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NEWS 23 November 2018
Playtech thanks Teddy Sagi for "important input" after founder sells remaining shares
By Tim Poole

Playtech founder Teddy Sagi has sold his remaining shares in the company, the supplier has confirmed to Gambling Insider.

Sagi had been lowering his stake in the company considerably over the course of several years and his final sale of 15.2m shares has recouped an approximate £68m ($87m), according to Reuters.

The shares, offloaded via Sagi’s Brickington Trading, were the equivalent of 5% of Playtech’s overall value.

The supplier said in a statement: "In Playtech, Teddy founded a world-class technology company. We would like to take this opportunity to thank him for this and for his important input in Playtech’s early years."

Both Playtech and Sagi faced recent pressure from activist investor SpringOwl Asset Management, its founder Jason Ader saying in September he "doesn’t have a sense the future of the company includes Teddy Sagi."

During its Q3 update, Playtech said it remains on course to achieve adjusted EBITDA of between €320m ($360m) and €360m for 2018.

RELATED TAGS: Financial | Industry
IN-DEPTH 10 December 2018
Tackling the issue of UK self-exclusion

Harrison Sayers asks three industry executives about self-exclusion in UK gambling. Jack Symons, founder of Gamban, tells us why he saw it necessary to create his own self-exclusion software. Tracy Damestani, Chief Executive, National Casino Forum, explains how SENSE has long looked after those looking to avoid land-based casinos. Fiona Palmer, CEO of GAMSTOP, gives an update into the effectiveness of the UK’s National Online Self Exclusion Scheme.