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Amaya’s negative results

Amaya Gaming Group, a Server and Network gaming specialist because in Canada announced a bad news after revealing that the revenues for the 1st quarter of 2011 went down by 23% to $1.14 million when compared to last year.

Suburban Montreal based Amaya are currently in the process of buying Chartwell Technology Incorporated, Chartwell Games’ parent firm, a gambling software provider for roughly $22.77 million. Last month, Amaya managed to raise $10.23 million in order to help fund this buy following the closing of a bought deal private placement of 3.3 million common shares.

The downfall in revenues reflected Amaya’s ‘efforts to gain traction of its solutions aimed at the hospitality and government sectors’ according to Amaya. Amaya also released that the marketing and sales fees for the 1st 3 month period swelled by over 800% to $1.92 million over last year. The general and administrative costs increased by 185% to $1.42 million on last year. Amaya said that these increases were ‘mainly attributable’ to marketing, advertising, the ever increasing employees, base and expenses associated with running a fully staffed venture in Africa and the prize pool funding in Kenya.

Amaya also revealed that their net loss added up to slightly over $1.82 million for the 1st three months of 2011.

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