Queensland's baby-faced internet tycoon Daniel Tzvetkoff is being targeted in a $52 million legal action by an online gambling firm.
The lawsuit is the latest in a series of blows in recent months for the 25-year-old who first hit the headlines last year when he bought the state's most expensive home, spending $27 million for an unfinished beachfront mansion on the Gold Coast.
Mr Tzvetkoff is the brains behind an online billing, payments and fraud-detection system which helped him and partner Sam Sciacca, 38, build a business empire worth an estimated $120 million in last year's The Sunday Mail Top 100 Rich List.
Their firm, Intabill Inc, is now being sued by Kolyma Corporation AVV for payments which Kolyma says were not passed on.
The corporation, based in the former Dutch colony of Aruba in the southern Caribbean, operates Full Tilt Poker, one of the most popular and lucrative online gambling sites.
It was one of the biggest clients of Intabill, which is based in the Brisbane suburb of Milton.
Kolyma is seeking payment of an alleged debt of $US43 million ($A52.75 million) plus interest, which it claims has been increasing at $US13,532 a day (about A$16,590) since May 25.
The action, lodged in the Supreme Court in Brisbane on May 25, names as defendants Intabill, which is registered in the British Virgin Islands tax haven, and the Australian-registered holding company BT Projects. It also targets Mr Tzvetkoff and Mr Sciacca individually, saying they gave a guarantee to pay Kolyma money claimed to be owed.
Mr Tzvetkoff told The Sunday Mail they would defend the lawsuit "but I can't comment further".
Mr Sciacca could not be reached for comment.
Intabill had more than 5000 customers in 70 countries. It is understood that about half its revenue came from business linked to online gambling operations, with fees from just one operator topping more than $150,000 per day.
In April, Intabill laid off 96 employees - keeping about 20. Mr Tzvetkoff blamed market conditions and increased loan funding costs.
In May, Intabill withdrew a multimillion-dollar sponsorship of the Team IntaRacing V8 Supercar team, announced only months earlier.
Asked on Friday about the current state of his businesses, Mr Tzvetkoff said: "We are continuing to work to rebuild during these tough times."
Mr Tzvetkoff was raised in Brisbane's southern suburbs by a school teacher mum and a father who runs weekend markets.
Benefiting from the boom times of his business, he drove a black Lamborghini Gallardo with the number plate BALLER and owned a Ferrari 599, an Audi S6, Range Rover and a Ford GT40. He had a luxurious boat and used chartered private jets.
He is a part-owner of the Zuri Lounge celebrity nightclub in Brisbane's Fortitude Valley.
It is understood the boat and most of the cars have been sold.
A year ago, Mr Tzvetkoff emerged as the mystery buyer of the $27 million half-built mansion on "millionaire's row" at Hedges Ave, Mermaid Beach, which was formerly owned by tourism tycoon Tony Smith.
The property, spread over four waterfront lots, was to be a family home for Mr Tzvetkoff, his fiancee Nicole Crisp and their son Hugo, now aged two. They planned to marry last October and move in late last year. But the wedding was postponed because Mr Tzvetkoff said he was too busy with business commitments.
The Hedges Ave property is still unfinished and they have not moved in yet.
"At the moment we are on hold," Mr Tzvetkoff said yesterday.
Salvatore "Sam" Sciacca is a lawyer with a background in commercial and corporate work, including e-commerce.
He is a cousin of former federal minister for veterans' affairs Con Sciacca, and has kept a much lower profile than Mr Tzvetkoff. (Credit: The Sunday Mail)
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PARTYPOKER.COM AND PARTYCASINO.COM LAUNCH NEW GLOBAL CAMPAIGN
PARTYPOINTS STORE TO BE IMPROVED AT END OF JUNE
Gibraltar – 9th June 2009 – An exciting new global campaign has been launched for both PartyPoker.com and PartyCasino.com.
Extensive worldwide customer research helped PartyPoker.com and PartyCasino.com develop a new proposition and this is delivered through the new strapline ‘Feel it’. The research identified ‘it’ as the intense rush as the river card is turned or the wild anticipation as the roulette wheel begins to slow. In fact ‘it’ is something different to every player and with its range of new games, promotions and tournaments PartyPoker.com and PartyCasino.com are constantly innovating to deliver the best customer experience in online poker and casino.
The campaign will roll out on TV, online, billboards and in press in territories worldwide. At the heart are thrilling TV commercials for both PartyPoker.com and PartyCasino.com that show players caught up in a whirlwind of excitement. The whirlwind captures the journey of the game for poker and the fun and excitement of casino as players enjoy the games in a virtual world. The campaign also sees the introduction of a redesigned logo.
The television advertisements were filmed on the biggest stage at the famous Shepperton Studios in the UK where so many blockbusters including the Bond movies are shot. All the action was overseen by Hollywood film director Paul WS Anderson - his experience in directing Event Horizon, Resident Evil and Alien versus Predator was key to delivering the action packed footage. A look at the tv ads can be found at http://www.partypoker.com and http://www.partycasino.com
The campaign was created by Leeds based agency Home, in conjunction with PartyGaming’s in-house team.
A PartyGaming spokesman said: “The new campaign has gone global and you will already see the brand changes when you log on to PartyPoker.com and PartyCasino.com. PartyPoker.com has just launched the Million Dollar Hand promotion for June, while PartyCasino.com is the world’s largest online casino and is continuing to expand at a rapid pace. The Gold Mega Jackpot at PartyCasino.com currently stands at just over a record breaking $2,281,000 and is waiting to be hit!”
