Sagi Sells His Last Stake In Playtech

Published Monday, November 26, 2018 - Online-Casinos.com
Sagi Sells His Last Stake In Playtech

Playtech software has been used by many top notch online gambling companies since its inception in 1999 by entrepreneur Teddy Sagi  in Estonia, with partners from the casino, software engineering and multimedia industries.

Playtech launched its first casino product in 2001, and since then it has grown to become the world’s leading international designer developer of web and mobile application software to the digital gaming industry. The introduction of the Unlawful Internet Gambling Enforcement Act of 2006 in the USA the firm’s stock suffered a one-day loss of over 40%.

Mr. Sagi has been reducing his stake in the company for the last two years causing significant speculation and a severe reduction in the value of the company. Sagi has invested in a number of other markets such as the acquisition of Camden Market Holdings, Stables Market, Camden Lock Developments, and most recently Mobfox.  Sagi sold 15,193,489 shares in Playtech which is equal to 4.8% of the enterprise. Sagi completed the transaction of the remaining shares via his holding company, Brickington Trading.

Mr.Sagi issued a statement explaining his move to liquidate his remaining stake in Playtech, “My focus for the last few years has been in real estate, co-working, service apartments, e-commerce and advanced technology, cyber-security and innovation companies. I consider myself part of Playtech’s successful history, and I am proud of what we have accomplished together since its inception. I wish it every success in the future.”

Playtech has been supplying software products to some of the largest operators in the gambling business from its headquarters in the Isle of Man. The company has an operating income of € 322.1 million in 2017 and garnered a net income of € 249.1 million in 2017. The company announced a new partnership with Warner Bros in February 2017 for the development of slots based on DC Comic feature films.

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