Chartwell and Crypto help Amaya revenues treble
Gross profits top CA$14m as company sees losses fall quarter-on-quarter.
The acquisitions of CryptoLogic and Chartwell games have helped Canadian software provider Amaya Gaming record a year-on-year revenue increase of 285%, the company revealed in its results for the three months ended 30 June.
Gross profits amounted to $14.1m, equivalent to 97% of group revenues, but Amaya recorded a net loss of $2.7m due in part to general and administrative expenses of $12.4m, related to operations in territories such as Kenya, where the company launched the first regulated egaming offering in October 2011.
Amaya acquired Chartwell Games in May 2011 and agreed to buy Crypto for $36m in February this year, with the latter delisting from the NASDAQ in June and from the Toronto Stock Exchange on 31 July.
Several CryptoLogic licensing agreements were renewed during the quarter, including deals with Everest Gaming and Ladbrokes.
Since the end of the second quarter, Amaya has also made its first move into the Belgian market through a deal with Circus Groupe subsidiary Circus Services SPRL, focusing on its casino777.be site.
President and CEO David Baazov said of the results: “We continue to deliver very strong revenue growth achieved both organically and through acquisition,” adding that “Our recently completed financing provides us the resources to continue to execute and pursue some significant opportunities available in our industry.”