Former billionaire Seán Quinn and his family have launched a new business - a betting website.

'Quinn Bet', described as Ireland's newest online sports book, was launched today (Thursday). 

The website for the new business uses the family's distinctive 'Q' logo which was a familiar site across Ireland before Mr. Quinn lost his multi billion euro empire. 

Impartial Reporter: Sean Quinn jnr. Photo by John McVitty.

Speaking to impartialreporter.com tonight, Seán Quinn jnr, chief executive of Quinn Bet, confirmed his father's new venture. 

Mr. Quinn said his father, once Ireland's richest man, owns the business but that he would be running it along with other family members.

He said he hoped Quinn Bet will be "a sustainable business which will create employment."