I-Gambling Payment Processor on its Knees

The credit crisis has claimed another victim in the online gambling space...payment processing company Intabill.

Intabill catered primarily to the online gambling industry, which made up more than half of is business. At is height, no so long ago, it was processing more than a million transactions a month and laid claim to being one of the top ten online e-cash payment processors.

Its major clients included online poker giants Full Tilt, Golden Palace.com, Absolute Poker.com and the Isai Scheinberg owed PokerStars.

Now these companies are major creditors of a distressed company with a pile of debts and dwindling operating income. In all, Intabill was in debt to the tune of around $30 million according to reports in the Brisbane Courier Mail. This figure has been reduced substantially through asset sales and deeds of arrangement, but at least $3 million is still owed.

Intabill's operation has been scaled back dramatically from over a hundred staff to less than twenty and revenues have declined substantially since processing partner Impact, based in the United States stopped doing business with Intabill amidst concerns over mounting debts.

While its not dead yet, Intabill day's appear to be numbered, as does the lavish lifestyle of founder, 24 year old entrepreneur Daniel Tzvetkoff. Tzvetkoff owns a majority stake in Intabill through his private company BT Projects Pty Limited. Other Intabill stakeholders are Brisbane lawyer Sam Sciacca and a Canadian based company called Rendel Investments.

Tzvetkoff shot into the spotlight with a number of high profile asset purchases in Queensland, including a lavish mansion on Hedges Ave on the Gold Coast, and a garage of cars including a Ferrari 599, an Audi S6, a Range Rover and a Lamborghini he was often spotted driving.

In a statement made to the Courier Mail, Tzvetkoff said that "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."