Re: Interesting Article on Party Poker Founder Ruth Parasol in LA Times
Parasol was #164 in Forbes lastest list of Richest Americans.
#164 Ruth Parasol
Net Worth: $1.8 billion
Source: Gambling /Leisure, online gaming
Self made
Age: 38
Marital Status: Married, 2 children
Hometown: Gibraltar
Education: University of San Francisco, Bachelor of Arts / Science
Western State University College of Law, Doctor of Jurisprudence
With husband J. Russell DeLeon, owns 32% of Internet poker site PartyGaming (each holds a 16% stake). Lawyer Parasol studied at U. of San Francisco, served as adviser for father's phone-sex-chat business. Moved to Internet porn sites; litigation threats prompted switch to online gambling. Launched Starluck Casino 1997. With partners developed online casino software; enabled gamblers around the world to play one another in poker. Problem: 80% of customers live in America, where online gambling is illegal. Solution: don't operate on U.S. soil; servers, employees based in Gibraltar, India, England, the Caribbean. Took public on London exchange in June; stock down 48% since Sept. 6 announcement of slower revenue growth and increased competition. But sales robust: up 1,900% in last 2 years. No longer active in management; still serves as a consultant.
Greg H.
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