The latest online gambling boom in Britain has helped to increase the combined wealth of the nation’s super-rich by 20%, according to this year’s Sunday Times Rich List.
The list documents the fortunes of UK citizens with a net wealth of more than £500 million, with half of the new entries this year having made their money from owning casinos or hosting online gambling.
The latest figures in the wealth generated by online gambling are just part of an amazing tripling of the fortunes of the nation’s thousand richest people since the Labour party has come to power. In the nine years since Tony Blair has been Prime Minister, the combined wealth of the country’s thousand richest people has risen from £99 billion to a massive £301 billion, while earnings for average people have grown just 37% in that time, demonstrating the disparity in the government’s policies regarding the upper and lower classes.
Meanwhile, average house values in the UK have raised £100,000, around 160% in the past nine years.
Figures show that the recent growth in online gambling wealth is largely due to massive increases in online gambling in the general population, with average betting up to £800 gambled for every man, woman and child in the country last year. Industry experts predict that with the new loosening of online gambling regulations as well as the introduction of more de-regulated casinos, average spending on online gambling, as well as problem gambling will increase further.
The past year has seen the combined wealth on the list of the nation’s 1,000 richest people rise an incredible 20.6%, which is more than £50 billion, as well as the number of billionaires rising from 40 to 54, 20 of them coming from other countries as the laws surrounding online gambling open up, attracting foreign billionaires to the UK.
While the top of the list is Indian-born Lakshmi Mittal, whose fortune is now valued at over £14 billion made his money in steel, many of the names on the list are representing fortunes made from online gambling.
Online gambling magnates include Ruth Parasol, who with her husband Russell De Leon have amassed a fortune of £2.016 billion, putting the couple at number 17 on the rich list. The couple owns 31.4% of an online gambling site known in the internet poker scene, earning 20% of all money staked at their online gambling website. While the majority of their clients are living in the US, online gambling operations are illegal in the there and the firm is based in Gibraltar and listed in London.
Other online gambling operators on the rich list include Victor Chandler with a fortune of £500 million, Andrew Black and Ed Wray, each worth £230 million, Peter and Denise Coates with £126 million and online gambling shareholder Richard Koch who is worth £103 million.
The Rich List’s compiler was reported to have commented that the online gambling boom is being reflected in the increase if Britain’s new billionaires. This is further proof that gambling has become a more socially acceptable form of entertainment.
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