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Crooked Online Gambling Processor Released on Bail


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Despite being arrested in July this year in Nevada on charges of illegal gambling conspiracy and money laundering, Australian online gambling payment entrepreneur Daniel Tzvetkoff has been released on bail.

Although the details behind Tzvetkoff’s release have not been made public, online gambling industry insiders speculate that he ‘struck a deal’ with the U.S. Justice Department that could lead to further industry prosecutions and arrests.

But while Tzvetkoff was granted bail, his woes may not be over by a long shot as he is expected to stand trial in June next year where he could be looking at some serious prison time and fines given the amount of money he laundered.

But it’s not only the U.S. Justice Department that has a bone to pick with Tzvetkoff, because his actions left many leading online gambling operators out of pocket. He is thought to have kept $100 million in U.S. deposits for himself.

According the charges brought against the 27-year old, his bank of online payment processing companies collectively laundered over $500 million on behalf of U.S.-based online gambling fans, which is illegal according to UIGEA.

The Unlawful Internet Gambling Enforcement Act (UIGEA), which was signed into law in October 2006, makes it illegal for U.S. banks, credit card companies and other financial institutions to process online gambling-related payments.

Although there was initially a hope that the Obama administration would overturn UIGEA – a law that is extremely difficult to enforce – and opt to legalise and regulate online gambling in the United States, that now seems a long way off.

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