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Matthew Perrin Gambling Debts
The Australian media are all carrying the sad story of lawyer-turned-surfwear-and-IT-entrepreneur Matthew Perrin, who racked up A$1.7 million in gambling debts last year before his financial world collapsed around him.
Among the debts of the high-flying Billabong exec is A$ 800 000 owed to Centrebet boss, Con Kafataris; A$300 000 owed to bookie Frank Hudson and A$160 000 to one of Victoria's biggest bookmakers, Alan Eskander.
The Sydney Morning Herald reports that Perrin has left a A$28.2 million trail of unpaid bills to 20 unsecured creditors, including Chinese finance company CITIC Capital, according to the statement of affairs that he signed when he filed for bankruptcy on Tuesday.
Four of these creditors, including CITIC, were multi-million-dollar loans secured against Perrin's investment in a Chinese supermarket business, Global Mart, and other property development deals that have soured.
In 2008 Perrin faced debts of A$113 million, and just before Christmas he started selling off assets that included racehorses. He paid back $10 million loaned by motorbike racing champion Mick Doohan's parents and repaid margin loans to Macquarie Bank and Adelaide Equity Finance. The newspaper reports that this year Perrin has been living off his American Express card and two Mastercards, racking up A$82 000 in two months.
Most bookies have written off Perrin's debt after learning he was bankrupt. "It's case closed," said Sportsbet's chief executive, Matthew Tripp, who is owed A$140 000. "We've shut the book on it."
Perrin's gambling debts pale in comparison to the $13.5 million he owes the Commonwealth Bank. He borrowed the money last year against a $4.3 million Mermaid Beach condo.
He now says all he has left is a laptop worth A$100, a A$200 watch, A$3 000 worth of clothes and A$30 000 cash. He also has shares worth A$1 400. His A$130 000 Mercedes coupe is sitting in a Gold Coast car dealership.
Despite making his fortune running a surfwear company, Perrin preferred to be down at the racetrack, the SMH reports.
Racing insiders said his gambling and horseracing activities increased after he made A$66 million selling two-thirds of his Billabong stake in 2002.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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