Amaya Gaming Group Seeing Good Results

Less than a year ago, the online casino world saw something that five years ago most people would have thought could never happen. CryptoLogic, after several consecutive quarters of struggling to make money, was purchased by the Amaya Gaming Group. A lot of experts in the online gambling industry wasn't sure if this was the right move by Amaya. CryptoLogic had fallen from being one of the top online casino software developers to being a potential liability after bringing in special consultants weren't enough to keep them in the black when it came to their profits.

Time is showing us that it was the right choice for the Amaya Gaming Group. After releasing their financial results for the second quarter of 2012, Amaya has posted a 285 percent increase in total revenues when compared to the second quarter of 2011. They brought in $14.53 million in, and this is almost triple the revenue that they were bringing in last year during the same period of time. Their revenues for the entire first half of this year were boosted by 326 percent, and they came to a total of about $20.92 million.

Last year, the Amaya Gaming Group posted a total profit of about $2.56 million. In the second quarter of 2012 alone, they have learned $1.17 million in profit. Their marketing expenses were increased by 53 percent when compared to last year and came to about $3.53 million. The increase in marketing expenses is a direct result of their work with CryptoLogic after purchasing it. The biggest increase in expenses, however, were its administrative costs. These rose from $2.13 million for last year's second quarter to $12.4 million for this year's second quarter. The drastic increase is due to a quick expansion of their operations into several different countries.

David Baazov, CEO of the Amaya GAming Group released a statement that said, "We continue to deliver very strong revenue growth achieved both organically and through acquisition. The successful implementation of our growth strategy has led to a larger and more diversified customer base as well as a more comprehensive product offering that improves our competitive position. Our recently completed financing provides us the resources to continue to execute and pursue some significant opportunities available in our industry." With such good growth, there's no wondering why Baazov is so enthusiastic about the future of the Amaya Gaming Group.