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.
Old / Expired Link
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, 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.