Teddy Sagi, the man who founded the global online gambling group, Playtech, 19 years ago, has sold his last remaining shares in the company. The sale was done through Sagi’s investment company, Globe Invest. Playtech is valued at around $1.4 billion and employs some 5,000 people in 17 countries.
According to Globes financial publication, the sale of nearly 15.2 million shares, worth a total of $88 million (R1.2 billion), was the last in a series of sales that saw Sagi gradually dispose of his Playtech stock. The final sale was overseen by Credit Suisse and amounted to 6.4% of Playtech’s shares.
In 2015, Teddy Sagi made the strategic decision to reduce his exposure to Playtech’s shares and instead invest in real estate and high-tech sectors. Over the years, he has invested in properties such as Camden Lock Market in the UK and set up the co-working space operator, LABS.
Playtech was founded nearly two decades ago, and since then has gone on to become a world leader in the online gambling sector. In 2006, the group went public by offering shares on the London Stock Exchange. It provides software to some of the best online casinos in the world, including those that serve the South African gambling market such as Casino.com.
Over the past year, however, Playtech has lost around 50% of its stock value because of ever-increasing competition in the market. It issued a revenue warning in July this year. Earlier this year, Playtech bought a 70.6% stake in the Italian gaming and betting company Snaitech.
Following the sale of his shares in Playtech, Sagi said: “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.”