On the opening day of the trial at the Old Bailey in London, Patrick Gibbs QC, prosecuting, told the jury that Miss Waugh was a lonely woman who was looking for love.
He said: "She wasn't married, she did not have a steady boyfriend. She was it seems a lonely woman on the look out for male company."
He went on: "She had slightly fanciful notions herself. She seemed to be keen to be thought of as a success.
"She wanted others to think that perhaps her life was more interesting than it was."
Mr Gibbs told the jury that she had used dating websites and had advertised her services on two adult sites, using the name "posh totty fun".
Describing herself as an "enthusiastic amateur" she offered punters "a true girlfriend experience, interested in lots of good clean adult fun".
Mr Gibbs said it was probably through one of these websites that she had first met Mr Bhayani, whom he described as a "quite brilliant conman".
He told the jury: "She was a woman who had plenty of money. That was to prove her undoing.
"She had savings, she owned shares, she had jewellery, of which she was proud and she had a cash income from working as an amateur escort."
He said knowing that she had money had been enough for Mr Bhayani to decide she must die.
Mr Gibbs said the two defendants knew each other well and had a lot in common.
He told the jury: "They were professional conmen and lifelong gamblers.
"They have a long history of tricking people and defrauding people to get their hands on the large sums they needed in order to fuel their gambling habits."
He added: "They had a lot in common, they both had a taste for grand and expensive things but overall both were gripped by the same compulsion. The compulsion to gamble."
Mr Gibbs said while neither was known to be violent their desperation for money had driven them to kill.
He said: "Neither of them is a natural born killer. Their previous convictions are for conning, not killing. Both could be extremely charming, but gambling had got them in its grip and the Crown's case is that by April 16, Bhayani was increasingly desperate for money to meet his debts and fuel his addictions."
It is alleged Miss Waugh was killed in her flat on the night of April 16, probably as a result of being stabbed in the neck. and She was reported missing by her family on May 7 and her body was discovered dumped in a car in a lock up in New Malden in August.
Both Mr Bhayani and Mr Kutner have admitted conspiracy to defraud but deny murder.
Another defendant Elie Khoury, 40, is charged with conspiracy to defraud in relation to the theft of Miss Waugh's assets and attempts to impersonate her.
He denies the charge. He has not been charged in relation to the murder.
The trial continues.