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Teddy Sagi - Playtech-founder sells stock and buys a market

Teddy Sagi sells stock and buys a market
Teddy Sagi sells stock and buys a market

Teddy Sagi is a name you should know. Forbes lists him with a net worth of staggering 2.4 Billion dollar and he is a person to play big for sure. Sagi founded the online casino software provider Playtech which is hailed as “the Microsoft of the online gambling market”. Playtech came into existence in 1999 and in the beginning mostly focused on software for real-world gambling machines. In 2002 Playtech entered the stage of online casino gaming with and followed by other big names, like Europa Casinos, Titan Casino and William Hill. With the poker boom Playtech also developed software for the online poker market. Now, after almost 15 years constant growth, Playtech has a lot to look back upon. They brought the first land-based casino into the online world, founded a worldwide bingo network, live casinos, its own poker network, Live TV products, sports betting platforms and many more.

In early Playtech was floated on the London Stock Exchange. The company was valued at approximately £550 million. Teddy Sagi himself is always out to venture into new businesses. The self-made billionaire offloaded 15 percent of his stake in Playtech, adding another staggering £326 million to his already substantial fortune. The forty-two year-old billionaire has seen his Aim-listed Playtech shares rise by over 30 percent this year alone. Initially Saggi planned to sell only 10 per cent of his stake in the world-renowned online casino software provider, but demand was so great that Saggi agreed to sell five percent, leaving him with 33.6 percent stake in Playtech.

It is not like Teddy Saggi to just take the money and be a little bit richer. The self-made man took it, put a little something on top and went to buy his own market – namely the immensely popular Camden Stables Market in London, Great Britain. The cost was staggering – Saggi paid over £400 million ($665 million) for it to the businessmen Richard Caring and Bebo Kobo. The negotiations for this deal were long since in the making – first talks were held a year and a half ago. With payment delivered, Teddy Sagi Sagi now owns 100 percent of the market’s shares.

This is the kind of lucrative business deal, Saggi prefers. The Camden Markets – also known as Camden Lock – are an immensely popular and world-renowned tourist attraction located in the north of the great British metropolis of London. The vast complex includes several markets selling all kinds of goods. The Stables Market is well known throughout the world and has been used as a move set several times. Stables Market draws his name from the fact that was built within old horse stables. Since the 19th century it is the home of countless market stalls, art galleries and shops of all kind. The Camden Markets draw in around 40 million tourists and local visitors annually, its revenue of is estimated in the tens of millions every year.
Teddy Saggi seems eager to climb the Forbes list of billionaires even further – with this share sale and purchase of Camden Lock, he is well on his way to the top.