Amaya chief cites benefits of PokerStars and Full Tilt acquisition

Amaya chief cites benefits of PokerStars and Full Tilt acquisition

Monday, October 20, 2014 Totally Gaming

David Baazov, the chief executive of Amaya Gaming, believes the Canadian gaming provider is already enjoying the benefits from the acquisition of PokerStars and Full Tilt, with the online poker brands having experienced year-on-year revenue and net income growth during the first half of 2014.

Oldford Group, the holding company of the poker brands’ previous owner Rational Group, posted revenue of $567.9m (€445.1m) in the first six months of 2014, which is up from the $545.9m achieved in the corresponding period of the previous year. 

Net income jumped from $189.9m to $218.4m while net cash from operating activities also increased from $207m in the first half of 2013 to $246.6m in the first six months of this year.

Amaya, which in August completed the acquisition of Rational Group for $4.9bn, reported that revenue and net income from the Oldford Group has significantly boosted its own results.

Combined revenue for the two companies in the first half of the year amounted to $627m while net income totalled $245.2 million.

Speaking about the results, Baazov said: “We're very pleased with the performance of PokerStars and Full Tilt in 2014. The core poker business continued to grow during the first half of the year and recorded strong cash flow.”

In addition to the results, Amaya issued an update regarding the progress of its expansion plans for both PokerStars and Full Tilt in the wake of this summer’s acquisition.

In September, PokerStars successfully launched a new poker variant known as ‘Spin & Go’s’ to players on its global network, following initial releases in the Spanish, French and Italian national markets.

The PokerStars Spanish operation also launched online casino games roulette and blackjack, with slots due to be added to the national offering next year.

In addition, PokerStars released the public beta of the website’s latest desktop software. PokerStars 7 is now available via the .com, .eu and .es domains.

Amaya also cited the success of the most recent edition of the PokerStars World Championship of Online Poker tournament. A total of $61.9m in prize money was awarded to players throughout the 66 events of this year's competition. 

 

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