Australia’s Latest Billionaires List Includes New Gaming Faces
Posted on: Mar 24, 2023 8:52 am.
Last updated on: March 24, 2023, 11:24 am.
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 debut.
media company The Australian published the list, which is led by mining industry Midas and a somewhat controversial figure, Gina Rinehart. Australia has set a record for its number of billionaires as the country’s economy is growing at 6% annually, according to the Australian Bureau of Statistics.
Two well-known names from the gaming ecosystem have found spots on the list. Whether they stay there depends on how the government pushes gambling reforms.
Gaming entrepreneurs gamble for success
Sam Arnaout is on the list, and not for nothing. The man behind Iris Capital is now worth A$2.3 billion ($1.5 billion), according to reports The Australian.
Iris Capital owns over 30 bars and 20 hotels as well as several casinos. The company bought Casino Canberra just over a year ago for AUD$63 million (US$42 million) and despite some setbacks, it’s paying off.
With the expansion into the gaming space, Iris has been looking for ways to increase its gaming presence. This included the addition of slot machines. But it’s struggling to find enough bureaucratic support to achieve its goals. Iris was able to add more machines, although the number was shorter than hoped.
Edward Craven has also sneaked onto the list. With a net worth of A$2.01 billion (US$1.34 billion), the man behind controversial gaming platform Stake.com is enjoying the fruits of his labor.
Stake.com, which regularly offers million dollar bets by music artist Drake, is a big fan of cryptocurrency and betting. It cannot offer gambling legally in Australia, which means all of its revenue is reported to come from other countries and territories.
Despite all their hard work, these gaming moguls are yet to reach Rinehart’s level. She is worth over AUD$32.64 billion ($21.73 billion), thanks in part to the decision not to sponsor Netball Australia.
Rinehart is behind Hancock Prospecting, a mining company that had been working on a A$15 million ($10 million) sponsorship deal with the sports body. The mogul withdrew in response to backlash against her late father, Lang Hancock. He said years ago that all Indigenous Australians should be spayed to “hatch”.
Australia gambling faces changing mood
Political elections are taking place in New South Wales this weekend which will undeniably lead to changes for the state’s gaming industry. At the same time, federal legislation is underway that could change the landscape across Australia.
A bill backed by two MPs, longtime anti-gambling expert Andrew Wilkie and Rebekha Sharkie, is timely for opponents of gambling. It would force online gaming operators to play a bigger role in fighting money laundering and responsible gambling.
According to the legislation, operators would have to ensure that they do not receive money derived from criminal activities. The online gaming apps would also need to regularly remind users how long they’ve been playing and how much they’ve lost.
The bill would also ban the use of credit cards on online gambling platforms. This ban is already common practice in many countries.
Should all measures included in the bill find their way to the target, it would likely disrupt the regulated flow of play money in the country. Combined with changes coming to land-based gambling, Australia’s richest list could look very different.