Stipulations on Playtech progressive win

[Westland Bowl]

Precisely Trezz....but try getting an answer out of them as to WHERE this money is...ha! May as well try and catch butterflies with a basketball net.

The missing money probably got lost in the Madoff ponzi scheme.

[jetset]

This is a real shocker and not good for the reputation of Playtech or its progressives imo.

There is an urgent need for Playtech to come forward and clarify some of the points raised in earlier posts in this thread such as:

1) Is it Playtech policy to allow licensees to do what they like with the progressives prize once it has been paid to them by the network? If it is, that needs to be changed asap as it offers too great a risk to the player as we have seen in the Joyland case. 39 years to collect? Come on!

2) Where is the missing 2 mill? And to whom should it rightfully belong?

3) Who were the owners of Joyland and where can the complainant contact them to pursue this legally (assuming her prior agreement with them can be overturned)

4) Where is the full agreement as accepted and signed by the complainant?

William Hill Online will be less than happy about being associated with this shameful affair, and I would be surprised if CEO Ralph Topping is not active behind the scenes with his Playtech partners on this. I hope that brings forth better results than we have at present. And if I were a Playtech licensee I would be very concerned about the impact this affair will have on the progressives offered by Playtech.

There's a stark contrast between the awful, grasping manner in which this case has been handled and the full payment with attendant fanfare that has characterised progressives wins from other major software providers like Cryptologic and Microgaming.

Playtech should perhaps note this - they are no longer an up-and-coming firm, but a successful (and wealthy, lucrative business) now and need to act accordingly.

I have to say that if I had won over $4 mill I would have been on a plane, with my lawyer, and on the way to meet the casino management within hours.

That said, other progressives winners have not had to go to that expense - the software companies have flown them to their offices, feted them, given them the option of financial advice and then presented the cheque in full for the win.

It is now painfully obvious that it pays to be cautious about which progressives you play and what the terms and conditions are....

[RobWin]

I'd like to hear Spearmaster chime in here with his inside knowledge of the way Playtech would normally handle this type of issue and if Playtech do in fact leave it solely up to the casino property to pay out the progressive jackpots. Not sure though if you were actually privy to that type of info or not while you were there Spear but if you can share what you do know about a policy or such, regarding this type of situation it would be appreciated.

Does Playtech itself not hold the progressive money in a type of "Escrow" account for the winner once hit or are each Playtech casino responsible for their own progressive payouts?

[thelawnet]

Playtech definitely have some answers to give.

Who was the previous owner of Joyland casino?

Six Digits Trading, owned through a trust by Teddy Sagi.

http://www.tradingmarkets.com/.site/...0News/1966929/

Who he?

41.1% owner of Playtech.

So this would be the cashflow:

1. Playtech seeds Beach Life jackpot with just $50,000: http://www.slotcharts.com/slotinfo.php?id=486
2. Players play Beach life for many months. A total of $4,188,508.70 is sent from player funds to seed the jackpot.
3. Sylvia P wins the jackpot.
4. Playtech sends $4,238,508.70, 99% of which is player funds, to Joyland Casino to pay the jackpot.
5. Joyland sends Sylvia P half the money, Six Digits Trading pockets the rest, resulting in over $2 million going to the trust owned by Teddy Sagi, aka the 41.1% owner of Playtech.

In other words Playtech ended up funneling money to its largest shareholder, who incidentally in 1996 was imprisoned for "bribery, fraud and stock manipulation".

From the Jerusalem Post 30 January 1996:


THE Tel Aviv District Court yesterday sentenced broker Teddy Sagi to nine months in prison imprisonment plus an additional 15 months suspended sentence and a fine of NIS 300,000.

Sagi, whose prison term starts on February 25, admitted to bribery, fraud and stock manipulation.

In October 1993, Sagi was asked to fund the purchase of NIS 5 million in securities, after which they were sold - with Sagi pocketing NIS 8,000.

Three months later, Sagi was asked by a Bank Discount employee to purchase NIS 20m. in securities. During the court case it was maintained that Sagi earned NIS 105,000 from the second deal.

