Amaya Proposes $100 Million Private Placement of Common Shares at a Price of $4.05 per Share

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MONTREAL, May 29, 2012 /CNW/ - Amaya Gaming Group Inc. ("Amaya") (TSX Venture: AYA) is pleased to announce that it has entered into an agreement with a group of agents led by Canaccord Genuity Corp. and including BMO Capital Markets, Desjardins Securities Inc., Union Securities Ltd., BayFront Capital Partners Ltd. and Cormark Securities Inc. (collectively the "Agents") in connection with a fully marketed best efforts private placement (the "Private Placement") of up to $100 million (the "Base Offering") in common shares (the "Common Shares") of Amaya. Each Common Share issued under the Private Placement will be issued at a price of $4.05 (the "Issue Price").  Amaya has also granted the Agents an option (the "Agents' Option"), exercisable in whole or in part up to 48 hours prior to closing of the Private Placement, to purchase up to an additional 15% of the Common Shares issued under the Base Offering at the Issue Price. If the Agents' Option is exercised in full, the total gross proceeds of the Private Placement to Amaya will be $115 million. The net proceeds from the Private Placement will be used to assist in the implementation of Amaya's growth strategy and the expansion of its international activities, through acquisitions or otherwise, general corporate purposes and working capital. All securities sold pursuant to the Private Placement will be subject to a statutory four month hold period.

"The gaming and related technology industries are experiencing a renaissance, driven by technology innovation as well as ongoing and expected positive changes in the regulatory environment in a number of jurisdictions globally. We are pleased to have the opportunity to take advantage of the strong indicated demand for Amaya's shares to raise additional funds to exploit opportunities within the gaming technology industry," said David Baazov, Amaya's President and Chief Executive Officer.

Closing of the Private Placement is scheduled on or about June 27, 2012, subject to the approval of the TSX Venture Exchange and the satisfaction of other customary closing conditions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the United States Securities Act of 1933, as amended).

About Amaya

Founded in 2004, Amaya Gaming Group Inc. is a technology based gaming provider for the regulated gaming industry. An expansive global organization, present in North America, Latin America, Europe, Africa and Asia, Amaya is an innovator in the gaming world.   Headquartered in Montreal, Canada, Amaya provides a host of services and solutions that range from: online and mobile gaming casino games and platforms, traditional and mobile lotteries, networked electronic gaming systems, hospitality in-room entertainment systems, management systems, content suites, advisory and management services, and integrity monitoring and auditing systems for the regulated gaming markets.

Disclaimer in regards to Forward-looking Statements

Certain statements included herein 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. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

please visit www.amayagaming.com or www.amayaonline.com.

Mr. David Baazov President and Chief Executive Officer Amaya Gaming Group Inc.
North America: 1-866-744-3122
Worldwide: [phone]

Mr. Darcy Krogh VP, Business Development
1-604-669-4180