Amaya Inc. may be waiting for an expected PokerStars bump in revenue, but still got some good news for the second quarter as revenues were up and losses down.
The Canadian gambling technology firm reported a net loss of $2.9m in the second quarter, but saw a jump in revenue as some of its other acquisitions came online. Revenue for the three months ending June 30 was $42.5 million, up 14 percent from 2013.
Adjusted earnings were flat at $14.3 million.
The company’s net loss in the second quarter of 2013 was $11 million. This year’s recovery also included a deferred income tax recovery.
Amaya has completed its $4.9 billion acquisition of the Rational Group and its PokerStars and Full Tilt brands. With the acquisition in place, the company has revised its full-year projections and expects total revenue to come in between $669 and $715 million up from its May projection of $193 to $203 million projection earlier this year.
David Baazov, Amaya’s CEO, said the second quarter was “a transformative period’ for Amaya and the company now has “an enormous opportunity to take advantage of adjacent opportunities in online casino and sportsbook—in jurisdictions where they can be offered—while growing in new geographies.”
The company is committed to maintaining Rational Group’s focus and expects to be able to grow its poker brands. The company is also looking to introduce a sports book platform in 2015, he said, and also increase its presence in online casino games.
The company estimates that about half its players go to other sites for sports betting and casino games and an expansion into these areas will help its poker brands. Casino games are expected to launch on PokerStars in Spain and Italy, Baazov said in a conference call with reporters.
Baazov also said the company was excited about the U.S. market for online gambling, but did not want to give specifics. PokerStars, however, has been rumored to possibly enter the New Jersey online market as early as October, assuming it is approved by state regulators.
