Amaya Announces Closing of C$25,000,000 Special Warrant Offering

MONTREAL, CANADA--(Marketwire - Jan. 17, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Amaya Gaming Group Inc. ("Amaya" or the "Company") (TSX VENTURE:AYA), an entertainment solutions provider for the regulated gaming industry, today announced that it has closed the previously announced offering of special warrants ("Special Warrants") for aggregate proceeds of C$25,000,000 (the "Offering"). The Offering was conducted through a syndicate of underwriters led by Canaccord Genuity Corp. ("Canaccord Genuity") and including Desjardins Securities Inc. and Union Securities Ltd. (collectively, the "Underwriters").

The net proceeds of the Offering will be used to fund a portion of the all cash offer for all the outstanding share capital of CryptoLogic Limited that Amaya does not already own (the "Possible Offer").

The gross proceeds from the sale of Special Warrants less an amount equal to 50% of the aggregate underwriting commission of C$1,125,000 payable by Amaya to the Underwriters in connection with the Offering and less the Underwriters' expenses have been deposited into escrow with Computershare Trust Company Canada (the "Escrow Agent") under a special warrant indenture entered into today among the Company, Canaccord Genuity, and the Escrow Agent.

The Special Warrants are subject to a four-month plus one day statutory resale restriction period ending on the earlier of May 18, 2012 or the date a final receipt is obtained for the final short form prospectus qualifying for distribution the convertible debentures and the warrants underlying the Special Warrants.

About Amaya

Amaya is engaged in the design, development, manufacturing, distribution and sale of technology based gaming solutions for the regulated gaming industry worldwide. For more information please visit www.amayagaming.com.

Forward-looking Information

Certain statements included herein, including those that express management's expectations or estimates of our future performance constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies, including: the Possible Offer is not binding and a formal offer may never be made by the Company for the shares of CryptoLogic, and even if a formal offer is made for the issued share capital of CryptoLogic, there are no assurances that the conditions for acceptance or completion will be satisfied or waived by the Company. Investors are cautioned not to put undue reliance on forward looking statements. Except as required by law, Amaya does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Special Warrants in the United States. The Special Warrants and the securities underlying the Special Warrants have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.