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Cyril Stein, Architect of Ladbrokes Success, Dies, Times Says

Cyril Stein, widely regarded as the architect behind the success of bookmakers Ladbrokes Plc, died at the age of 82, the London-based Times reported.

Stein, born and raised in London’s East End, became involved in the bookmaking business soon after leaving school and with his uncle Max Stein, acquired Ladbrokes for 100,000 pounds ($161,000) in 1956 and after building up the company, sold shares on the London Stock Exchange in 1967, which valued it at just over 1 million pounds, the newspaper said.

By the time he stepped down in 1993 Ladbrokes was worth 2 billion pounds and had ventured into hotels, holiday centers and bingo halls, the Times said.

Stein once described betting as a business with three windows taking money in and only one paying it out.

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