Australian owned e-cash online processor, Intabill has run into hot water as it has been revealed that the company is in debt to the tune of around A$30 million. Some A$3 million of this amount is owed between four big online poker companies.
Among the affected companies are PokerStars.com, AbsolutePoker.com, FullTiltPoker.com and GoldenPalace.com who are all sufficiently stable to be able to withstand the potential financial backlash should Intabill go under.
Behind Intabill is a 24 year old entrepreneur, Daniel Tzvetkoff who owns two thirds of the company and is its Managing Director. The British born businessman, of Bulgarian parents who enjoyed a rapid rise to success is now suffering from an equally sharp drop in his fortunes as the company in which he is the owner of a majority shareholding struggles to pay off its debts.
Intabill is in turn owned by Brisbane based company BT Projects Pty Ltd has three main shareholders, who are Sam Sciacca, a local lawyer, Rendel Investments, which is a company based in Alberta, Canada and Tzvetkoff.
As a rapidly growing company, Intabill claimed to occupy a place as one of the top 10 online payment processors in the world, which enabled a million or so transactions each month between the many websites that used its services, their customers and the banks. It boasted more than 5,000 clients, who were mostly based in North America and Europe and were involved in many pursuits including travel websites, online gambling, global banks and airlines. Around 50% of Intabill’s business is related to online gambling.
Funds had always been sent to various online casinos and poker rooms either via a financial processing company or by an intermediary called Impact an independent company based in Salt Lake. However, today Intabill is in debt to four of the world’s largest online poker companies to a total of around A$3 million.
Absolute Poker is owed around A$1 million. Casino and poker company Golden Palace is also owed A$1 million. A further A$1 million is owed between PokerStars.com and FullTiltPoker.com. Poker Stars is said to be owned by billionaire Isai Scheinberg.
Intabill’s troubles are believed to have begun to get out of hand when Impact decided to pull the plug on their payment processing operation. Insiders blame the reduction in customers on the increase in charge backs (R10s) where consumers make complaints about credit direct debit charges.