..

Man Behind the Curtain of IGT Shakeup Now Looks to Pull Strings at Bwin.Party

Written by:
Jagajeet Chiba
Published on:
Feb/18/2014
Man Behind the Curtain of IGT Shakeup Now Looks to Pull Strings at Bwin.Party

For long time readers of Gambling911.com this may all seem like déjà vu.  It was reported Tuesday that an activist investor could be looking to shake things up at online gambling giant Bwin.Party

Now we know a little more as to who this activist investor actually is.  It’s none other than Jason Ader.  That name may ring a bell to those of you who follow the news daily here at Gambling911.com.

It was a year to the day, February 18, 2013, that the Las Vegas Review Journal picked up on Gambling911.com’s coverage of the nasty proxy fight launched by Ader at slot maker International Game Technology (IGT), ultimately leading to his group landing a hand-picked member on that company’s board.  IGT had enjoyed great success since that time with shares hitting a high of 21.20 over the summer, the highest we’ve seen in years. 

And that success carried over into the new year until they hit a roadblock late last month with shares in IGT plunging 11% on news that its quarterly results and outlook disappointed Wall Street.

Fool.com’s Brian Pacampara noted that “gross margin fell 200 basis points over the year-ago period to 61%, suggesting that IGT's competitive position is getting more expensive to maintain”.

And with today’s announcement of Ader’s return via his new fund SpringOwl, Ashley Armstrong of the Telegraph suggests it would appear that corporate raiders, long scorned by Wall Street and the Square Mile, are refashioning themselves into respectable shareholders who vocally push for change.

Bwin.Party Digital Entertainment’s shares rose 6, or 5.31pc, to 119p on the news.

The shares are being offloaded by bwin.party’s founders, Ruth DeLeon and Russell DeLeon, who are required to sell their stakes in the company as part of their divorce agreement.

For SpringOwl, this was the fund’s first deal and, if it’s anything like the long drawn out IGT affair, we may be in for a rocky ride over at Bwin.Party, a company that is already making its mark on the regulated US landscape by taking control of nearly half the legalized Web gambling market in New Jersey.

Mr Ader “feels the company is undervalued and is looking to see it reach its potential”, the spokesman added.

Gambling911.com has plenty of sources tied in with Ader so you can rest assured we will be covering this story extensively as new developments occur.

- Jagajeet Chiba, Gambling911.com

Gambling News

Adesanya vs. Pereira and Volk vs. Oliveira Fight Odds Released

Oddsmakers believe that Alex Pereira is up next for Adesanya with Pereira a slight +140 underdog.  Adesanya comes in at -160.  He was a -180 favorite Saturday night.

Where Can I Bet Sports From North Carolina Online?

Where Can I Bet Sports From North Carolina Online?

With news that a push to legalize mobile sports in North Carolina had officially failed on July 2, Tar Heel State residents need not fear. Sites such as NitroBetting, operating offshore, now allow individuals to place bets by simply providing their emails.

Winnipeg Jets to Name Rick Bowness Next Head Coach: Oddsmakers Got This One Very Wrong

Winnipeg Jets Look to Name Rick Bowness Next Head Coach: Oddsmakers Got This One Way Wrong

When oddsmakers at BetOnline released odds on the next head coach of the Winnipeg Jets, there was no price offered on Rick Bowness.

Mystic Zach bets 50 push ups on Volkanovski | UFC 276

Mystic Zach bets 50 push ups on Volkanovski | UFC 276

Mystic Zach and Rashad Evans make a bet on who they think will win the Co-Main Event of UFC 276. Alexander Volkanovski vs Max Holloway.

How Does the MyBookie.ag Welcome Bonus Compare With Other Websites?

How Does the MyBookie.ag Welcome Bonus Compare With Other Websites?

The MyBookie.ag welcome bonus is okay, but be prepared to jump through hoops in order to get it. 

Syndicate