Teddy Sagi sells his stakes in Playtech

Teddy Sagi, the Israeli-born businessman, has sold the remaining shares that he owned in Playtech, the UK-based online gambling software developer that he founded in 1999.

His remaining 6.4 per cent stake was sold in two batchesvia Credit Suisse: first, 5 million shares and then 15.2 million on Friday, fetching a profit of about 90 million pounds.

Playtech, the largest company in the vertical, has been on freefall in the stock market, losing about 50 per cent of its share price over the last year or so. Heightened competition in the segment is affecting the company’s revenues. The present market valuation of the company is around $1.4 billion pounds.

Sagi listed the company in 2006, offering shares worth $291 million. Initially, he kept a 50 per cent stake, which was then sold in different times since 2014.