Laurence Escalante is seeking to take control of Virtual Gaming Worlds, the online gambling business he founded and turned into a global player, by buying out smaller investors in a deal valuing the company at $3.2 billion.
Escalante already owns 70 per cent of Virtual Gaming Worlds, and has grown his fortune by pioneering the use of a loophole in regulations in the United States that allows the company to deliver poker machine-style gambling to millions of Americans, initially on Facebook.
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Primrose Riordan covers private companies and family offices from the AFR's Sydney newsroom. Primrose was previously a correspondent for the Financial Times and covered foreign affairs and politics in Canberra. Primrose has won multiple awards for her journalism including from The National Press Club, SABEW in the US and Press Gazette in the UK. Message Primrose on Signal: https://tinyurl.com/PrimroseSignal Connect with Primrose on Facebook and Twitter. Email Primrose at primrose.riordan@afr.com
Zoe Samios covers wagering and the business of sport from the AFR's Sydney newsroom. She was previously the media and telecommunications reporter for The Sydney Morning Herald and The Age, and covered media at The Australian. Connect with Zoe on Twitter. Email Zoe at zoe.samios@afr.com
