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Amaya Gaming Posts Loss For 2013

Internet betting software developer Amaya Gaming has announced the release of its latest financial results, noting that it took a net loss for the year.

The release reveals the fourth quarter and full year 2013 financial results.

Key financial indicators for the fourth quarter of 2013 were:

  • Revenue for the three month period ended December 31, 2013 was CAD $39.01 million (Q4/2012: CAD$37.19 million), a 5 percent increase.

  • Total expenses were CAD$45.97 million (Q4/2012: CAD$40.77 million).

  • Net loss was CAD$7.28 million, or CAD$(0.08) per basic and diluted common share (Q4/2012: -CAD$0.71 million).

Complete 2013 financial results were: - Full year revenue amounted to CAD $154.53 million (FY2012: CAD $76.44 million), a 102 percent increase which it attributes to a full period of revenue reporting from CryptoLogic, Cadillac Jack and Ongame Network.

  • Total expenses were CAD$176.04 million (FY2012: CAD$87.43 million), up 101 percent due to a full period of expenses related to CryptoLogic, Ongame, Cadillac Jack and the company's entry into the U.S. real-money online gaming market.

  • Net loss of CAD$29.62 million, or $(0.33) per basic and diluted common share, (FY2012: -CAD$7.11 million) The increased loss was driven by the provision recorded in income taxes along with general and administrative expenses growing at a faster pace than revenues.

Commenting on his company's performance Amaya CEO David Baazov said, “Regarding our interactive gaming solutions, we increased the number of licensing agreements we have to supply online gaming operators in 2013. In 2014, we will continue to look to expand the reach of customers using our Casino Gaming System as well as increase revenues from existing licensees through a strong focus on providing operators with new and innovative gaming content, mobile versions of popular games from our extensive library, and online and mobile versions of top performing games already on our land-based gaming machines."

“We will also examine potential transactions that will improve our solutions offering and position us to be a leader in the growing global iGaming market.”

Also, Amaya announced that it has signed a deal with Fertitta, which will allow it to offer its casino games through the Trump Taj Mahal's casino in New Jersey.

The deal will bring about 70 Amaya games to the forefront in the Garden State, and would include slots, table games, progressive jackpots, and video poker.

Commenting on the deal Ultimate Gaming CEO Tobin Prior said, "We are excited to provide Ultimate Casino's players with access to Amaya's leading selection of online casino content. Providing high quality, engaging and entertaining games from top content providers like Amaya is key to delivering the best possible experience to our players."

Baazaov also commented on this deal, saying: "We're extremely pleased to add Ultimate Gaming to our growing list of licensees providing our online casino content for real money gaming in New Jersey. Having established a strong reach in the nascent U.S. market, we will be looking to increase our market share on our licensee's websites by providing new and innovative gaming content, an increasing selection of HTML5 games, and online and mobile versions of popular game titles that are currently on our land-based gaming machines."

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