Life’s a gamble..
Israeli billionaire Teddy Sagi, whose company Playtech is hailed as the Microsoft of the online gaming market, has added another £326 million to his fortune after offloading a 15 per cent stake in the firm. Forty-year-old Sagi has seen shares in Aim-listed Playtech rise by more than third this year and had originally intended to sell just a 10 per cent stake in the business. But demand was so great that yesterday he agreed to shed half as many shares again, representing around a third of the total. The stock is being sold at 725 pence through his investment vehicle Brickington, though Sagi will still be left with a 33.6 per cent stake in Playtech.
Playtech listed on London’s junior market in 2006. Its software drives the operations of some of the online gambling industry’s biggest players including William Hill, Ladbroke, Paddy Power and BetFred.
In the past 12 months it has reported adjusted earnings before interest, tax, depreciation and amortisation of €177.5 million.
Last night [5th March 2014] the company’s shares closed at 737 pence, down 9 per cent, against a 44 per cent rise over the year.