Last updated on December 17th, 2021
The London billionaire Livingstone brothers Richard and Ian have hit a gold mine as they have become one of the most successful financial winners despite the coronavirus pandemic. Their stake in the online gambling firm Evolution Gaming has proven to be the best decision they ever made. It nearly doubled to £1.4 billion during the crisis, according to the Standard. The profits they’ve gotten are even bigger than the profits they get from their property investments.
Ever since lockdowns began worldwide, millions of people have taken to betting on online gambling sites or games. One booming online gaming would be casino games like poker and roulette. Because of this, there has been a surge in share price. And with the Livingstone brothers enormous shares in Swedish internet casino business Evolution Gaming, they are earning more than ever.
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Who are Richard and Ian Livingstone?
Richard and Ian Livingstone are prominently known in the real estate industry. They own property companies, mainly London & Regional, which makes them owners of a slew of the fanciest hotels in the UK. This includes the famous luxury hotel Cliveden, the backdrop to the Profumo spy scandal back in 1961. Other iconic luxury hotels they own include The Lygon Arms, Chewton Glen and 11 Cadogan.
In addition to that, The London & Regional website indicates that it has a portfolio worth at least £9 billion of offices, hotels and apartments. They also have luxury resorts in places such as Venice, Barbados and Grand Cayman. Their properties are usually run by hoteliers such as Intercontinental or Fairmont Hotels Group.
With so many luxurious properties, it is impressive that what they have earned from their share in their online gambling firm is bigger than their property investments.
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Spectacular Success in Online Gambling
Since January, the online gambling firm Evolution Gaming’s shares have increased from 282 Swedish kroner to 552 kroner. Because of their stake in the firm, this gives them a profit of £671 million. Richard holds shares worth 30 million, which makes him own 17% of the company, while Ian holds a position on the board as director.
Their timely investments in Evolution came as a surprise to many in the business world, but it was definitely a boon to the Livingstone brothers. This is because the profits they earned will more than offset the decline in asset values caused by the pandemic from their several hotels and resorts.
With so many people staying at home, it comes as no surprise that gambling such as sports betting API or online gaming has become so popular. Evolution has taken advantage of it by making big moves into live casino gaming. This includes players staying at home but can still bet on real-life games through their PC or mobile phone. The dealer would also be filmed live in a studio. Moreover, another thing that contributed to their success is the deregulation of live casino playing online in the United States.
The Livingstone brothers are proof that online gambling is still very much in demand despite the pandemic. Punters just have to find the right platform for their wagers. So, if you’re looking for a platform that can give you real-time sports odds and other betting services, choose us at VOdds. We provide our clients with different betting offers, from spread betting to Moneyline betting, among others. Open an account with us!