AMAYA GROUP RELEASES RESULTS FOR 2010

Written On  4/8/11 By Jennifer Jearu :

But the numbers tend to discredit rumours of a Cryptoligic acquisition

The Montreal-based gaming group Amaya Gaming's 2010 results just released proves that rumours can be deceptive….whispers that the group may be shaping up to make an offer for Cryptologic appear unlikely, given the numbers involved.

Amaya's 2010 results show a 2.5 percent year-on-year increase in revenues to $6.049 million, a 3 percent year-on-year increase in gross profits and net earnings almost halved to $336,456.

The Montreal-based firm recently secured the first licence to operate online gaming from the Dominican Republic and last year was approved by Kenya’s Betting Control and Licensing Board to operate online gaming in the African nation.

David Baazov, president and chief executive officer for Amaya described 2010 as ‘fruitful' and said:

“We secured numerous licenses permitting us to strategically deploy our leading entertainment solutions on a global scale. We were also able, in the fourth quarter of 2010, to close a ten-million-dollar bought-deal despite challenging market conditions.

“We believe we are perfectly positioned to continue increasing our international presence as we take full advantage of the growing acceptance of our technological capabilities.

Widespread rumour last week suggested that Amaya had amassed a five percent share in Cryptologic and was positioning itself for a takeover bid.  Given these numbers, this would now appear highly improbable.