David Baazov No Longer Associated with Amaya Gaming

The saga of Amaya Gaming and PokerStars has been a long one. Amaya Gaming purchased the Rational Group in 2014, taking over the PokerStars brand. Amaya has worked hard to see PokerStars succeed, even gaining entry into the United States online poker industry within the state of New Jersey. The company recently came under fire when an official of the company was charged with insider trading. David Baazov held the position of CEO within the company and was even considering purchasing the company himself when just a few months ago he was charged with insider trading involving the acquisition of the PokerStars parent company.

Baazov had already stepped down from his position as CEO of the company and now it has been announced he has removed himself from all positions within the company. Baazov had already left his position as board chairman and CEO when he was charged with insider trading back in March.

The former CEO maintains his innocence to the charges which stem from the deal of acquiring PokerStars. Baazov is accused of using privileged information when trading shares from a time frame of December 2013 to June of 2014. The deal to purchase the PokerStars parent company was a big one with $4.9 billion spent by Amaya Gaming and it was not soon after that allegations of insider trading took place.

In March, Rafi Ashkenazi was appointed the interim CEO when Baazov left voluntarily. He has now taken the position permanently. Baazov was holding the position as the president of the company and a board member, which he has now removed himself from these positions. In a statement on the matter, Baazov commented that he is proud of his contributions in building Amaya Gaming into a successful company as it is today and he will continue to be supportive of the company’s strategy and management.

Along with the announcement of Baazov removing himself from his positions within the company, the financial results from the second quarter of the year were announced by the company. For the quarter, Amaya was able to earn $215.6 million in online poker revenues with $285.9 million earned in total company revenues for the quarter. The total numbers are just over 10% more than the same time frame last year.

The quarter totals showed sports book and online casino real money gaming offerings bringing in 21% of the total revenues. This was an increase of 12% from 2015 Q2. Online poker revenues were down by around 11% with $216.4 million earned. In 2015’s Q2, the company earned $242.8 million from online poker gaming. The company seems to be dropping away from relying on online poker. Poker totals when compared to the overall gaming totals have continued to drop going fro begin 90% of earnings to around 75%.

Amaya Gaming still controls around 70% of the real money online poker market on a global scale. In New Jersey, the company is close to having half of the market at 44% according to Q2 totals. New Jersey dominates the online poker industry in the United States with over 90% of the current market.

PokerStars continues to focus efforts on the United States, working closely with California Indian tribes and card rooms to see online poker legalized in the state. California is just one of a handful showing promise to becoming the next state to legalize online poker within the United States. The brand is still one of the most successful in the online poker industry despite any issues that may come into play.