At the end of June, PartyPoker.com will be improving the PartyPoints store. Customers are advised to hold on to their PartyPoints until then to make the most of the changes that will be introduced. See http://www.partypoker.com for more details.
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Gibraltar – 9th June 2009 – An exciting new global campaign has been launched for both PartyPoker.com and PartyCasino.com.
Extensive worldwide customer research helped PartyPoker.com and PartyCasino.com develop a new proposition and this is delivered through the new strapline ‘Feel it’. The research identified ‘it’ as the intense rush as the river card is turned or the wild anticipation as the roulette wheel begins to slow. In fact ‘it’ is something different to every player and with its range of new games, promotions and tournaments PartyPoker.com and PartyCasino.com are constantly innovating to deliver the best customer experience in online poker and casino.
The campaign will roll out on TV, online, billboards and in press in territories worldwide. At the heart are thrilling TV commercials for both PartyPoker.com and PartyCasino.com that show players caught up in a whirlwind of excitement. The whirlwind captures the journey of the game for poker and the fun and excitement of casino as players enjoy the games in a virtual world. The campaign also sees the introduction of a redesigned logo.
The television advertisements were filmed on the biggest stage at the famous Shepperton Studios in the UK where so many blockbusters including the Bond movies are shot. All the action was overseen by Hollywood film director Paul WS Anderson - his experience in directing Event Horizon, Resident Evil and Alien versus Predator was key to delivering the action packed footage. A look at the tv ads can be found at http://www.partypoker.com and http://www.partycasino.com
The campaign was created by Leeds based agency Home, in conjunction with PartyGaming’s in-house team.
A PartyGaming spokesman said: “The new campaign has gone global and you will already see the brand changes when you log on to PartyPoker.com and PartyCasino.com. PartyPoker.com has just launched the Million Dollar Hand promotion for June, while PartyCasino.com is the world’s largest online casino and is continuing to expand at a rapid pace. The Gold Mega Jackpot at PartyCasino.com currently stands at just over a record breaking $2,281,000 and is waiting to be hit!”
At the end of June, PartyPoker.com will be improving the PartyPoints store. Customers are advised to hold on to their PartyPoints until then to make the most of the changes that will be introduced. See http://www.partypoker.com for more details.
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Others could follow us, says Virgin Games chief executive - This Is Guernsey - 9th June 2009
Guernsey has become the central hub for all Virgin Games online gaming services.
The company moved to Guernsey last year and took on four people, according to Virgin Games chief executive Simon Burridge (pictured).
‘We started as a marketing operation, which meant we had to outsource all operations except marketing,’ he said.
That has now changed and the company has centralised its casino, poker and bingo services in the island.
Making all the operations in-house had always been the intention when moving to Guernsey, according to Mr Burridge.
He said he was pleased with how the company was operating here.
‘It is a lovely place. It has fantastic infrastructure and we wanted to employ people with financial experience. It is also close to the UK and we are regulated nearby in Alderney.’
He said he could definitely see more online companies moving to the island. (Credit: This Is Guernsey)
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The company moved to Guernsey last year and took on four people, according to Virgin Games chief executive Simon Burridge (pictured).
‘We started as a marketing operation, which meant we had to outsource all operations except marketing,’ he said.
That has now changed and the company has centralised its casino, poker and bingo services in the island.
Making all the operations in-house had always been the intention when moving to Guernsey, according to Mr Burridge.
He said he was pleased with how the company was operating here.
‘It is a lovely place. It has fantastic infrastructure and we wanted to employ people with financial experience. It is also close to the UK and we are regulated nearby in Alderney.’
He said he could definitely see more online companies moving to the island. (Credit: This Is Guernsey)
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Tuesday, June 9, 2009
PartyGaming to launch new service with Five
8th June 2009
Service to launch H2 2009
Confident of securing more B2B deals
LONDON, June 8 - PartyGaming, the world's biggest listed online gaming company, said on Monday it had signed an exclusive deal with British broadcaster Channel 5 to create "Five"-branded bingo and casino gaming services.
The online service, which will be operated by PartyGaming and promoted by Five, will launch in the second half of 2009.
The agreement is the fourth business-to-business deal to be announced by PartyGaming in the current year.
"We are confident of securing more B2B deals in the coming months as we match our eGaming talents and assets with the consumer reach of other companies around the world," said Chief Executive Jim Ryan.
PartyGaming and rival 888 are focusing on business-to-business activities to offset tougher trading in their consumer-facing divisions.
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Service to launch H2 2009
Confident of securing more B2B deals
LONDON, June 8 - PartyGaming, the world's biggest listed online gaming company, said on Monday it had signed an exclusive deal with British broadcaster Channel 5 to create "Five"-branded bingo and casino gaming services.
The online service, which will be operated by PartyGaming and promoted by Five, will launch in the second half of 2009.
The agreement is the fourth business-to-business deal to be announced by PartyGaming in the current year.
"We are confident of securing more B2B deals in the coming months as we match our eGaming talents and assets with the consumer reach of other companies around the world," said Chief Executive Jim Ryan.
PartyGaming and rival 888 are focusing on business-to-business activities to offset tougher trading in their consumer-facing divisions.
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Monday, June 8, 2009
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