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Founder of World’s Biggest Gambling Company Sells his Shares

Founder of World’s Biggest Gambling Company Sells his Shares

Playtech is one of the biggest online gambling firms in the world, if not the biggest. It dominates this industry in a way that no other company does and has many irons in the fire, from slots and table games, to binary options, share trading, and more. It’s a company that always seems to be moving forward, but the founder of Playtech, Teddy Sagi, won’t be there to profit from that future as he has just sold his remaining stake.

The Deal

Teddy Sagi had previously sold off most of his shares and had fewer than 5% left, but thanks to this recent deal he has now swapped that remaining share for a sum of $87 million. Only a week earlier Teddy Sagi had held a share of 6.3%, making this the second sell-off and the one that sees Sagi part ways with the company he founded.

It’s not a case of Teddy Sagi leaving a sinking ship, but rather it’s a case of him using the funds to develop financial interests elsewhere. Through his investment firm Bricklington Trading he has been snapping up real estate in London and is said to own a large portion of Camden Town. He clearly thinks that the future is in bricks and mortar, and he’s not alone, as London property prices are rising at a rate of knots and bricks in the capital could be worth their weight in gold.

Sell-offs like this usually lead to some panic selling from other shareholders. No one likes to see the founder part ways with a company after all. But in this case Playtech’s share price was relatively untouched. It seems that shareholders have understood Teddy Sagi’s intent for a while now and were perhaps anticipating that this day would come.

 

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