Leading Techie Over at 888 Sells Shares
Shay Ben-Yitzhak, one of the funders of 888, the successful Gibraltar-based online casino firm, has given up about 13.6 million of his shares and now holds “only” 43.9 million. Ben-Yitzhak held 57.5 million shares of 888, making him one of the most wealthy persons in the online gambling business. 888 is considered by many to be one of the leaders in global virtual casino services and this many shares means a lot of money. Although Ben-Yitzhak wasn’t an executive, he was behind the technical advancement of the firm and held the Chief Technical Officer position. When things go virtual, the techies are very influential.
888 was created by Aharon Shaked and Avi Shaked back in 1997. The brothers sold their homes in order to raise the needed funds to build their new online enterprise. The rest is history and 888 is one of the largest online casino businesses in a global level. The company is based in Gibraltar and caters for various countries offering online gambling services and offers. This is the first time a senior director in the firm is selling his shares, according to The Times. The company is publically listed and seeing a senior partner getting rid of some of his shares might signal upcoming changes.
The funny thing is that Ben-Yitzhak said some time ago that he was never in a real casino. He was in charge of developing the growing online casino firm and writing the programs that would later be played by millions of gambling fans – but he was never in a real gambling house. So, how did he manage to make the games so attractive? Simple, he did that by using a gambling book. I guess there are some good books about gambling out there after all. The stories behind the great internet casinos are always fascinating and it’s nice hearing about the way these firms became the businesses they are today.