Amaya posts $11.4m Q2 net loss
Solutions provider losses increase 320% year-on-year despite revenues rising 156%
Amaya Gaming has seen net losses increase 320% year-on-year, the solutions provider announced in its results for the three months ended 30 June.
Amaya recorded a net loss of CA$11.44m, a 320% rise compared to $2.72m during the same period last year, as a result of what it describes as a “negative impact from foreign exchange and income taxes”. Total expenses also increased 160% year-on-year from $17.67m to $44.45m.
However, recent acquisitions including Ongame, CryptoLogic and Cadillac Jack, helped Amaya increase its revenues for the quarter from $14.54m to $37.25m, a 156% year-on-year rise. Adjusted EBITDA for the same period was $10.7m, up from $2.09m in Q2 2012.
Commenting on the results, Amaya Gaming Group president and CEO David Baazov said the firm was pleased with the progress it had made and highlighted the importance of the regulated online gaming market in the US for the solutions provider.
“Within our interactive solutions, during the second quarter we continued to prepare ourselves to participate in real money online gaming in the United States including filing our application for a licence in New Jersey, a state which expects to launch regulated online poker and casino gaming late this year,” Baazov said.
“Additionally, we are seeing progress from our partnership with SHFL Entertainment, which is the exclusive distributor of our online poker platform, Ongame Network, in the U.S,” he added.
The Canadian company had previously stated that it expected to launch real-money poker in Nevada during the third quarter of the year.