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5/11/10 - If you were wondering what happened to former Party Gaming CEO Richard Segal after he left the group some years ago, The Times newspaper in London provides the answer this week.
Segal and another erstwhile online gambling chief exec – Stephen Hill, formerly of Betfair – have been involved in the world of high finance and private equity.
The newspaper reports that the duo are suing Britain’s oldest private equity company, 3i, for more than GBP 6 million over the closure of a fund that the pair were brought in to run.
Hill and Segal were apparently asked to set up and run a GBP 400 million 3i fund to invest in small to mid-cap listed equities.
The establishment of the business in 2006 was a departure for Europe’s biggest listed investment group, as it had previously concentrated on taking stakes in private companies.
The Times reports that the two men joined 3i as consultants; they began investing the fund, which was listed on the London Stock Exchange as 3i Quoted Private Equity.
The Times reports that in February last (2009) year 3i told Segal and Hill that it intended to close the fund, and that the duo would lose “…certain outstanding performance payments.”
The end result is that Hill and Segal are suing 3i in the High Court in London, claiming that they are owed the equivalent of GBP 3.06 million each in shares and two years of undisclosed cash performance bonuses.
In legal documents seen by The Times, both men claim that, before joining 3i, they had “…each established themselves as highly successful businessmen with a strong track record of delivering excellent financial results in the management of a variety of large complex businesses”.
Hill, who prior to his Betfair career was a former chief executive of Financial Times Group, said that he was approached directly by Philip Yea, the former 3i chief executive, who asked him to join the fund. Hill previously worked at the private equity firm Permira and as a director of Channel 4.
Segal spent two years running the Gibraltar-based, UK-listed PartyGaming internet gambling group, where he was paid about GBP 11 million a year. He left after refusing to move to Gibraltar and shortly before the company’s shares plunged amid concerns over the legality of internet gambling in the US.

Gambling News :

$700K worth of Power Series Mega Sats every week - These amazing Power Series Mega Sats hit the partypoker lobby on Sunday 25th March so log in, buy-in and see if you can win one of the near $700,000 worth of tickets on offer this week.

Pinnacle Goes Live With Microgaming Quickfire - Founded in 1998, Pinnacle is a respected industry leader, delivering sports betting, casino and educational betting-related content to customers worldwide.

PokerLion Joins Microgaming Poker Network - PokerLion roars into life on the MPN’s Indian Poker Network. Microgaming welcomes PokerLion to the MPN’s growing Indian Poker Network.

Danske Spil Bingo Moves to Microgaming - The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.

Quickfire live on Strendus - Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.

$2 Million Added to partypoker Guarantees - Almost $2 Million Added to Guarantees During First Ever Super Sunday

Quickfire content live on BetatHome - Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.

Microgaming has donated £30,000 between four charities - Gift of Giving provides Microgaming’s customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.

Entertainment Betting Odds: 90th Academy Awards - The Shape of Water leads Sunday’s 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at –115.

New era of poker in Baltics with The Kings of Tallinn - The Main Event at the festival has already attracted big names like Juha Helppi and Kimmo Kurko. These two are Finland’s all-time poker tournament winners.

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