Internet betting giant Amaya Gaming has announced that its revenues soared in the third quarter due in large part to its acquisition of PokerStars and Full Tilt owners the Rational Group, which is already paying huge dividends.
Key financial indicators for the third quarter 2014 were:
Revenue soared from C$39 million in Q3-2013 to C$239 million - a six fold rise;
Adjusted net income similarly rose to C$70 million from C$7 in the third quarter of 2013 - an order of magnitude greater;
Adjusted EBITDA came in at C$108 million - another massive increase on last year's C$18 million;
Cash flow from operations rocketed from C$3 million in Q3-2013 to C$139 million this year.
Commenting on the results Amaya CEO David Baazov said, “The acquisition of PokerStars has transformed Amaya and delivered immediate value to our shareholders while setting the stage for additional future growth. In these early days I could not be happier with the initial performance of the business and the professionalism and expertise of the PokerStars management team."
“They are implementing strategic plans that leverage exciting, innovative poker variants, new gaming verticals and the mobile platform to increase engagement and new consumer acquisition.”
Moving forward Baazov said that he predicts that the full year results will be at the high end of analysts predictions and that the company has agreed to sell its Ongame poker subsidiary to NYX Gaming.