FreedomAtStake's Blog

This is where the transaction processing fees go

By FreedomAtStake | View all Posts
Posted Tuesday, April 29, 2008 11:53 AM   0 comments
An interesting story popped up in my Google Alerts today... Apparently the people of Queensland, Australia are all atwitter about the recent purchase of the most expensive real estate in the area - and the mysterious and young new owner.

Actually, it's not much of a mystery, as the article mentions the new owner's name is Daniel Tzvetkoff, the 25-year-old co-owner of online payment processor, Intabill.

Mr. Tzvetkoff paid $28m for his unfinished dream home, and the article mentions that the place is expected to be worth $50 to $70 million when the place completed.

25-years-old? $28 million? $70 million?

Those numbers got my attention. So I did a bit of research and found that, according to this guy at least, Mr. Tzvetkoff's companies are viewed as somewhat less-than-reputable.

Right now you are thinking, "What is this... Australia's Lifestyles of the Rich and Famous? Why do you care?"

Because this is the state of the online transaction processing industry - and by extension the online gambling industry.

We are living in a world where America's financial restrictions and disregard for international commerce has created an environment where a 25-year-old Australian with questionable business ethics can amass a fortune by price gouging in a market that obviously should be regulated to protect the consumer.

But - hey - we all have priorities, right?

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User: Freedom@Stake
Joined: July 1995
Location: Ireland
Team: Florida State Seminoles
Occupation: Media

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