Amaya Stock Prices Soar

Canadian-based gaming company Amaya has taken the poker world by storm as of late. This is largely the result of its highly publicized purchases of PokerStars and that network’s one-time arch rival, Full Tilt Poker. Those bold moves appear to be literally paying off for the company, as seen by their recent movements on the US stock markets.

The stock price of Amaya, which trades on Canada’s Toronto Stock Exchange and the NASDAQ in the US, has seen its stock price increase to CAD$30.78 (US$23.14) over the last week. The boost has put Amaya’s stock price over the CAD$30 mark for the first time in nearly two months, and ended what was nearly two weeks of a dramatic price drop for the company.

Amaya’s stock price actually continued its decline at the start of last week, but fortunes began to turn for the better on Wednesday when the price began to increase. The big jump began on Thursday, however, when Amaya’s stock price rose from CAD$24 to CAD$28, which increased to $30.78 by Friday. Overall, the stock price went up by 19.77% in the last week of trading.

The main reason behind the sharp price increase was the decision by the US state of New Jersey to allow both PokerStars and Full Tilt to operate online poker networks in the state. PokerStars and Full Tilt’s approval in what is currently the largest online poker market in the US was welcome news for Amaya, which was reflected in the share price increase.

Those who bought into the stock earlier this year are unlikely to be much happier as Amaya’s current share price is actually lower than it was when 2015 started. Amaya shares were US$24.42 on the first day of trading for the year and reached a high of US$30 in February.

It may still be some time before those shareholders see some serious profits on their investments if the experts are to be believed, as the consensus seems to be that Amaya’s poker offering will be roughly the same for the short term future. However, the experts predict that Amaya will continue to focus on other online gaming platforms, which could help to eventually boost its share price even more.

PokerStars and Full Tilt currently sit 1st and 9th on PokerScout’s player traffic ladder, with respective seven day averages of 15000 and 850.