Online gambling titans The Stars Group (TSG) reported double-digit Q1 revenue growth, but the gains were largely due to dramatic currency exchange fluctuations.

Figures released Thursday by the Toronto-listed TSG show overall revenue growing 24% to US$393m in the three months ending March 31. Adjusted earnings rose 16% to $175m while actual net earnings improved 13% to $74.3m.

Poker revenue rose 12.4% to just under $246m, although the growth was only 2.3% once you factor out those currency fluctuations. Real-money online poker active customer ranks declined 5.5% to 2.09m during the quarter, in part due to TSG’s flagship PokerStars brand withdrawing from the regulated markets of Australia and Colombia last year.

The poker vertical got a boost from the launch of cross-border liquidity in France and Spain, and TSG announced that its Portuguese-licensed site is expected to join this European Union liquidity pool this month. But TSG now expects Italy, the fourth member of the EU pool deal signed last summer, won’t join the pool party this year.