Amaya, a Canadian online gaming and gambling company, revenue for the third quarter is up 8% compared to the same period last, according to its recent financial results posting.
Online poker
The vast majority (86%) of its $324.7 million revenue for the third quarter comes from real-money online poker, with online casino operations accounting for the remaining 14%.Revenue for the nine months ending 30th September 2015 was $981.5 million, which represents an increase of almost $60 million compared to the first nine months of 2014. Adjusted EBITDA for the period amounted to $420.7 million, up from $378.5 million last year.
New customers
Adjusted net earnings for the third quarter increased by a 13%, which must at least partly be due to the 1.85 million customer registrations it received during the quarter. As of 30th September, Amaya had 96 million customers, up by 9%.Unfortunately for Amaya, shares dell by as much as 35% after posting the results, due a number of missed estimates and a lowered forecast for the rest of the year.
Extraordinary events
However, it’s little surprise given the “extraordinary events” that have taken place over the past year. These include the temporary suspension of operations in Portugal, withdrawal from 30 jurisdictions, and impaired real-money operations in Greece.
There is some good news though, as the New Jersey Division of Gaming Enforcement gave Amaya the go ahead for PokerStars and FullTilt, allowing the company to finally introduce their products within the state. Operations are expected to start in 2016. Amaya has also been granted gaming licenses in Ireland, Roman, and Quebec.Amaya’s Chairman and CEO David Baazov believes that “we are well positioned to increase our cash flow and continue to grow our customer base in 2016 through a number of initiatives.”