Earlier Irish billionaire businessman Sean Quinn, who came out of bankruptcy in 2015, has entered Irish trade again with an approved online sports gambling corporation named QuinnBet, which he started as a white label powered by FSB Technology.
Downfall of Former Billionaire – Sean Quinn
Sean Quinn Sr was the richest man of Ireland some time ago, with a vast industrial trade involved in glass and aggregates. The business empire of Quinn traversing cement production, insurance, glass-making and property was once worth Euro 4 billion, though it failed following the financial crisis in the year of 2009. This monetary crunch caused losses in the company’s insurance as well as property arms.
Though after some time, he and his family lost authority of the trade and Mr. Quinn was ultimately bankrupted. This bankruptcy of the richest man of the nation was led subsequent to a set of enormous failed gambles on the stock industry.
The series of failed bets specifically involved wagers on shares in Anglo Irish Bank made utilizing composite contracts for difference that developed in huge debts. The resolving of the Anglo Irish Bank bet and of the Quinn Group has been played out via the courts for nearly a decade.
Once the richest man in the country, Quinn was finally broke in the year of 2012. In the same year, both Sean Quinn Sr and his son Sean Quinn Jr were imprisoned for contempt. The reason behind their imprisonment was their failure to obey the court orders to alter measures tearing multi-million euro assets from their previous global property group. Sean Quinn Jr later got rid of his contempt by paying a sum of money.
The Launch of QuinnBet Website
The unique ‘Q’ branding is the chief indication to the association of questionable Fermanagh businessman Sean Quinn Sr in a fresh online betting project that started on 17th August 2017. It is Sean Quinn Sr’s first important commercial project from the time of the startling descent of Quinn Group along with his own following bankruptcy.
After arising out of bankruptcy in the year of 2015, Sean Quinn is free to go back into the industry. The QuinnBet site and its respective app provide betting over a wide variety of sports such as horse as well as greyhound racing, football and GAA.
QuinnBet represents itself as Ireland and the UK’s latest online sportsbook provider, along with a web casino to start in a few weeks. The site carries the unique ‘Q’ labeling once viewed across the earlier Quinn domain. The site of QuinnBet has been created by FSB, a UK corporation approved and controlled by the UK Gambling Commission that offers online gambling infrastructure, excellent customer registration platform, CRM tools and the gambling tools to many brands as a supposed white label service.
QuinnBet Licensed Under Betting (Amendment) Act 2015
QuinnBet stated that the site is approved in Ireland under the Betting (Amendment) Act 2015. Betting (Amendment) Act 2015 is an act to make arrangement in relation to the authorizing bookmaking activities and in relation to the management of bookmaking and bookmaking connected operations by electronic means.
Current Operators of the Business
A spokesperson stated that the business is completely possessed by Sean Quinn Sr, though he added that the business will be operated by his son Sean Quinn Jr and his other family members. Paperwork with the corporation’s office records Sean Quinn Jr as CERO, his brother-in-law Sean Kelly as CFO and Cavan businessman Seamus McMahon, of Kilconny, Belturbet as directors of the corporation behind the business.