Seán Quinn's online betting operation, Quinnbet, made a profit last year of €157,705, having booked a loss of €90,495 the previous year, its first year in business.
Belbridge Consultancy Ltd, with an address in Ballyconnell, Co Cavan, increased its staff numbers to an average of eight during 2018, up from three the previous year, according to accounts just filed.
Belbridge, which is the owner of the Quinnbet business name, is one of two companies associated with the online gambling venture, the other being Quinnb Sports Ltd, also of Ballyconnell.
The website offers betting on sports fixtures as well as an online casino and an ability to bet on the outcome of a range of national and other lotteries, including the Irish Lotto.
It is a white-label operation, meaning that although it fronts and promotes a website, the gambling is handled by another company that specialises in such services.
The normal business model is that the front company gets about 70 per cent of the revenue and is responsible for driving business towards the site.
Quinnbet’s website platform is provided by London-based FSB Technology (UK), which is licensed by the (British) Gambling Commission and provides similar services to a number of other white-label operators.
Cash in the bank at year’s end for Belbridge was €192,300. Staff costs rose to €163,866 in 2018, from just €15,727 the previous year.
Board addition
Val Flynn, a London-based Irish businessman with a background in aviation leasing and other types of finance, joined the board of Belbridge and of Quinnb earlier this year.
The latest annual return for Belbridge shows that the company, which was formerly 100 per cent owned by Mr Quinn, is now owned by Quinnb. Quinnb made a loss of €6,267 last year.
Quinnb in turn is owned half by Mr Quinn, who holds non-voting shares, with the rest of the shares being held by one of Mr Quinn's daughters, Brenda Quinn, and the children of Seán Quinn jnr.
Mr Quinn and his son resigned as directors of Belbridge in May when Denis Kelly (54), who gave his address as the Conall Building, Ballyconnell, was appointed a director.
Mr Kelly is a former director of Baltimore Technologies Ltd and Homenet Communications Ltd, company filings show.
The other director of Belbridge is Stephen Kelly, the husband of Aoife Quinn. Belbridge has a remote bookmakers licence from the Revenue Commissioners.
The Revenue website shows that Belbridge directors Stephen Kelly and Denis Kelly are the nominees associated with the licence.
