By Jason Grotto, ProPublica, WBEZ, Chicago Sun-Times,
March 03, 2020
Andrew Rubenstein rang the opening bell at the New York Stock Exchange last November, then pumped his fist and cheered. He had much to celebrate. In a decade, the company he founded and led, Illinois-based Accel Entertainment, had grown from a tiny startup into the largest video gambling operator in the nation. Accel had also become the country’s first video gambling operator to be publicly traded. With the backing of investors, Accel now hopes to bring video gambling to other cash-strapped states hungry for new sources of revenue.
Few would have predicted Rubenstein’s fledgling enterprise to emerge as the industry leader in 2009, when Illinois legalized video gambling outside of casinos. He had no experience in the gambling business and no apparent ties to companies that, before legalization, had provided bars and restaurants with “gray” machines, simulated video slots and poker devices that were legal but widely known to be used for illegal gambling.
Rubenstein, according to the company, used a combination of savvy hires, well-timed acquisitions of other operators and infusions of capital from family, friends and private equity firms to catapult Accel to the top of the heap.
