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Amayas Acquisition on Pokerstars Boosts Profits
Saturday November 15,2014 : POKERSTARS ACQUISITION BOOSTS AMAYA PERFORMANCE
Major improvements in income and revenues posted.
Amaya Gaming's $4.9 billion acquisition of the Rational Group, parent of Pokerstars and Full Tilt, is clearly having a major impact on the Montreal-based company's performance, judging by its latest third quarter results posted this week.
Highlights of the performance included:
* Revenue soared from C$39 million in Q3-2013 to C$239 million - a six fold rise;
* Adjusted net income similarly rose to C$70 million from C$7 in the third quarter of 2013 - an order of magnitude greater;
* Adjusted EBITDA came in at C$108 million - another massive increase on last year's C$18 million;
* Cash flow from operations rocketed from C$3 million in Q3-2013 to C$139 million this year.
Amaya CEO David Baazov commented:
“The acquisition of PokerStars has transformed Amaya and delivered immediate value to our shareholders while setting the stage for additional future growth..
“In these early days I could not be happier with the initial performance of the business and the professionalism and expertise of the PokerStars management team.
“They are implementing strategic plans that leverage exciting, innovative poker variants, new gaming verticals and the mobile platform to increase engagement and new consumer acquisition.”
Baazov predicts that Amaya's full year results will likely be at the top end of the 2014 forecast range of between C$669 million and C$715 million, with adjusted EBITDA of between C265 million and C$285 million.
The company's statement additionally revealed that agreement has been reached on the sale of the Ongame poker subsidiary to close Amaya associate NYX Gaming for an undisclosed sum. Amaya is also to make a C$10 million investment in NYX to boost its expansion plans.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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