Investing in online gambling and internet casinos is not a longstanding practice.  Considering the online gambling industry has only been in existence for little over ten years, taking an investment in it has stood as a huge risk to many businessmen.  One such investor is Freddi Robinson, who will probably be forever known as the guy who missed out on millions with the giant online casino software manufacturer, PlayTech.

Robinson is the founder of Miloumor and its subsidiary, Miloumor Trade and Communication Ltd., which recently signed a memorandum of understanding with the turnkey firm, PlayAlyOver.  The agreement sets forth that the two companies would team up to develop and operate an online casino and internet gaming website, with PlayAlyOver being responsible for software solutions.  Miloumor would largely run the site, placing focus on the Central and Eastern European gambling market.  Plans are also set to acquire cellular mobile gaming functionality developed by software maker Cypriot.

As for Playtech, they are expected to complete their IPO on the London Stock Exchange in about a week.  The value of the IPO is foreseen between $900 and $980 million.  Shareholders like Teddy Sagi, who have held onto their large stakes in Playtech since nearly five years ago, are expected to sell nearly $240 million in shares.  Sagi and his company, New Age Investments (NAV), own 68% of the company, and are expected to make at least $160 million in the deal.  If Robinson had held onto his 5% stake ($4 million at the time) it would now be worth $30 million.