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Online gambling and Wall Street

Online gambling and Wall Street

In 2006 the U.S. ran online gambling companies out of the country because of the new legislation being passed. In 2013, following a few non-prosecution suits pursued by the United States Justice Department which brought a big online betting company close to ruin, Jason Ader met with Ruth Parasol in Israel.

Parasol was known for helping get online gambling off the ground and as co-owner of PartyGaming struggled against government legislations for years. She watched her former partner pay $300 million in fines for supposedly running business in direct contrast to the letter of the law.

Still, PG merged with a big online sports betting company, and although they created an industry giant, the company was still going downhill. Due to this turn of events and other personal reasons Parasol was looking to sell some stock from her company.

At the said meeting Ader, Parasol, and DeLeon, Parasol’s former husband, were all present. Ader was going to buy the stock offered by Parasol and she wanted to meet him in person. It was clear that Parasol, even if she had not run a casino business in quite a long time, was up to date with the newest online casino market trends and even had extensive knowledge about the transmutations towards mobile technology.

A few hours later Parasol and DeLeon were $100 million richer and Ader had acquired majority stock for his company. These are the kinds of transactions happening in the market place that helped reshape the future of online gambling. Just like Steve Wynn helped remake Las Vegas by investing in it, so do other magnates invest in the online gambling industry helping it to become what it is today.

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