Gambling tech tycoon pockets £318m in share sale bonanza

THE Israeli tech billionaire who co-founded Playtech is poised to make £318m by selling shares in the world’s largest online gaming software supplier.

Entrepreneur Teddy Sagi – an ex-convict who has three children with a former Miss Israel – last night announced plans to sell around 32m shares in the gambling giant through his holding firm Brickington Trading.

The sale price of the shares, which make up a 10.1pc stake in Playtech, had not been agreed when the secondary placing was announced last night.

But if they go at yesterday’s closing market price of 993.5p (down 2.2pc, or 22.5p), which is close to an all-time high, Sagi looks set to add nearly £318m to his reported £2.6bn fortune.

Furthermore, he will still own a 7.7pc stake in the Londonlisted firm and remain as an adviser – a role which will pay him the grand total of €1 a year.

The shares will be issued by Goodbody Stockbrokers, Shore Capital Stockbrokers and UBS, and a price will be agreed once they have been placed.

According to Playtech, Sagi has chosen to cut his stake and buy into real estate, flexible workplaces, and e- commerce. He sold another 4.1pc stake in Playtech for £113m in March, and also pocketed a further £329m last year through his holding company.

The 45-year-old has a wealth of investments and is also the majority shareholder of Camden Market owner Market Tech Holdings, online payment firm SafeCharge, and software company Crossrider. Last month, he agreed to buy a controlling stake in German property owner and developer Brack Capital Properties for £219.3m.

Sagi set up Playtech in 1999 with the intention of becoming the biggest online gambling software developer. It was valued at £550m when it floated seven years later.

Born in Tel-Aviv, Sagi, who has homes in Knightsbridge, London, and Cyprus, lives with Yael Nizri, who won Miss Israel in 2006, and their children.

He received an 18-month jail sentence in Israel in 1996 for fraud and bribery.