Bwin.party CEO Will Earn Big if Firm is Taken Over By 888

The present CEO of online gambling firm bwin.party will earn an impressive amount of money if company is taken over by 888 Holdings. BWin.party has been going through a tough crisis for several years now and negotiations with 888 Holdings are on the verge of closure. If the deal materializes and the firm is purchased, then CEO Norbert Teufelberger will make a fortune from the deal as he owns 13.3 million shares. While he will make around GBP 17 million on these shares he can make an additional sum on his 9.2 million deferred shares and options that can be cashed out as well.

Norbert Teufelberger’s association with Bwin.party

Norbert TeufelbergerNorbert was the CEO of BWin Interactive in 2001 and became the joint CEO when it was merged with Party Gaming and became the BWin.Party in 2011. He has been accused for the downfall of the merged organization due to lackadaisical management. Experts bought in to evaluate the financials of the firm have stated that both Party Gaming and BWin were top brands when the merger was done but have been going through a tough phase since 2011. After the merger Bwin.Party became the largest online gambling firm in the world with representation in all online gambling fields like casino, slots, sports betting with operations in both regulated and unregulated markets.

Potential buyers of BWin.Party

The first potential buyer was GVC Holdings which made a bid for BWin.Party in partnership with Amaya Inc through reverse takeover as its market capitalization is double the size of GVC Holdings’ valuation. The bid by 888 Holdings was announced only last month through a public announcement made on 18th May. Besides these two publicly announced takeover partners, the firm has stated that it is talking to several parties for sale. The firm is publicly traded on London Stock Exchange and is owner of global brands like bwin, partypoker and Foxy Bingo. It has hired Deutsche Bank to manage its sales and acquisition dealings after a partner is finalized.

Swedish Man Wins the Mega Jackpot Game

What could be better than playing your favourite casino game and hitting the jackpot while not even aiming for it? That is exactly what happened to a Swedish player who won a huge jackpot of £570,407 recently at the Leo Vegas Casino. He won the jackpot while playing Siberian Storm, which is a popular Mega Jackpot Game.

A winner in hiding

Siberian_Storm_SlotInterestingly, the 49 year old winner is not keen on revealing his identity. However, we do know he is a generous man, as he intends to donate a part of the amount to a charity. He also plans on opening up a business with the jackpot amount.

The winner was at home when he got to saw the news, but was in disbelief initially. Naturally he was shocked and asked his son to double check to confirm what he saw in the TV was true. He considers it to be his pre-birthday gift as he won it just four days before his birthday.

The man however, seems to be the one who believes in giving back to the society. He intends to open a horse race betting kiosk. Apart from that, he wants to continue making donations to charity often, something that he could not do earlier.

Lucky for Swedish players?

A lot of Swedish players have recently found luck with Leo Vegas Casino. Just a few moths back, another player from Sweden hit a record-breaking Mega Fortune jackpot of £4.4m. On asking about the same, the UK manager of Leo Vegas Casino, Shenaly Amin said that 2015 has been an expectational year for the casino. He added that it is always pleasing to see winner plan big with their jackpot wins and put them to good use.

Fraudster Steals £4.5 Million from Employers to Gamble

A Birmingham Crown Court has convicted a young, former employee of two giant property firms for committing fraud. Terry Childress was convicted of a fraud of £4.5 million to feed his ever-growing gambling addiction.

A complex fraud

Birmingham CourtBetween 2007 and 2011, the now 34-year-old Terry Childress worked with BNP Paribas Real Estate and GVA Grimley. In both firms he engineered false rent incomes, receipts, client payments and fake invoices to steal a grand total of £4,434,274. Moreover, to avoid suspicion, Childress logged in through his colleague’s accounts and wired the money to his friends and family.

With the money that he siphoned off, Childress went on to feed his out-of-control addiction by gambling on a daily basis, the Court noted.

Unforgivable mistake

The Birmingham Crown Court has awarded a sentence of five years to Terry Childress for the fraud. Childress was particularly faulted for causing the suspicion to fall on innocent parties and putting them under unwarranted distress. It included using his co-workers’ log-in credentials to steal money. He, also, transferred a sum of £500,000, from company funds, to his ex-girlfriend after telling her that he had won the amount while gambling.

The incident came to light only after BNP Paribas Real Estate start investigating account discrepancies, after Childress had quit the company. Soon, the company was to discover a Barclay account with transactions up to £250,000. The account was in Childress’ name. A court order issued soon after, brought Childress’ down to his knees.

Since the beginning of the investigation, however, Childress’ had extended his full cooperation to authorities and has also pleaded guilty on two counts. He had expressed his desire to repay the money through the assets and admitted that what he had done was unforgivable.