Online Gambling Giant Amaya Faces Stock Probe

Published Friday, December 12, 2014 - Online-Casinos.com
Online Gambling Giant Amaya Faces Stock Probe

The online gambling industry is always being watched closely by authorities looking for anything that looks suspicious or unlawful. It is this serious scrutiny that protects investors in the online gambling industry as well as consumers of the products offered. It comes as a bit of surprise when a recent article surfaced on the online Business Network News web site that the Canadian firm Amaya Inc. headquartered in Pointe-Claire Quebec is under investigation regarding the trading of its stock.

The company bought the iconic Poker Stars Full tilt brands for an estimated $4.9 billion US recently and has seen tremendous growth in its value since. Amaya has officially confirmed there is an investigation into the trading of its stock and has stated it is co-operating with Quebec’s securities watchdog  Autorité des marchés financiers. The main focus of the probe consists of the activities into possible wrongdoing during the acquisition the parent firm of the Rational Group, Oldford Group Ltd. which owned the Poker Stars and Full Tilt Poker brands.  Forbes magazine reported recently that the RCMP as well as the AMF took control of  Amaya Inc.’s head office, and the offices of broker Canaccord Genuity and Manulife Financial.

Amaya issued a statement quickly insisting, “To the Corporation’s knowledge, this does not involve any allegation of wrongdoing by the Corporation. Amaya will continue to cooperate, if and as requested, consistent with our practice to always cooperate with regulatory authorities. “The cash deal to buy Oldford Group created a rush to buy the company stock with a massive increase on the market that went as high as approximately 340 per cent since the announcement was made. Whether this will jeopardise Amaya’s creator David Baazov’s plan to cash in on the possible US regulatory changes that would allow online gambling to flourish in that lucrative jurisdiction is yet to be seen.

 

 

 

 

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