Anti-online Gambling Investor Buys Into Bwin.party
By Casinomeister, Last updated Feb 21, 2014
If the name Ader is familiar…think IGT
In an interesting industry development this week a familiar name — Jason Ader — cropped up in the purchase of a 6.1 percent stake in online gambling group Bwin.Party Digital Entertainment.
InfoPowa readers who recall the at times distasteful public wrangling over seats on the board of IGT last year will be aware that one of the leading critics of CEO Patti Hirst — and for that matter a strong protagonist against online gambling — was Jason Ader of Ader Investment Management.
Ader appeared to feel that Hirst should be focusing on IGT's core business and eschewing social and online gambling, but it seems that his views have changed following a deal with Cumberland Associates which saw the birth of a US investment vehicle titled SpringOwl.
SpringOwl is the hedge fund investor that has putatively bought a 6.1 percent share in Bwin Party from founders Ruth Parasol Deleon and James Russell Deleon… and can claim a seat on the board.
Ader is also a member of the board of Sheldon Adelson's Las Vegas Sands Corporation, opening the door for any number of theories regarding his intentions.
Bwin.Party has been struggling in recent years due at least in part to a policy of disengagement with unregulated markets.
Online Casino News Courtesy of Infopowa
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The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophotography.
bryan@casinomeister.com
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