Amaya trebles revenues but sees $2m FY loss
Canadian solutions provider's offer for Cryptologic remains in place until 28 March.
Amaya Gaming has trebled its revenues year-on-year, from $6m to $18.4m, with more than half of the total ($9.5m) coming in the fourth quarter, the Canadian solutions provider announced in its fourth-quarter results.
It recorded net earnings of CA$2.9m for the three months ended 31 December, a significant improvement on its net loss of $591,000 in the previous quarter, but the company, which purchased Chartwell Games in May for £14.5m, also recorded a loss of $1.9m for the full financial year.
In December Amaya agreed terms “in principle” for an all-cash offer for CryptoLogic, before being granted an extension the following month. In a statement to the Toronto Stock Exchange this morning it confirmed that “The offer remains open for acceptance until March 28, 2012″.
Chief executive David Baazov said: “Amaya capped a breakthrough year with an outstanding fourth quarter,” noting that “This was the first year in which we gained real traction in the government solutions vertical.
Last year saw Amaya ink deals in countries such as Montenegro and Armenia, while its BetKenya offering went live in October. In December it secured a content supply deal with Loto-Québec.
“Looking ahead, we see additional opportunities in the public sector, as more governments “ including several in North America “ are considering the expansion of regulated gaming activities in their jurisdictions,” he added.