Montreal based betting firm Amaya Gaming Group released its full year 2012 financial results, noting a huge jump in revenues among other increases in financial areas.
Key financial indicators for the period ending December 31st, 2012 were:
Revenues of CAD 76.44 million, an increase of CAD 58.06 million or 316% (2011: CAD18.38), derived mainly from Europe, the Caribbean and North American regions.
Gross profit was CAD 75.21 million, representing 98% of revenues, (2011: CAD 17.02 million or 93% of revenues).
Selling and marketing expenses increased from CAD 6.48 million in 2011 to CAD 11.68 million in 2012, representing an increase of 80%.
General and administrative expenses increased from CAD 13.74 million in 2011to CAD 61.98 million in 2012, an increase of 349%.
Financial expenses of CAD 6.82 million (2011: CAD 0.68 million) attributed to interest on both the convertible debentures related to the acquisition of Cryptologic, and the facility in connection with the agreement and plan of merger to acquire Cadillac Jack.
Adjusted EBITDA was CAD 23.11 million in 2012, an improvement of CAD 23.17 million from a CAD (0.06) million adjusted EBITDA loss in 2011.
Commenting on his firm's results Amaya Gaming President and CEO David Baazov said, "The past year has been transformational for Amaya. We expanded dramatically in Europe by increasing the licensee base of our subsidiaries Chartwell and CryptoLogic, which we had acquired in 2011 and April, 2012 respectively. Cryptologic went from a net loss in the first half of 2012 to a significant contributor of income for Amaya by the end of 2012. "
"In the fourth quarter, we rounded out our offering of gaming solutions with the acquisitions of gaming machine supplier Cadillac Jack, which gives us an important presence in the United States , and B2B poker network provider Ongame. We now have the technology to address the growing trend toward convergence in our industry, with operators increasingly looking to offer physical, virtual, and mobile gaming products and experiences to their customers."
"Looking ahead, we are focused on extending our footprint, including through strategic partnerships in the United States , where the regulation of online gaming continues to evolve. Three states including New Jersey and Nevada have recently legalized online gaming and other states have tabled legislation that would do the same. Additionally, we expect to realize on synergies from our acquisitions of Ongame and Cadillac Jack, as we did with Cryptologic, including growing their respective customer bases in various jurisdictions."