Business

Former billionaire Sean Quinn playing the odds with new sports betting company

Quinnbet is Seán Quinn's business venture since the collapse of his extensive empire.
Gareth McKeown

FORMER billionaire Seán Quinn has launched his first business venture since the collapse of his lofty empire.

Once the richest man in Ireland, the Fermanagh businessman lost control of his assets in 2011 after a disastrous investment in Anglo-Irish Bank and a year later was declared bankrupt.

In his first business enterprise since emerging from bankruptcy in 2015 Mr Quinn has started a new online sports betting company, known as Quinnbet. Featuring the iconic 'Q' branding the company describes itself as Ireland and the UK's newest online Sports Book provider, with an online casino due to launch in the coming weeks.

Based in the Republic of Ireland the company is wholly owned by Seán Quinn, but is to be run by his son Seán Quinn Jnr, and other family members. Seán Quinn Jnr, his brother-in-law Seán Kelly and Cavan businessman Séamus McMahon, of Kilconny, Belturbet, are listed as directors.

The company website launched on Thursday and offers betting across a range of sports including; GAA, horse racing and golf.

In a statement the company said its goal is to "always provide our customers with the most positive gaming experience possible".

"We believe gambling should always be entertaining and are completely committed to doing all that we can to encourage our customers to gamble responsibly. To help achieve this we have extensive safeguards built into our website which allows our customers to stay in control of their gambling. We intend competing in the industry by placing customer value, service and experience to the fore.

"We commit to providing competitive odds in a wide range of markets, together with fairer customer incentives such as our unique Quarterback Promotion where our customers can receive 25% of weekly losses back as a free bet," they said.

Once Ireland's richest man Seán Quinn had an extensive empire spanning cement production, glass-making, insurance and property. Involved in lengthy legal battles for almost a decade both Seán and his son Séan jnr were jailed in 2012 after they were found in contempt of orders restraining asset-stripping from the former Quinn Group.

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