Teddy Sagi, an Israeli-born entrepreneur, was responsible for founding the Playtech casino software platform. He saw an opportunity right before the turn of the century when online gaming was nothing like it is today. The headquarters of Playtech opened in Tel Aviv, Israel, in 1999, and the idea was to launch an innovative platform right from the start. Playtech has continued to expand its reach and grow since then.
Playtech’s iGaming and sports betting partnership with betPARX is growing in U.S. markets. In March 2022, Playtech announced that it is partnering with Parx Interactive to launch its betPARX app in Pennsylvania and New Jersey. This app is simple to use and offers a high-quality customer experience.
Playtech in the early 2000s
The high demand when Playtech’s innovative platform was launched in 2001 meant Sagi could charge a premium for its services. Revenue began to pour in, and the cash flow was available to expand the already-impressive iGaming platform.
In 2003, Playtech launched a Bingo solution. It only offered a 75-ball variation, but it paved the way for the acquisition of the Virtue Fusion bingo platform seven years later.
Playtech’s iPoker Network
In 2003, an amateur poker player, Chris Moneymaker, made the news headlines when he qualified for the World Series of Poker’s main event via a satellite tournament at an online poker card room. He won the first place prize, giving many other amateur poker players encouragement that they could become rich fast. With online poker in the news, Sagi saw an opportunity, and in 2004, he launched Playtech’s iPoker network, which attracted thousands of players.
Playtech becomes a publicly-traded company
In 2006, Playtech became a publicly traded company on the secondary market of the London Stock Exchange, AIM. In the same year, the Unlawful Internet Gambling Enforcement Act was passed, and the company lost its largest revenue source, the U.S. market. With many companies planning their exit strategy, Sagi saw an opportunity to buy and added Virtue Fusion to his portfolio in 2010. Playtech became one of the largest bingo providers in the industry.
Playtech forms other impressive partnerships
Throughout the 2000s, Playtech formed several partnerships that cemented its position as one of the top software platforms. In 2012 it moved to the London Stock Exchange main market. Its clients increased, and some of the most notable ones are William Hill, Betfair, Unibet, and bet365. Playtech also signed a contract with Warner Bros to produce a line of DC-branded games. Besides developing its own slot games, Playtech added various software providers to its portfolio.
Sagi bows out of Playtech but continues his success
Sagi began selling his Playtech shares in 2016. He sold the last of his stake in the business in 2018 after two decades of great success. He has dipped his toe into investing in crypto by taking an interest in blockchain startups. His newest startup, Pay.com, shows a return to his interest in fintech. In 2022, he is in position #471 on the Forbes Billionaires List.