Amaya revenues up 10% as poker sees slight improvement
Toronto-listed firm also appoints new full-time CEO after David Baazov resigns from all positions
Amaya has posted a 10.2% rise in total revenues in Q2, buoyed by growth from the operator’s online casino and sportsbook products.
Group revenues for the three months ended 30 June totalled $286m, with EBITDA of almost $130m – a 12% year-on-year jump.
The uptick was driven by sportsbook and online casino, with the combined verticals accounting for 21% of total revenues for the quarter, compared to 12% last year. In total the pairing generated $60m revenue, with online casino accounting for 90% of that mark.
Poker revenues remained virtually flat year-on-year at $215.6m, with Amaya describing the figures as “evidence of the initial positive impact of Amaya’s previously announced strategy of focusing on recreational players.”
Changes included a scale-back of the online poker loyalty programme and rake structure and the introduction of new poker promotions.
Poker revenues had declined 11% in Q1 and were projected to fall by 9% in Q according to analysts at Eilers & Krejcik.
“We continue to execute on our 2016 strategy,” said Rafi Ashkenazi, who was confirmed as the full time CEO after a stint as interim boss.
“Through focused expense management and product improvements and diversification, we delivered second quarter results that overcame seasonal headwinds and continued currency challenges, evidencing the strength of our combined core business.
Ashkenazi will take over as CEO from the embattled David Baazov, who is still under investigation by Canadian authorities for alleged insider trading charges.
Baazov is still said to be involved in bidding to take Amaya private again, but officially resigned from all positions within the company as of 11 August.
“I am proud of my contributions in building Amaya into the successful company it is today, and continue to be supportive of its strategy and management,” Baazov said.