If I were wealthy I would have to create a charitable foundation that managed the money in a diverse set of investments. I would also appoint a board to distribute a set amount of money to established charities (St. Jude's, Red Cross, Catholic charities, etc.)
Depending on how rich i was I would open nativity schools in impoverished sections of American cities. If you don't know what a nativity school is look it up.
On the issue of billiards I would fund the creation of rooms nationwide that would focus on developing Junior players. I would want the rooms to work towards being financially self sufficient. I would also hire several people to develop pool as an NCAA sport.
I have no idea how much money he has.
What Dippy or anyone else does with their money is their business.
If I had the money I would use it to elevate the condition of my fellow man and the game of pool. For now I am going to work for those two goals with what I have and not spend my life wishing for something that isn't meant to be.