Australian Online Gambling Funds Processor in Trouble

Published Sunday, May 31, 2009 -

An Australian online electronic cash processor Intabill, is said to be in trouble in the land down under. The newspaper the Courier-Mail reported that the company owes an estimated $30 million, Australian dollars. Three million of this to four top online poker companies. It is thought that those companies affected are strong enough to withstand any financial problems caused by Intabill's instability. Behind Intabill is young entrepreneur UK-born Bulgarian Daniel Tzvetkoff. "Tzvetkoff hit the headlines last year after the mysterious 24-year-old internet entrepreneur had shelled out an impressive million to buy tourism entrepreneur Tony Smith's palatial mansion at Hedges Ave on the Gold Coast,"

The sale of Tzvetkoff's assets will be a harsh reality check as he struggles to regain control of his quickly disappearing fortune. Intabill, based in Brisbane, Australia, is owned by BT Projects Pty Ltd, whose three shareholders are listed as Tzvetkoff, local lawyer Sam Sciacca and an Alberta, Canada-based company called Rendel Investments.

Intabill reduced staff members by 96 people at its head office, with Tzvetkoff saying the global economic crisis was to blame. "In recent weeks we have come to the realisation that diversifying in these difficult market conditions presents too many risks and challenges," Tzvetkoff said. "Hence we have decided to scale back our operation to focus on our core e-commerce processing platform."

Intabill claimed to be one of the world's top ten online payment processors, enabling more than a million transactions a month between websites, customers and banks. About 50 percent of Intabill's business relates to online gambling the newspaper reported. About a million dollars is owed to the world's two largest online poker sites, the Isle of Man located Poker and Full Tilt

A processing company called Impact from Salt Lake city USA acted as an intermediary for funds sent to the Online Poker Rooms. The situation got worse when Impact became anxious about funds owed and pulled the plug on Intabill's processing operation.

Related news

Return to Latest News