Playtech has had more ups and downs than a veteran gambler. The company, founded by the Israeli entrepreneur Teddy Sagi, makes the tech that runs online gambling for betting companies, national lotteries and others. You won’t see the brand around as it works business-to-business behind the scenes for other brands.
Until last week, it also operated in financial dealing with a business called Finalto, which runs the trading of contracts for difference (CFDs) and other products. On Wednesday, after two years of hawking it around the market, Playtech found a buyer for Finalto for $250 million (£185 million).
The deal brings in some cash and removes what was something of a sponge on its balance sheet as financial betting requires hefty capital.
Playtech has had