SEAN Quinn is well and truly back in business with the betting venture he set up six months ago, Quinnbet, now boasting over 10,000 customers and already turning a profit.
The Teemore man who was declared bankrupt in 2011, said that the betting business is ‘one part of my family’s fightback’ and that he never considered throwing in the towel despite being made bankrupt and being imprisoned for contempt of court.
Quinn who recently turned 70, launched his new online gambling company which now has 10,000 customers and had returned a profit within the first six months in business.
Speaking to the Sunday Business Post, Sean Quinn said he was “delighted to be back in business, albeit a different business than I would have ordinarily been associated with” and added ‘I recognise that, properly managed, it can be a huge opportunity.’
Quinnbet is a family run business, with his son Sean Junior as chief executive, and his youngest daughter Brenda as operations manager. Based in Ballyconnell, there are currently plans to increase the number of employees.
“We have plans to increase our staff numbers in both Cavan and Dublin which will happen in line with growth. We are always looking towards improving our product and will shortly be introducing live streaming of horse and greyhound racing and expanding our existing markets to cover US racing. We are also looking at adding a new lottery product,” he added.
When asked about opening physical betting shops, he explained, “We have no plans to open a retail shop at present, but it is something which could not be ruled out.”
The businessman also revealed that former Anglo Irish Bank had raised concerns about the funding of Quinnbet in the midst of queries about money allegedly held overseas. Quinn said that ‘IBRC has raised certain issues and we have addressed those queries, and obviously, will address any further queries if the court requires this.’
And the Teemore businessman said that he hopes that he will continue to be recognised as someone who who brought business and employment to his native south Fermanagh and west Cavan.
“I hope I will be recognised for the huge creation of jobs and industry in one of the deprived areas at the time in the country as opposed to my unfortunate investment in Anglo, which was supposed to be a blue-chip bank company regulated by the state.”
To read more.. Subscribe to current edition