Investing
Billionaire Property Brothers Score 5,000% Gain on Tech Bet
- U.K.’s Livingstone siblings invested in Evolution Gaming
- Online betting helping offset Covid’s squeeze on real estate
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Ian and Richard Livingstone built a multibillion-dollar property business spanning London cinemas, Florida hotels and Caribbean resorts. While the pandemic has squeezed the brothers’ real estate holdings, their fortune has kept climbing thanks to a long-term bet on online gambling.
The pair invested in Evolution Gaming Group AG early enough for the 15-year-old company to list one of them -- Richard -- as a founder in its prospectus. Shares of the Stockholm-based company, one of the world’s biggest online casino platforms, have surged more than 200% since the start of 2020 as Covid-related lockdowns have accelerated the growth of online wagering.