Online Casinos Software Developer Witnesses Huge Loss

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Online Casinos Archive » Online Casinos Software Developer Witnesses Huge Loss

Online Casinos Software Developer Witnesses Huge Loss

26 Feb 2006

The IPO of online casinos gaming software developer, PlayTech Cyprus Ltd., will out Teddy Sagi at the top of the list as one of Israel’s richest men. However, it will also bring tidings of sorrow to some other businessmen. PlayTech, controlled by Sagi’s NAV New Age Investments Ltd., is planned to go public next month on the London Stock Exchange at a company value, before money, of $800-900 million. While still keeping shares at approximately $370-400 million, Sagi will reportedly make $90-120 million from the issue. Online casinos players familiar with PlayTech’s games, will be interested to know that the online gaming software creator is definitely a leader in the industry.

‘Teddy has built something so great at a global level with a team that will follow him through fire and water. He is a very talented manager, who reads market trends, and knows how to recruit the right people. One has to give him the credit due to him,’ Fudim told ‘Yediot Ahronot’, a leading Israeli daily newspaper. People who will not profit from the IPO whatsoever, but might have had they believed in the company’s future, include Gibor Sport Holdings Ltd., controlling shareholders Eitan Eldar and Roi Gil, Shrem Fudim Kelner & Co., controlling shareholders chairman Itschak Shrem, managing director Yair Fudim and partner Avigdor Kelner, and Miloumor Ltd. subsidiary Resido controlling shareholder Freddi Robinson. In 2,000, they all invested in NAV, but ended up selling their holdings for sums that look silly in retrospect. Because of the uncertainty of the online casinos industry, these partners lost faith in the software developer. Now, they could be millions of dollars richer, but the main winners here are Teddy Sagi and the online casinos players who love PlayTech games.

How PlayTech will do once it is on the London Stock Exchange is unknown. No matter what happens to the company, its name will be one of the most recognized online casinos software names in the business. And bringing the best possible online casinos games to these gamblers is this company’s first priority.

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