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Intabill Crashes Owing 80 Million
The meteoric rise and fall of high-living Australian financial entrepreneur Daniel Tzvetkoff is being recorded this week in the Australian media as news breaks that his BT Projects (Pty) Ltd firm has been placed into liquidation owing a stunning A$80 million in debts.
Twenty-five-year-old Tzvetkoff, who at his peak was worth about tens of millions of dollars, watched helplessly as his company was placed in voluntary liquidation with KordaMentha's John Park.
The move means Tzvetkoff's corporate empire in Brisbane has collapsed. His Intabill company, a subsidiary of BT Projects, has sacked its workforce, the head office has gone and Tzvetkoff's range of exotic cars have been sold. The young entrepreneur's luxury Gold Coast home, bought for $29 million, is reported to be on the market, too.
Australian reports indicate that in April, Intabill laid off 96 employees with Tzvetkoff blaming market conditions and increased loan funding costs. Now all staff have gone. All staff entitlements, including superannuation, are believed to have been paid.
Tzvetkoff's downfall came about as a result of large debts to US online poker houses, the Courier-Mail newspaper reports. Four major international online poker houses – Full Tilt Poker (Kolyma), Poker Stars, Absolute Poker and Golden Poker – are thought to be owed about A$80 million.
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2017 Aussie Millions Event 1 -
The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.
Swiss Reject idea to Block Gambling Websites -
The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.
Growth Ahead For Online Gambling -
Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.
New Qubit software For SkyBetting -
#qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.
Slotfather II Slot Launching -
#betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..
Massachusetts Online Lottery Bill -
Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.
Italy Doing Well With Online Sports betting -
The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.
Michigan To Reintroduce Online Gambling Bill -
#Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.
MGM Buys DC office building For lobbying team -
#MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.
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