level 2	Level 3
Bonds - FVOCI	103,153	103,153	—	—
Equity in unquoted companies - FVTPL	6,773	—	—	6,773
Derivatives	54,583	—	42,983	11,600
Total financial assets	164,509	103,153	42,983	18,373

Derivatives	22,561	—	6,276	16,285
Deferred contingent payment - FVTPL	77,628	—	—	77,628
Other provisions - FVTPL	2,740	—	—	2,740
Total financial liabilities	102,929	—	6,276	96,653

Summary of Fair Value of Other Financial Assets and Liabilities Measured at Amortized Cost



	As at December 31, 2019
In thousands of U.S. Dollars	Fair value	Level 1	Level 2	Level 3
First Lien Term Loans	4,059,777	—	4,059,777	—
Senior Notes	1,083,940	—	1,083,940	—
Total financial liabilities	5,143,717	—	5,143,717	—



	As at December 31, 2018
In thousands of U.S. Dollars	Fair value	Level 1	Level 2	Level 3
First Lien Term Loans	4,414,525	—	4,414,525	—
Senior Notes	969,370	—	969,370	—
Total financial liabilities	5,383,895	—	5,383,895	—

Schedule of Reconciliation of Level 3 Fair Values

The following tables show a reconciliation from opening balances to the closing balances for Level 3 fair values:



In thousands of U.S Dollars	Level 3 Equity investments		Level 3 Embedded Derivative
Balance – January 1, 2018	8,768		—
Recognized	—		17,700
Re-measurement of fair value	(1,974	)	(6,100	)
Translation	(21	)	—
Balance – December 31, 2018	6,773		11,600
Re-measurement of fair value	2,883		98,300
Translation	(5	)	—
Balance – December 31, 2019	9,651		109,900



In thousands of U.S Dollars	Level 3 Deferred contingent payment		Level 3 Unsettled Bets		Other
Balance – January 1, 2018	—		779		10,119
Acquired on business combination	84,662		19,226		—
Settlements	—		968		(7,006	)
Re-measurement of fair value	(342	)	(4,782	)	215
Translation	(6,692	)	94		(588	)
Balance – December 31, 2018	77,628		16,285		2,740
Settlements	(68,394	)	500		(1,504	)
Re-measurement of fair value	(7,371	)	300		121
Translation	(1,863	)	543		520
Balance – December 31, 2019	—		17,628		1,877

Accounts Payable And Other Liabilities - Schedule of Accounts Payable and other liabilities (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Jan. 01, 2019

Dec. 31, 2018

Disclosure Of Other Payables [Abstract]

Accounts payable and accrued liabilities

$ 314,379

$ 282,630

Obligation to acquire non-controlling interest in BetEasy

109,666

VAT payable

11,826

18,792

Customer loyalty rewards

17,755

24,787

Employee benefits payable

69,917

57,143

Dormant funds

6,907

7,308

Accrued interest on long-term debt

32,281

33,347

Total accounts payable and other current liabilities

562,731

424,007

^[1]

Deferred contingent payment (notes 5 and 26)

77,628

Other long-term payables

1,770

2,088

Total long-term payables

$ 1,770

$ 76,743

$ 79,716

[1]	† The Corporation applied IFRS 16 from January 1, 2019. Consistent with the transition method chosen by the Corporation, comparative information has not been restated. See note 4.

Provisions

12 Months Ended

Dec. 31, 2019

Disclosure of other provisions [abstract]

Provisions

PROVISIONS

The carrying amounts of provisions as at December 31, 2019 and January 1, 2019 and the movements in the provisions during the year ended December 31, 2019 are as follows:



In thousands of U.S. Dollars	Player bonuses and jackpots		Deferred payment provision	Restructuring provision		Litigation provision		Other		Total
Balance at January 1, 2018	4,265		6,300	—		—		10,118		20,683
Provisions acquired in business combinations	8,349		—	1,614		—		5,297		15,260
Recognized	—		—	8,164		—		—		8,164
Adjustment to provision recognized	55,734		—	—		—		654		56,388
Payments	(48,902	)	—	—		—		(7,006	)	(55,908	)
Accretion of discount	—		—	—		—		411		411
Foreign exchange translation losses	(862	)	—	(65	)	—		(880	)	(1,807	)
Balance – January 1, 2019	18,584		6,300	9,713		—		8,594		43,191
Recognized	50,235		—	13,198		22,953		1,154		87,540
Adjustment to provision recognized	—		—	(2,149	)	—		136		(2,013	)
Payments	(47,545	)	—	(10,963	)	(287	)	(3,535	)	(62,330	)
Accretion of discount	—		—	—		—		108		108
Foreign exchange translation losses	128		—	12		401		776		1,317
Balance at December 31, 2019	21,402		6,300	9,811		23,067		7,233		67,813

Current portion at December 31, 2018	18,584		6,300	9,713		—		4,592		39,189
Non-current portion at December 31, 2018	—		—	—		—		4,002		4,002
Current portion at December 31, 2019	21,402		6,300	9,811		23,067		4,348		64,928
Non-current portion at December 31, 2019	—		—	—		—		2,885		2,885

Provision for jackpots

The Corporation offers progressive jackpot games. Each time a progressive jackpot game is played, a portion of the amount wagered by the player is contributed to the jackpot for that specific game or group of games. Once a jackpot is won, the progressive jackpot is reset with a predetermined base amount. The Corporation maintains a provision for the reset of each jackpot and the progressive element added as the jackpot game is played. The Corporation believes that its provisions are sufficient to cover the full amount of any required payout.

Deferred payment

The deferred payment provision at December 31, 2019 relates to the previously disclosed acquisition of Diamond Game Enterprises and is contingent on future events.

Restructuring provision

The Corporation recorded restructuring provisions during the year ended December 31, 2019 following the Australian Acquisitions and the SBG Acquisition, and related to 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. The provision primarily consists of personnel and facilities-related costs, and the Corporation believes that its provisions are sufficient to cover the full amount of any required payout.

Litigation provision

Litigation provisions generally consist of payments for future legal settlements where based on all available information, management believes it is probable that there will be a future outflow. On November 25, 2019, the Corporation entered into a settlement agreement resulting in a future payment of CAD$30 million with respect to the previously reported Quebec class action lawsuit, which is subject to court approval and will be funded entirely by the Corporation’s insurance carriers. As at December 31, 2019, the Corporation has recorded a litigation provision and a corresponding insurance carrier receivable in prepaid expenses and other current assets on the consolidated statement of financial position in respect of the Quebec class action lawsuit.

Other

The other provisions consist of a minimum revenue guarantee, provisions for lease retirement costs, and other provisions for onerous contracts.

Long-Term Debt - Disclosure of Principal and Carrying Amount of Long-Term Debt Outstanding (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Dec. 31, 2018

$ 4,931,175

$ 5,446,958

35,750

^[1]

$ 4,895,425

5,411,208

^[1]

USD First Lien Term Loan

Principal outstanding balance in currency of borrowing

5.60%

$ 3,071,375

3,557,125

$ 3,014,409

3,479,823

EUR First Lien Term Loan

Principal outstanding balance in currency of borrowing

3.75%

$ 850,000

850,000

$ 934,733

951,980

Senior Notes

Principal outstanding balance in currency of borrowing

7.00%

$ 1,000,000

1,000,000

Loan payable to non-controlling interests

$ 982,033

980,008

Principal outstanding balance in currency of borrowing

0.00%

$ 0

49,936