Seán Quinn bets on online gaming business with family members

Former billionaire Seán Quinn is backing a new online betting business with his son Seán jnr and other family members.

Mr Quinn’s empire, spanning cement production, glass-making, insurance and property, collapsed in the wake of the financial crisis in 2009.

He is behind a new online gambling business, Quinnbet, which was launched this week.

The company confirmed that Mr Quinn owns the business and his son, Seán jnr, was its chief executive. His son-in-law, Stephen Kelly, is its chief financial officer.

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Mr Quinn junior and Mr Kelly are directors of the company that owns the website Belbridge Consultancy. Mr Quinn snr is not named as a director.

A third director, Seamus McMahon, also has links to the Quinns. He runs a business in Belturbet, Co Cavan, called SMC Products. Mr Quinn snr is a director of that company.

Quinnbet says that it will offer thousands of different betting markets on horse racing, soccer, Gaelic games, tennis and other events.

Casino games

It will follow this with casino games and the launch of a mobile app, now considered to be vital to bookmaking businesses.

Its partner in the venture is London-based FSB Technology, which has designed the website and provided the risk management software.

Quinnbet’s website shows that it is licensed under Irish law, while the UK authorities have licensed FSB.

Seán Quinn snr built his original Quinn Group from small beginnings in Co Fermanagh. By 2005 it was estimated to be worth €4 billion.

However, losses in its insurance and property arms left it insolvent. Its founder was declared bankrupt in 2012, but was discharged in 2015.

Mr Quinn is no longer involved with Quinn Industrial Holdings, which acquired key elements of his old group in 2014, although he did act as a consultant to the business for a period.