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May 12, 2017

Amaya to change name to 'The Stars Group'

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Canada's Amaya Inc (AYA.O), the owner of online gambling sites PokerStars and Full Tilt, reported a better-than-expected quarterly profit as it added more customers.

Amaya also said it would change its corporate name to "The Stars Group Inc."

Amaya said the number of its active customers rose 5 per cent to about 2.7 million in the first quarter ended March 31.

Customer registrations increased by 3 million during the quarter to 111 million.

Amaya also backed its full-year revenue and profit forecasts.

The company's net income rose to $65.8 million, or 33 cents per share in the first quarter, from $55.5 million, or 28 cents per share, a year earlier.

Excluding items, Amaya reported a profit of 56 cents per share, beating analysts' average estimate of 52 cents, according to Thomson Reuters I/B/E/S.

Revenue rose 10 per cent to $317.3 million. Analysts on average had expected $316.7 million.

Amaya had said in March it had found "material weaknesses" in internal controls over financial reporting as of Dec. 31.

The company said on Friday it was correcting the deficiencies, and that the process would be complete by the end of the current quarter.