Gambling magnate proffers $1 billion for peace agreement

Avi Shaked, an Israeli Internet tycoon behind gambling conglomerate 888 Holdings, made an unprecedented declaration to Reuters this week. He said he has arranged for $1 billion to be contributed if the leaders of Israel and Palestine sit down and reach a peace agreement.

The billionaire Shaked, 53, and his brother Aaron are the major shareholders in 888 Holdings, the parent company of notable gambling Web sites 888.com and Pacific Poker.

In an interview with Reuters last Wednesday, Shaked said he has an international consortium of financiers ready and willing to contribute the money immediately if a deal can be reached.

An initial payment of $100 million will go to the Palestinians if their prime minister, Ismail Haniyeh, and Israel's Ehud Olmert begin talks.

"My initiative is to both leaders," Shaked said in the interview. "Please sit down, start negotiations and try to reach an agreement."

"The moment that both sides will reach an agreement, this private equity that I am offering will immediately invest $1 billion. The first 10% will be invested immediately when the negotiations start."

The offer comes in the midst of recent reports of a takeover of 888 Holdings by U.K. bookmaker Ladbrokes, Plc.

Related Articles:

Rumors Swell of 888 Holdings Takeover
Ladbrokes Confirms Talks to Buy 888 Holdings
888 Holdings Sees Increase in Revenue

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About Christopher Hunt

Chris joined the PokerListings team in 2006, bringing with him over eight years of experience as a writer/editor for national magazines, alternative arts weeklies, community newspapers and online media.

Some of the highlights: Six years as a writer/editor in a major international ski resort, plus an internship at one of the Web’s first e-zines in New York City. Some of the lowlights: Covering pet parades and DWIs for a very, very small community newspaper.

Originally signing on as a news writer, he was part of the PokerListings.com live tournament team at the 2007 WSOP and now handles marketing and commercial writing for PL.com. Poker-wise, he leans toward No-Limit Hold’em – preferably shorthanded tables and turbo sit-and-gos.

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