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Amaya Gaming Posts Third Quarter 2013 Financials

Canadian internet betting firm Amaya Gaming has released its third quarter 2013 financial results, noting an increase in revenues, but posted an overall loss of $3.5 million due to its many recent acquisitions.

Company highlights for the period were:

  • EBITDA of $14.6 million for the quarter.

  • Revenues of $40.2 million, up 120% year over year.

  • Debts up 148% to $40.3 million, mainly due to firm acquisitions and tax obligations.

  • Cadillac Jack's success in sealing a 10-year deal to supply gaming units to the Latin American market now and in the future.

  • Content supply agreement with Caesars Interactive Entertainment for its New Jersey online gambling venture.

  • Upcoming business in New Jersey following deals with Bwin.Party, Betfair and Golden Nugget.

  • The successful $70 million sale of former Crypto subsidiary WagerLogic to Goldstar.

  • The company's transition from the TSX Venture exchange to the main Toronto exchange.

Commenting on his company's performance Amaya CEO David Baazov said, "Our technology, content and services are supporting the launch of multiple web and mobile gaming portals operated by gaming operators with strong brands in New Jersey, which officially launched real money online gaming this week."

"We believe we are currently delivering the most extensive offering of all gaming suppliers to operators in the market. Our Casino Gaming System is providing operators with access to our extensive library of proprietary casino games as well as high quality third party content, and we have officially launched our new Amaya Game Office gaming platform in North America as part of our partnership with CIE."

"Our interactive revenues declined in Europe in the third quarter, primarily due to a shift in resources towards completing our preparations for entry into New Jersey, which carried strict timelines."

"However, we are currently addressing the backlog of platform launches and we therefore anticipate revenues to increase in Europe."

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