Courier Mail Depicts Intabill’s Fall From Grace
A recent article the Courier-Mail, has revealed that online payment processor Intabill, managed by Daniel Tzyetkoff owes a good $30 million to four online poker sites.
According to this article, Intabill derived half its business from online gambling sources. Intabill once had the reputation of being one of the leading payment processors in the industry with over 5,000 business clients. It ran online poker rooms and airlines and many other ventures in between. However, today it owes $30 million and the poker sites the money is owed to are well established gambling sites. A detailed explanation of the hows and whys of Intabill’s fall from grace is given in the Courier Mail article for those who are interested.
It is alleged that the large sum of $25 million alone is owed to PokerStars and FullTilt Poker, without a doubt the largest online poker playing sites in the world. According to the Mail, PokerStars is a North America based website run by Isai Scheinberg while Full Tilt Poker is based in Dublin and is jointly run by several big wig industry names such as Howard Lederer, Gus Hansen, Patrik Antonius, Phil Ivery and Mike Matusow.
A further $3 million is owed to CEREUS Network operated site Absolute Poker and sister site Ultiate Bet. The merging of these online poker sites in November 2008 led to the formation of CEREUS which is currently the seventh largest poker network in the world with at least 2,200 players on average, playing every week. The final $2 million that brings the tally up to $30 million is owed to Golden Palace.
Intabill used the services of offshore independent processing company Impact. It is believed that due to large amounts of debt piling, Impact decided to pull the plug and bring Intabill’s operations to a halt.
A quick inspection of PokerStars shows that Intabill is no longer offer as a payment option to players. Players can continue to use checks, bank transfers, credit cards and other online payment methods such as Neteller, Click2Pay etc.
This is not the first time a payment processing company has been in trouble. Neteller has previously been in trouble as a result of the Unlawful Internet Gambling Enforcement Act (UIGEA). Citadel Commerce also exited the gambling industry some time in 2007.
Based in Australia, Intabill is owned by BT Projects Pty Limited and what happens to its debts and whether it will ever bounce back from this mess remains to be seen.