David Baazov, the founder of the online gaming company Amaya Inc., started his business venture in Canada, but he has not lived there all of his life.
He was born in Israel, where he lived with his family until he reached the age of one. The family then moved from Haifa in the northern part of Israel to Montreal in Canada. There, David Baazov and his family settled with the help of the Jewish-Orthodox community.
As the Baazovs are of Georgian-Jewish descent, the family was financially supported by the local Jewish community.
While David Baazov’s father worked in construction, he raised six children with his wife. The family has been described as being Modern Jewish-Orthodox.
At a young age, David Baazov began selling packages of discount coupons for clothes stores and dry cleaning before he established a computer reselling firm. While the company was no success to begin with, it became worth $20 million within five years.
This was the result of a deal to sell computers to the Montreal Public Library, among other institutions.
“He could take apart a computer and put it together with his eyes closed. Like every Duddy Kravitz in this world, he wanted to be successful and for his family to be proud of him,” the lawyer Morden Lazarus said.
CFO To David Baazov: “Please Do Not Spend Time On PokerStars”
At the age of 25, David Baazov sold his computer reselling company after losing a bid to Compaq to provide the City of Montreal with computers.
He decided to leave the world of hardware behind and enter the sphere of software by founding the company Amaya Inc. Along with developers, he invented an electronic poker table for cruise ships and land-based gambling sites.
The electronic poker table enabled people to play poker without a human dealer.
In 2010, Amaya Inc. entered the Toronto Venture Exchange with a revenue of $6 million. The former American presidential candidate Wesley Clark joined Amaya Inc.’s board, and the firm raised close to $5 million with its initial public offering.
David Baazov then became more interested in online gaming and wanted to take his company in that direction. Therefore, Amaya Inc. began buying gambling software developers like Ongame, Chartwell Technology and CryptoLogic.
In 2012, amaya inc purchased the slot machine producer cadillac jack for $177 million the acquisition made david baazov hungry for more he wanted to buy rational group, the secret owner of pokerstars and full tilt poker.
He told his CFO, Daniel Sebag, about his plans, but the CFO turned him down. “Please do not put even one minute of your time in that,” he said. But David Baazov did spend a minute on it. Thousands of minutes. And it paid off.
In 2014, amaya inc bought rational group for $49 billion.
Amaya Inc Paves The Way For Historic Approval
With Rational Group, and therefore PokerStars and Full Tilt Poker, under its wings, Amaya Inc. became the largest online gambling firm in the world. The business magazine Forbes also called David Baazov the ‘king of online gambling.’
In 2015, David Baazov and Amaya Inc. successfully reopened the door to the US for PokerStars and Full Tilt Poker. It had been closed since 2011 due to a legal dispute that ended up shutting down their American websites.
Thanks to the new ownership, PokerStars and Full Tilt Poker’s internet gambling services were allowed to operate once again in New Jersey.
The approval was granted by the New Jersey Division of Gaming Enforcement (DGE), which was a significant milestone considering that New Jersey was the largest state in the United States to regulate online gambling at the time.
This decision was seen as a historic green light for PokerStars and Full Tilt Poker. Following the announcement of their reentry into New Jersey, Amaya Inc.’s shares rose by 14%.
David Baazov As An Online Gaming Role Model
According to David Baazov, online gamers should be viewed as consumers who share a common interest in online gaming and gambling rather than simply as players.
He is well-known in the field for his innovative approach to the online gaming industry and was among the first persons to recognize the potential of online poker. This is one of the reasons why he has become a role model for entrepreneurs in the online gaming field.
His success with Amaya Inc., his ability to execute successful mergers, his view on online gaming and his strategic vision have all contributed to his stature.
Furthermore, his accomplishments have inspired others in the world of online gaming and gambling to follow their own entrepreneurial dreams.
At the moment, David Baazov is looking for his next business endeavor.
Disclaimer: The above references an opinion of the author and is for information purposes only. Never gamble for more than you can afford to lose. Gambling can lead to a serious addiction. Gamble responsibly.
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