Payment Processer Owes Poker Companies Millions

One year ago, Internet entrepreneur Daniel Tzvetkoff was being talked about for buying all sorts of top notch cars and properties, including tourism Tony Smith’s mansion on the affluent Australian Gold Coast for $29 million. Tzvetkoff created a gold mine in online payment processing company, Intabill, a company he is managing director of and owns a two-third’s share in.

Today, the young man is in the headlines for vastly different reasons. According to CourierMail.com, Intabill, which at one time was said to be one of the world’s top 10 online payment processors, now is in major debt — 50 per cent of which relates to online gambling.

In total, Intabill owes four online poker sites an amount in the region of $30 million. The largest portion is owed to Poker Stars and Full Tilt (about $25 million), and the rest to Absolute Poker and Golden Palace.

The online funds were processed using an intermediary company — independent business, Impact. It has been said that Impact pulled out due to the worrying trend of debt.

Last month, Intabill’s staff numbers took a dramatic cut, with Tzvetkoff blaming the economic crisis. He also waved goodbye to many of his cars including his Lamborghini, is selling his Gold Coast apartment and his large boat, and has remortgaged his $29 million house.

The Ipswich-born entrepreneur’s former plan to diversify the business into lending products became something of the past as he said, “In recent weeks we have come to the realisation that diversifying in these difficult market conditions presents too many risks and challenges. Hence we have decided to scale back our operation to focus on our core e-commerce processing platform.”

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