Online gambling billionaire gets into currency trading

Israeli billionaire Teddy Sagi, who is a major shareholder in online gambling group Playtech, has extended his financial reach with the purchase of currency trading platform AvaTrade, according to a Reuters news agency report.

The sale has so far not been confirmed, but earlier this week Israeli business media reported that negotiations were nearing completion and that Sagi had offered $100 million for the company, which posted an operating profit of $20 million in 2014.

Sagi already owns Safecap Investments Limited, a big operator in retail FX trading, including Markets.com and various other brands. He is also controlling shareholder in SafeCharge International Group plc, which provides online payment, clearing and anti-fraud solutions, and most recently Crossrider Ltd., which optimises Internet surfing traffic as an analytical tool.

Last month he paid a reported initial $224 million for a 91 percent controlling stake in TradeFX Limited, an online CFDs and binary options broker and trading platform provider, and through UK deals in the property market he owns large and valuable chunks of land in London.

The respected publication Forbes estimates Sagi’s net worth at around $3.5 billion.