Playtech Founder to Dump Stock
Mar 7, 2014
In a surprise move, Teddy Sagi reduces holdings in high-performing Playtech.
Playtech founder Teddy Sagi has announced plans to sell $353 million worth of stock in the company, amounting to 10 percent of his stake in the firm. Sagi and his Brickington Trading firm will retain 39 percent of the company’s total stake.
Sagi founded Playtech in 1999 and has built it into an industry leader in providing online and mobile casino software. They develop everything from online casino games to poker, sportsbetting, bingo, scratch games and live dealer games.
Move comes as surprise
Sagi’s decision to partially move out of Playtech is surprising given the company’s recent soaring success. It posted a 15 percent annual increase in revenue in 2013, although much of that came from a one-off sale of shares held in William Hill. They also purchased one-off sale of shares held in William Hill. They also purchased affiliate network PokerStrategy, a move which wasn’t cheap but overall helped boost revenue last year.
In addition, it signed a deal last March to provide games for Ladbrokes, which will revive its iGaming branch. As the online and mobile casino gambling industry grows, things are looking up for Playtech. A brilliant business mind like Sagi clearly knows how to manage money, but no one is quite sure why he would want to reduce Playtech’s presence on his portfolio.