Billionaire Livingstone brothers hit the jackpot with Evolution Gaming gamble

Billionaire Livingstone brothers hit the jackpot with Evolution Gaming gamble

They’re amongst Britain’s most secretive billionaires, with a portfolio that spans a few of the world’s most lavish properties.

Over the previous 30 years Ian and Richard Livingstone have quietly amassed a multibillion-pound empire that features the West Palm Seaside Marriott resort in Florida and Cliveden, the Buckinghamshire nation home turned resort the place John Profumo met Christine Keeler.

However their shrewdest wager by far is a really totally different type of funding.

The Livingstone brothers’ stake in Evolution Gaming, a web-based playing enterprise that has surged in recognition in the course of the pandemic, has delivered 5,000pc returns since they turned shareholders.

A Swedish enterprise that fills studios in Jap Europe with cameras and croupiers to run distant on line casino video games for corporations resembling Betfair and William Hill, Evolution Gaming has skyrocketed in worth over the previous yr with its share value rising 200pc.

The lockdown growth in distant playing has seen the brothers’ 8.6pc stake in Evolution soar in worth to nearly $3bn (£2.1bn).

Their early funding within the enterprise, accrued at the very least six years in the past earlier than it floated in 2015, noticed Richard listed as a founder in its prospectus due to his 16.5pc stake. It’s Ian, nevertheless, who sits on Evolution’s board.

“They’ve a robust place in a really engaging market area of interest in on-line gaming,” says Martin Arnell, a senior fairness analyst at DNB Markets. “To date there isn’t any competitor who has been capable of match Evolution’s robust stay on line casino product.”

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