|High-profile figures in the online gambling industry have dropped from their pole positions in the recently published Times Rich List 2007.|
While some key players in the Internet gambling market have managed to move up the list, like Richard Koch, who has a £117m stake in online betting exchange Betfair and has boosted his 545th ranking in 2006 532nd place in 2007, most iGaming CEOs have been hit hard by the introduction of the USís Unlawful Gambling Enforcement Act (UIGEA) in September 2006.
The UIGEA, which makes it illegal for banking facilities to accept money transfers to and from online gambling sites, has adversely affected the revenues of several gaming companies including PartyGaming.
The companyís co-founder Vikrant Bhargava was forced to sell a large percentage of his shares in the company post-UIGEA, accounting for his sharp drop on the list from 106th place in 2006, to 257th place in 2007.
Other online gambling leaders who moved down the list in 2007 include Betfair co-founders Andrew Black and Ed Wray who currently stand in 375th ranking on the list compared to holding 266th place in 2006.