Amaya Chief David Baazov Buys $1.7 Million in Common Shares

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According to iGaming Business and other news outlets, Amaya Gaming Chairman and Chief Executive David Baazov purchased 110,000 common shares of his company’s stock for a total price of $1.7 million. The news comes just two weeks after Amaya’s shares dipped by 28% in a single day.

As iGaming Business outlined, Baazov (pictured) wasn’t alone: “The purchase, made on the open market, comes as two other executives at the firm also opted to increase their shareholding. Marlon Goldstein, Executive Vice President for Corporate Development and general counsel, as well as Rafi Ashkenazi, Chief Executive Officer of the PokerStars and Full Tilt businesses, also notified Amaya of their purchase of an aggregate 47,460 common shares.”

Amaya Gaming’s stock, which is traded in Toronto under the symbol AYA, closed Monday’s trading at $21.70 CAD, unchanged on the day. Over the last 52 weeks, it has bounced between $18.20 and $39.25.

Motley Fool called Amaya “an early Christmas present for investors,” saying, “Shares are down approximately 30% from a month ago, making this stock look like a real steal.”

Leading up to its stock price tumbling by almost one-third in a day, Amaya cut revenue and earnings estimates, blaming the strength of the US Dollar and other factors. As Motley Fool pointed out, the company’s debt is also in US Dollars, while much of its revenue is in Euros, further restricting its buying power since its debt is increasingly becoming more expensive.

Also in play is the threat of additional common shares being issued. As Motley Fool explained, “Amaya has talked about issuing USD $3 billion in common shares within 25 months. This would help the company pay down its debt entirely, but it would significantly dilute current investors.”

Amaya owns PokerStarsand Full Tilt, which according to Motley Fool together comprise 70% of the worldwide online poker market. The company has also ventured into daily fantasy sportsin the form of StarsDraftand will soon launch BetStars, an online sports betting platform. Amaya also received a license to operate PokerStars and Full Tilt in New Jersey, marking its return to the US online poker market for the first time since Black Friday.

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11 COMMENTS

  1. So the company makes drastic changes, namely being the cut of VPPs on stars etc, then after share prices understandably plummet the guys at the top of the business buy up huge portions of stock????Hmmm….. If I was skeptical I’d think something fishy was going on here…

    • There is some sketchy sht going on with DFS in the US. Amaya is diversified and doesn’t need this US bs. BUT looks like it may work back in anyway, with or with out DFS. I wish I had money to buy this on the way down. Fkn 4 bet the sht out of it.

    • This is such a minuscule amount of money compared to what they currently own. We’re talking about a company with a 10 figure market cap. This isn’t really a big deal

    • This is such a minuscule amount of money compared to what they currently own. We’re talking about a company with a 10 figure market cap. This isn’t really a big deal

      ^^^^^

      Yup come back and play on Pokerstars.

      Im back on there now, and I suck.

    • So the company makes drastic changes, namely being the cut of VPPs on stars etc, then after share prices understandably plummet the guys at the top of the business buy up huge portions of stock????Hmmm….. If I was skeptical I’d think something fishy was going on here…

      yeah, that’s not why the stock went down…

    • Baazov did a 3Q earnings report on Nov 10 I believe. He seemed unprepared almost, in comparison to other company reports. Also, he had to change the company projected earnings. He said it was because of the strength of the US dollar vs. the Euro. Also, related to moving out of Portugal and Greece’s economy. I bought shares right after the NJ announcement. The stock seems to have stabilized for the moment. Baazov buying is a sign of support more than anything. I believe he currently owns around 20% of the company.