Australia’s Latest Billionaires List Includes New Gaming Faces

An updated list of the 250 richest people in Australia includes 139 billionaires. While some of the names, like James Packer, continue to represent the casino segment, there are a few rising stars in the gaming world who have made their debuts.

Iris Capital owner Sam Arnaout stands outside one of his properties
Iris Capital owner Sam Arnaout stands outside one of his properties. He is one of two gaming entrepreneurs to become billionaires in Australia. (Image: The Australian)

Media outlet The Australian released the list, which is topped by the mining industry’s Midas and somewhat controversial figure, Gina Rinehart. Australia has set a record with its number of billionaires, as the country’s economy comes off year-on-year growth of 6%, according to the Australian Bureau of Statistics.

Two familiar names from the gaming ecosystem have found spots on the list. Whether they stay there depends on how the government moves forward with gambling reforms.

Gaming Entrepreneurs Gamble to Success

Sam Arnaout is on the list, and not by a little. The man behind Iris Capital is now worth AU$2.3 billion (US$1.5 billion), according to The Australian.

Iris Capital owns over 30 bars and 20 hotels, as well as several casinos. It bought Casino Canberra just over a year ago for AU$63 million (US$42 million), and it’s paying off, despite a few setbacks.

As it has expanded deeper into the gaming space, Iris has sought ways to increase its gambling footprint. This has included the addition of slot machines. But it’s having difficulty finding enough bureaucratic support to meet its goals. Iris has been able to add more machines, although it has come up shorter than it hoped on the number.

Edward Craven snuck onto the list as well. With a net worth of AU$2.01 billion (US$1.34 billion), the man behind the controversial gaming platform Stake.com is enjoying the fruits of his labor.

Stake.com, which routinely boasts million-dollar bets by music artist Drake, is big into cryptocurrency and betting. It cannot legally offer gaming in Australia, which means all of its revenue reportedly comes from other countries and territories.

For all their hard work, these gaming moguls can’t yet reach Rinehart’s level. She’s worth over AU$32.64 billion (US$21.73 billion), partly thanks to a decision not to sponsor Netball Australia.

Rinehart is behind Hancock Prospecting, a mining company that had been working on a sponsorship deal with the sports organization for AU$15 million (US$10 million). The mogul backed out in response to a backlash against her late father, Lang Hancock. He said years ago that all indigenous Australians should be sterilized so they would “breed themselves out.”

Australia Gambling Faces Changing Sentiment

New South Wales will hold political elections this weekend, which will inarguably lead to changes for the gambling industry in the state. At the same time, federal legislation is underway that could alter the landscape across all of Australia.

A bill supported by two parliamentarians, long-time anti-gambling pundit Andrew Wilkie and Rebekha Sharkie, comes at the right time for gambling opponents. It would force online gaming operators to play a larger role in anti-money laundering and responsible gambling policies.

Per the legislation, operators would have to make sure they aren’t receiving any money that comes from criminal activity. The online gaming apps would also have to periodically remind users how long they have been gambling and how much they have lost.

The bill would also prohibit the use of credit cards on online gaming platforms. This prohibition is already a common practice in many countries.

Should all of the measures the bill includes make their way to the finish line, it would likely upset the regulated gambling money flow in the country. Combined with changes that are coming to land-based gambling, Australia’s richest list could look a lot different.

The post Australia’s Latest Billionaires List Includes New Gaming Faces appeared first on Casino.org.

Leave a Comment