Gambling entrepreneurs feature in Times Rich List

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Anyone starting out on the entrepreneurial journey of setting up their own business and striking up with a new idea may dream of untold riches.

While statistics tell us that 20%of companies fail in the first year and up to 60% will not be aroundafter three years, entrepreneurs continue to launch their new ideas. A tinyminority of those bright ideas go on to become globally recognised, fully-fledgedorganisations. An even smaller minority see their founders amongst the wealthiestpeople in the country, with their name heralded on the Times Rich List.

This year, four such entries to the list are from entrepreneurs whosefortunes have been founded in the gambling industry. In particular, in igaming,the online gambling world exploded with the adoption of the internet and safegambling regulation across the globe. We expect to see hedge fund managers, oiland steel tycoons, property developers and retail behemoths topping the listsof the country's wealthiest people. When we buy our lottery tickets or place abet on red or black, we have a wish to propel ourselves to untold prosperity.These individuals have made our interest in gambling their route to success.

The Coates family of Denise, John, and Peter is highest ranked at number17. Their combined fortune of £8.637 billion is up £189 million from theprevious year. While initially a chain of bricks-and-mortar bookmakers inStoke-on-Trent, Denise saw the future was online. Fresh from University with a degree ineconomics, she bought the name Bet365. The business mortgaged their shops andstarted to invest in their own proprietary software and operating systems. DeniseCoates started up with just twelve employees in a portacabin in a car park. Theystayed loyal to their roots and now employ over three thousand people fromtheir corporate headquarters in the town. They started out as a sports bettingplatform but have branched out into all areas, including online lotteries andhave won many industry awards.

At number 31 are Ian and Richard Livingstone, whose wealth derives fromproperty and gambling in the form of Evolution. Their net wealth actually fellby £400 million, but they are still worth an impressive £5.7 billion. The EvolutionGaming Group doubled its profitability in 2021 mainly due to the acquisition ofNetEnt. They specialise in live dealer online casinos and very recentlyacquired Ezugi to expand their offering. Live dealer allows players to betransported from their laptops into a virtual casino alongside real people,thanks to streaming and cloud services.

Mark Scheinberg of PokerStars is worth £3.926 billion and saw his wealthincrease by £407 million.  He moved upone place to be the 48 richest man in the UK. He started abusiness that was created by poker fans and ran worldwide tournaments for pokerfans. However, they have incorporated sports wagering and online casinos intotheir portfolio in recent years.

Fred and Peter Done of BetFred increased their wealth by £241 million to£1.476 billion and moved up the list from 137 to 120. The business was foundedfrom a single betting shop in Salford in 1967. The brothers had bet on Englandwinning the World Cup in 1966 and used their winnings to establish thebusiness. They now have more than 1,600 land-based betting outlets in the UK andoffer a complete online gambling suite including sports, casinos, bingo andlotto.

Ruth Parasol and her family are online casino software pioneers. She wasone of the four founders of PartyGaming. The company merged with its Austrianrival BWins which features on the bestcasino bonuses listings and many other independent igamingreview sites. Her net wealth remained static at £780 million. However, she fellback three places on the list to 211. She also has an extensive propertyportfolio in London, America and other global locations. Her latest businessventure is a new bank called Recognise, aimed at servicing the needs of smalland medium-sized businesses.