Wednesday February 19,2014 : ANTI-ONLINE GAMBLING INVESTOR BUYS INTO BWIN.PARTY
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.
Our 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, and deciding to screw over affiliates by changing agreements after they were signed