Israeli billionaire Teddy Sagi has had a strong 2014, and has made a bundle from the sale of 15% of his stake in Playtech, a company which he founded. He still owns 33% of the company. Sagi made $508 million or 326 pounds from the sale, according to This is Money, U.K. Playtech specializes in online gaming and sports betting software. The company announced it is going to take over Bwin Party Digital Entertainment in a bit worth $1.70 billion or 1.15 billion pounds.
Many felt a deal was in the works for Playtech since it raised capital in November, to the tune of 315 million pounds. Analysts projected that it would take over a company rather than raise the dividend or buybacks. Sagi might also take over Ladbrokes, which has been working with Playtech to improve its digital offerings.
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Sagi’s company Playtech has been criticized for spreading fixed odds betting terminals, where some of the poorest and most desperate gamblers tend to lose huge sums of money. In a poll by the Daily Mail, half of those surveyed said that fixed odd betting terminals should be banned. In 1994, Sagi was jailed for insider trading and spent 9 months in custody.