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Online Gambling Moguls Named Among World’s Richest People
Before making it big in online gambling, many operators enjoyed varied careers in business, marketing or other online industries. Party Gaming’s Ruth Parasol is no exception. Originally starting out in litigation, the Gibraltar resident’s name recently appeared at number 164 on Forbe’s list of the 400 richest people in the world. Last year’s decision to float Party Gaming on the London Stock Exchange resulted in millions in revenue for the online gambling firm’s board, with Parasol retaining her 32 percent shareholding and cementing her status as one of the gambling industry’s most successful billionaires.
Similarly, the two Israeli families that own gambling firm 888 online casino have increased their fortunes substantially by deciding to float on the Exchange. Avi Shaked alone made over 90 million dollars when 888 online casino went public and is today reported to be worth over 340 million dollars. Similarly a rumored deal between gambling firm Ongame and a popular sports betting site is estimated to earn its founder Claes Lidell over 132 million Euros. Las Vegas gambling entrepreneur Steve Wynn has consistently been rated as among the industry’s richest players and has recently expressed interest in branching out into the online gaming world.
Huge fortunes remain to be made due to the industry’s phenomenal growth rate.Those who have made it to the top in the gambling industry have generally had to utilize superior negotiating strategies and sound business and commercial knowledge. Backgrounds in accounting and litigation have also come in useful in the cash oriented world of gambling. However regardless of one’s previous skills, making it to the top in the industry is not without a healthy dose of luck and most millionaires are the first to admit it.
- 19 Jan 2006
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