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Poker News

Amaya Shares Up as Owner Reliance on Poker Wanes

Written By: Maya Michaels | March 21, 2017 | Posted In Poker News

The actual parent company of the very well-known PokerStars which is Amaya has recently signaled that the company’s diversification into a shift to the casino gaming as well as more sports betting that actually made their shares rise.

According to the Bloomburg Technology, Rafi Ashkenazi who is the current Chief Executive Officer of PokerStars, they are forcasting an even higher profit margin for the up and coming year of 2017.  Their adjusted earnings for the current year of 2016 is up from $1.93 cents to $2.13 cents a share, with the past analyst views of $1.93.

With the United States largely turning away from the poker scene and turning their attention more towards the recreational players which are known on Poker Stars, the company has ultimately turned their own attention from the past ways of bringing bacon to the table to trying to find a new way to bring more.

PokerStars parent company, Amaya has recently reported that a total of 70 percent of their total revenue in the fourth quarter actually came from poker games, this is down from 78 percent which was recorded the previous year.  At the same time online casino as well as sports booking jumped to 25.8 percent from 17.2 percent within the last year.

During this past year, PokerStars parent company Amaya’s long term debt totaled out to be 2.53 billion dollars, as Rafi Ashkenazi has been working diligently in order to reduce that debt, paying back the founders of PokerStars, as well as contending with Australian legislation that would actually be able to push Amaya right out of the market. 

Kevin Wright, an analyst for the Canaccord Genuily Corporation stated that the company is managing its issues of poker erosion as they grow casino/sports as well as containing cost.

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