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Amaya Stock Soaring
Monday June 16,2014 : AMAYA STOCK GOES THROUGH THE ROOF (Update)
News of acquisition deal with The Rational Group triggers a buying spree.
All eyes will be on the performance of the Amaya Gaming group shares on the Toronto market Monday to see if the stock's outstanding performance achieved last week can be sustained.
Local media report that following the news that the Montreal-based firm had agreed to buy the Pokerstars and Full Tilt parent company The Rational Group for $4.9 billion , the share price advanced 42 percent with five times normal volumes traded, ending the week almost double what it had been at the start.
The 33-year-old CEO of Amaya, David Baazov, said that the deal will transform Amaya into the biggest player in the global business of online poker, and that he aims to take Pokerstars back to the U.S.
Amaya lined up financing for the deal from lenders including Deutsche Bank AG, Barclays Plc, Macquarie Group Ltd. and Blackstone Group LP.
Montreal newspapers report that Baazov embarked on a growth strategy after joining the company several years ago, acquiring online gambling software providers Chartwell Technology and CryptoLogic, and Cadillac Jack, a maker of traditional slot machines. Amaya generated C$155 million ($142.6 million) in revenue last year.
“We built it all on a vision of convergence. It’s a very large industry and it’s going to continue to grow,” Baazov is on record as saying.
The combined company would have had $1.3 billion in 2013 sales and $474.8 million in earnings before interest, taxes, depreciation and amortization for 2013, according to an Amaya statement.
The Isle of Man-based Rational Group Ltd. has more than 1,700 employees, and can boast 85 million registered players worldwide.
Rational is owned by Oldford Group Ltd., in which Mark Scheinberg and other principals will sell their stock and resign from the company and all its subsidiaries as part of the agreement with Amaya.
Regulatory officials at the Division of Gaming Enforcement in New Jersey, have already confirmed that they are prepared to review the transaction to ensure compliance with regulatory standards, and could possibly lift the current two year suspension of Rational's application for an intrastate online gambling licence if requirements are met.
“We are also encouraged by this development and the expanded opportunities it might provide for New Jersey’s Internet gaming industry,” David Rebuck, director of the division, said last Friday.
Simon Holliday from research an consulting firm H2 Gambling Capital says that permission to operate in the massive US online poker market is important for Pokerstars future development and crucial for the growth of online gambling.
Referencing the Amaya-Rational deal, Holliday said:
“This could be massive as it should be the key for the PokerStars brand, technology, client lists and expertise all to gain access to the thus far slow-to-take-off U.S. onshore regulated market.”
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Gambling News :
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
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Why is FullFlush Poker Still Down -
Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.
Time Running Our For Pennsylvanian online gambling -
Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
Singapore Online Gambling Ban Begins -
Singapore media reports indicated Tuesday that restricted online gambling services offered by the Singapore Pools have started online operations, whilst Singapore Turf Club will commence online betting activity on November 15.
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