Former billionaire launches online sportsbook

Former Irish billionaire businessman Sean Quinn, who emerged from bankruptcy in 2015, has re-entered Irish business with a licensed online sports betting company titled Quinnbet, which he launched this week as a white label powered by FSB Technology.

Quinn is joined in the venture by his son Sean Jnr., as CERO and his son-in-law Stephen Kelly as CFO.

Quinn’s business empire spanning cement production, glass-making, insurance and property was at one time worth Euro 4 billion, but it collapsed in the wake of the financial crisis in 2009, which caused losses in its insurance and property arms.

Once the richest man in Ireland, Quinn was eventually bankrupted in 2012 following a series of massive failed bets on the stock market, in particular on shares in Anglo Irish Bank made using complex contracts for difference that resulted in significant debts, according to Irish media reports.

The QuinnBet website and app offers gambling across a range of sports, including horse and greyhound racing, soccer and GAA.

The company has announced that it plans to introduce an online casino as well in the near future.

QuinnBet claims it is licensed in Ireland under the Betting (Amendment) Act 2015.