Ex-Playtech Owner To Open Online Casinos

Published: Tuesday, March 07, 2006 Online-Casinos.com

EX-PLAYTECH SHAREHOLDER TO OPEN ONLINE CASINO GAMBLING OPERATION

And where is Freddi Robinson going for his software....?

Online-Casinos.com & InfoPowa readers will remember a recent bulletin in which we reported on the premature sale four years ago of Playtech stock by Israeli businessmen which denied them the subsequent rewards of successful Playtech growth.

One of those businessmen was Freddi Robinson, whose company Miloumor was a shareholder in Playtech's controlling shareholder, NAV New Age Investments Ltd back then. Robinson, like the controlling shareholders in Shrem Fudim Kelner & Co., and Gibor Sport Holdings Ltd. controlling shareholders Eitan Eldar and Roi Gil, did not believe in Teddy Sagi's Internet venture.

Robinson sold his 5 percent stake in NAV to Sagi for what in retrospect was the paltry sum of NIS 3.9 million. Had Robinson believed in the potential of online gambling he would indirectly own $30 million worth of shares in Playtech today.

The Israeli business publication Globes reports that much water has flowed under the bridge since then, and Playtech, which develops software for operating and managing online websites, is due to complete its IPO at an expected company value of $900-980 million on the London Stock Exchange in two weeks.

Playtech shareholders, led by Sagi, are expected to sell $240 million worth of shares, with another $60 million going to the company. NAV, controlled by Sagi, owns 68% of Playtech, which means that he can expect to make $160-165 million from the IPO.

These events, and other profitable online gaming ventures in recent times, have possibly prompted Robinson into a new online gambling venture. The Israeli businessman is currently a shareholder in the Loutraki Casino in Greece, considered one of Miloumor's most successful investments.

This week, Miloumor subsidiary, Miloumor Trade and Communication Ltd. announced that it has signed an memorandum of understanding withthe largely unknown turnkey firm PlayAlyOver, a software company registered in Limossol, Cyprus, under which the two companies would set up a company to operate a gambling website using the Internet and wireless.

Miloumor Trade said the new company would operate in a number of target countries in Central and Eastern Europe. The gambling websites, or the cellular applications to be developed, will be based on software developed by the Cypriot company.