Sagi's legal counsel has requested that his client not be sent to Ma'asiahu Prison, where his estranged stepbrother Ronen Sagi is serving time for the murder of broker Ya'akov Alfrovitz 12 years ago. The matter will be decided by the Prison Authority.

[Gogo]

You can imagine how much interst can 4 M acumulate in bank. Supose 5% a year is 200k so per month is 16.600. Good deal!!

[Westland Bowl]

Playtech definitely have some answers to give.

Who was the previous owner of Joyland casino?
Six Digits Trading, owned through a trust by Teddy Sagi....

Who he? 41.1% owner of Playtech.

So this would be the cashflow:
1. Playtech seeds Beach Life jackpot with just $50,000...
2. Players play Beach life for many months. A total of $4,188,508.70 is sent from player funds to seed the jackpot.
3. Sylvia P wins the jackpot.
4. Playtech sends $4,238,508.70, 99% of which is player funds, to Joyland Casino to pay the jackpot.
5. Joyland sends Sylvia P half the money, Six Digits Trading pockets the rest, resulting in over $2 million going to the trust owned by Teddy Sagi, aka the 41.1% owner of Playtech.

In other words Playtech ended up funneling money to its largest shareholder....

With Teddy Sagi's background, I guess $2 million is hard to ignore to leave well alone to give to the winner. Did he hold a gun or something to the other 58.9% shareholder(s)' head?

[Teddy Sagi], who incidentally in 1996 was imprisoned for "bribery, fraud and stock manipulation".

From the Jerusalem Post 30 January 1996:

The Tel Aviv District Court yesterday sentenced broker Teddy Sagi to nine months in prison imprisonment plus an additional 15 months suspended sentence and a fine......

Sagi's legal counsel has requested that his client not be sent to Ma'asiahu Prison, where his estranged stepbrother Ronen Sagi is serving time for the murder of broker Ya'akov Alfrovitz 12 years ago. The matter will be decided by the Prison Authority.

Oh, geez. My personal details in the hands of convicted fraudsters, bribers, and their murdering relatives. Dang, they have more information on players than the Las Vegas Mafia ever had on their casino patrons.

[RobWin]

With Teddy Sagi's background, I guess $2 million is hard to ignore to leave well alone to give to the winner. Did he hold a gun or something to the other 58.9% shareholder(s)' head?



Oh, geez. My personal details in the hands of convicted fraudsters, bribers, and their murdering relatives. Dang, they have more information on players than the Las Vegas Mafia ever had on their casino patrons.

Jeeze Ain't that the truth!

[Casinomeister]

Please don't make comments that could be considered slanderous in nature. Thank you.

[chuchu59]

You can imagine how much interst can 4 M acumulate in bank. Supose 5% a year is 200k so per month is 16.600. Good deal!!

Joyland would probably counter that (if they were still under the former owners) by not paying they helped the player to save a princely sum which would be lost in the stock market or accumulators last year.

[HankP]

First off I would like to thank you all for the comments and information's..I am stunned, but glad this has been brought to the open.

I wanted to clear up a few points made in this thread as I am very aware of this situation since the very beginning.

As per where the winners 2 million + is, well Playtech should be able to produce where the lump sum was deposited?

As per Joyland and the VIP managers, I know for a fact that Sylvia tried to collect the total amount from day one, but was told over and over again that it was 9K per month or 2.1M no exceptions, and the 2.1M was conditional to her playing out the winnings. Which she had to, but didn't play all of it. When she asked if she could travel and meet in person she was told this is not possible.

Also, on the last (recorded conversation) with the vip manager he says very clearly that there is $2 285,000.00 in her account. So they/he (the so called vip manager) anticipated her playing and had deducted 1.1M which she never played, and the remaining sum of $1 185,000.00 would be erased!!!!(so from that moment on the account was locked and inaccessible).

NOTE: While she was playing in order to collect, the VIP manager stated that he could see her account and that she had played for well over 6M, More pool money being collected by??? (not Sylvia thats for sure)


I would love to hear from other Playtech licensees...

I thought it was important to state some of these facts for all to know.
HP