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AMAYA REPORTS Q4-2015 LOSS

Tuesday March 15,2016 :  AMAYA REPORTS Q4-2015 LOSS
 
But revenues and player base continue to grow.
 
Pokerstars and Full Tilt parent group Amaya Inc. has posted a Q4-2015 net loss from continuing operations of Cdn$15.8 million, compared with a Cdn$35.6 million profit in the same period for 2014.
 
Nevertheless, the Reuters news agency reports that "adjusted" quarterly earnings were better-than-expected at Cdn$111.2 million.
 
Revenue rose 14.8 percent to Cdn$389.5 million from C$339.4 million.
 
The company reported that player registrations increased by almost 2 million in the quarter, and the player base overall currently exceeds 100 million.
 
However, the number of real-money active players fell 4 percent to 2.4 million, which the company attributes to its exit from primarily the Greek and Portuguese markets. Net yield per player fell 2 percent to Cdn$113.
 
Amaya quantified a revenue saving of Cdn$8.7 million from its controversial changes to loyalty and reward programs, and again committed to redeploying these savings to make the poker operations more attractive to recreational players.
 
During the quarter the online casino element in the player base increased to 440,000 actives, although most also play on the poker sites, and a mere 2 percent are exclusively casino players. Amaya's plans to boost this side of the business include more intensive casino-oriented marketing.
 
Interestingly, the mobile channel delivered 40 percent of casino revenues vs. 13 percent in the poker vertical.
 
The new BetStars initiative in the sports betting sector is off to a solid start, reporting 131,000 active players by the end of Q4, and plans are in hand to expand the subsidiary’s activity going forward...especially in Europe.
 
 
Looked at from the FY 2015 perspective, Amaya adjusted earnings in 2015 were up 11 percent at Cdn $587 million; revenue was up 8 percent at Cdn$1.37 billion, and net losses amounted to Cdn$25.9 million (FY2014: profit of Cdn$125.5 million).
 
The company noted that it has reduced its indebtedness by Cdn 569 million during the reporting year.
 
Extraneous pressures on the company have included stiff new regulatory costs and taxes in the UK and Europe; legal costs associated with problems with Kentucky and former owners the Scheinbergs; forex exchange rates and investments in diversifying the company's product offerings. 
 
A declining share price has not helped - shares of the company have slipped about 40 percent in the last year.
 
Current trading in Q1-2016 is up 4 percent year-on-year at Cdn$189 million, the company reported, with online poker delivering 75 percent of revenue so far (Q1-2015: 90.5 percent) as the casino vertical increasingly contributes to the company coffers; sports betting is new and has yet to make an impact.
 
Amaya chief executive David Baazov's comments on the poker possibilities of the Russian market echoed recent news reports that legalisation could be on the cards; Baazov predicts it will occur this year.
 
He is equally bullish about the Brazilian market, where legislative progress is slow but continuing, and revealed that Amaya intends to enter the newly regulated Portuguese market.
 
Currently the company is active in 28 European Union member nations, which make up 62 percent of revenues; another 18 percent comes from non-EU countries in Europe, with 13 percent from the Anericas and 7 percent from the rest of the world.
 
The entry into the New Jersey market later this week by Pokerstars represents a highly visible milestone for Amaya, which has invested almost Cdn$2 million in its long pursuit of a New Jersey licence, and progress will be closely watched.

Amaya investors had already been prepped for the announcement that there will be no corporate predictions on performance whilst Baazov and the board discuss a possible takeover, but the company has already undertaken to hire an independent professional services company to value the group as a whole.

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Gambling News :

Jack Lam on the Run - "Our records also showed Lam arrived in Manila last Nov. 25 aboard a China Airlines flight from Taipei, she said, observing that there was no record of any return to the Philippines since his departure.

Golden Jungle Slot - IGT is about to launch online its popular land casino slot Golden Jungle, adding yet another jungle-and-temple themed game to the dozens already available to internet and mobile punters.

Philippines president Orders Arrest of Jack Lam casino magnate - Rodrigo Duterte, the shoot-from-the-hip Philippines president, has intervened in the fast-moving bribery scandal involving his Justice Secretary Vitaliano Aguirre, Pagcor chief Andrea Domingo and Macau-based casino magnate Jack Lam

South Africa Going After Illegal Gambling - In South Africa a combined national police and federal enforcement initiative has shuttered 19 illegal gambling venues across the provinces of Northern Cape and North West.

The Winning Express arbitrage sports betting scheme - A UK-based GBP 27 million arbitrage sports betting scheme, The Winning Express, has collapsed, leaving a thousand investors with concerns that their money is lost, according to a BBC report over the weekend.

Global Poker League Championship Results - #gpl The inaugural season of the Global Poker League Championship played out this week with the Montreal Nationals besting the Berlin Bears across 11 games to claim the $100,000 main prize.

Yahoo DFS Gets Uk License - #yahoo Industry observers point out that Yahoo has thus far carried out little in the way of major marketing on DFS in its US endeavors, unlike rivals DraftKings and FanDuel, and they expect it to follow a similar path in the Britain.

SPANISH GAMBLING MARKET CONTINUES TO GROW - Spain's gambling industry continued to advance in 2015 with growth in most sectors, according to the latest research report from the Codere - University of Madrid Institute for Policy and Governance collaboration released this week.

Novomatic Acquires Albanian National Lottery - #Novomatic The Austrian gaming technology group Novomatic has issued a statement confirming that it has completed the final required steps for the successful acquisition of the Albanian National Lottery.

2016 Massachusetts Gaming Commission Report - Industry journalist Steve Ruddock picked up on some interesting statistics from the latest annual report of the Massachusetts Gaming Commission released this week, flagging the current results from its on-going monitoring research of the state gambling market.

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