Soft2Bet: A European Betting Powerhouse Marred by a Troubling History of Rogue Online Casinos.
Beneath its polished exterior, Soft2Bet, a Malta and Cyprus-based gaming firm, seems to be secretly linked to a vast network of illicit online betting platforms across Europe. A probe by Euronomica Press has uncovered that, contrary to its public image as a software provider and operator of a few licensed brands, the company's online presence actually encompasses over 140 gambling websites, numerous of which are banned by regulatory bodies across the continent.
An Internet of Unlicensed Online Casinos.
On the surface, Soft2Bet occurs as a polished B2B company: smooth website, well-curated branding, and a small profile of 5 legal brands. Yet below that picture, Euronomica Press traced more than 140 domain names back to the team.
A minimum of 114 of them are formally blacklisted in one or more EU countries. France, Poland, Greece, Italy, Spain, Belgium, and Hungary are among the countries that have actually banned Soft2Bet-linked platforms. The genuine figure is probably higher, as countries such as Germany and the UK do not publish official blacklists.
The investigation assembled business filings, hallmark databases, and domain ownership records across multiple jurisdictions-- connecting entities in Cyprus and Malta to shell companies in Curaçao, Dubai, Gibraltar, and the Marshall Islands.
A minimum of 114 of them are formally blacklisted in one or more EU countries. France, Poland, Greece, Italy, Spain, Belgium, and Hungary are among the countries that have actually banned Soft2Bet-linked platforms. The genuine figure is probably higher, as countries such as Germany and the UK do not publish official blacklists.
The investigation assembled business filings, hallmark databases, and domain ownership records across multiple jurisdictions-- connecting entities in Cyprus and Malta to shell companies in Curaçao, Dubai, Gibraltar, and the Marshall Islands.
A Gambler's Tale of Ruin.
Felix, a middle-aged guy from Germany, keeps in mind the years when online betting consumed his life. What started as harmless entertainment finished in catastrophe: over three years, he estimates that EUR400,000 vanished from his accounts.
" I invested every spare second on my phone," he remembers. "Even on walks with my little daughter, I would wager with one hand while holding her with the other. It was madness."
After his separation, solitude and clinical depression pressed him further into addiction. He burned via the benefit from his residence sale, secured nine finances, and also canceled his pension plans.
The website that hit him hardest was Wazamba, an on the internet casino site that classified him a "VIP" and designated a personal supervisor. The system maintained giving him credit reports so he would never stop playing. In six months alone, he shed EUR245,000.
" They clothed it up as commitment rewards," Felix says bitterly. "However truthfully, they drained me dry. Those individuals stole my life."
What Felix might not see at the time was that Wazamba created part of an expansive covert network linked to Soft2Bet.
" I invested every spare second on my phone," he remembers. "Even on walks with my little daughter, I would wager with one hand while holding her with the other. It was madness."
After his separation, solitude and clinical depression pressed him further into addiction. He burned via the benefit from his residence sale, secured nine finances, and also canceled his pension plans.
The website that hit him hardest was Wazamba, an on the internet casino site that classified him a "VIP" and designated a personal supervisor. The system maintained giving him credit reports so he would never stop playing. In six months alone, he shed EUR245,000.
" They clothed it up as commitment rewards," Felix says bitterly. "However truthfully, they drained me dry. Those individuals stole my life."
What Felix might not see at the time was that Wazamba created part of an expansive covert network linked to Soft2Bet.
A Regulative Problem.
For European regulators, the tale is a warning. Blacklists, court rulings, and penalties have done little to slow down the tide. Complex business structures make responsibility virtually difficult. Insolvency filings leave targets empty-handed.
" These companies can fold one entity, reopen one more in a different territory, and keep going as if absolutely nothing occurred," clarifies German lawyer Benedikt Quarch. "Recuperating money is virtually impossible."
By 2024, experts estimated that approximately 70% of online gambling traffic in the EU streamed to unlicensed sites. Whether the number is 20% or 70%, experts agree: the illegal market has become the norm.
Until regulators act together, players like Felix will stay vulnerable. For him, monthly ends the same: EUR1,400 of debt repayments, nothing left over, and the memory of a life taken in by on-line gambling establishments.
"They've taken whatever from me," he claims silently.
" These companies can fold one entity, reopen one more in a different territory, and keep going as if absolutely nothing occurred," clarifies German lawyer Benedikt Quarch. "Recuperating money is virtually impossible."
By 2024, experts estimated that approximately 70% of online gambling traffic in the EU streamed to unlicensed sites. Whether the number is 20% or 70%, experts agree: the illegal market has become the norm.
Until regulators act together, players like Felix will stay vulnerable. For him, monthly ends the same: EUR1,400 of debt repayments, nothing left over, and the memory of a life taken in by on-line gambling establishments.
"They've taken whatever from me," he claims silently.
Shell Companies and Empty Promises.
For some time, Soft2Bet handled its unlicensed platforms with two Curaçao-registered firms: Rabidi and Araxio Advancement. Financial declarations reveal that Rabidi alone declared EUR343 million in turnover in 2022.
Felix took Rabidi to court in Germany-- and won. Juries ruled that, as the driver was unlicensed, he was qualified to reimbursement of his losses. Yet the payout never came. Both Rabidi and Araxio proclaimed insolvency, while their assets had actually silently been relocated offshore.
Theoretically, the responsibility finished there. In truth, both firms were regulated by Soft2Bet founder Uri Poliavich and his close affiliate Denys Butko, a Ukrainian businessman based in Cyprus. Between 2017 and 2024, the duo made use of these entities to release nearly 550 gaming domains.
Felix took Rabidi to court in Germany-- and won. Juries ruled that, as the driver was unlicensed, he was qualified to reimbursement of his losses. Yet the payout never came. Both Rabidi and Araxio proclaimed insolvency, while their assets had actually silently been relocated offshore.
Theoretically, the responsibility finished there. In truth, both firms were regulated by Soft2Bet founder Uri Poliavich and his close affiliate Denys Butko, a Ukrainian businessman based in Cyprus. Between 2017 and 2024, the duo made use of these entities to release nearly 550 gaming domains.
A Human Cost
The targets are many. Throughout the pandemic, a Finnish gambler states he lost EUR120,000 to Rabidi-operated online casinos, penetrating EUR70,000 of financial obligation. "Nine days out of ten I think of suicide," he confessed. "If I had a weapon, I would not be here."
Victim groups across Europe record being flooded with instances. Dutch reporter Nardy Cramm, that runs a foundation for people scammed by Curaçao gambling enterprises, states: "We obtain grievances daily. Some have to do with Soft2Bet-linked brand names. It's much beyond what we can take care of."
Victim groups across Europe record being flooded with instances. Dutch reporter Nardy Cramm, that runs a foundation for people scammed by Curaçao gambling enterprises, states: "We obtain grievances daily. Some have to do with Soft2Bet-linked brand names. It's much beyond what we can take care of."
Development Across the Atlantic.
Despite the disputes, Soft2Bet is currently establishing its sights on North America. The firm has actually currently introduced operations in Ontario and is finishing last accreditation in New Jersey. An U.S. debut is anticipated in 2025.
The strategy mirrors its European playbook: begin with B2C brand names to establish exposure, after that move toward B2B licensing collaborations. Execs guarantee rigorous conformity, however critics stress the company's history of hiding behind overseas frameworks and covering companies will repeat itself in North America.
The strategy mirrors its European playbook: begin with B2C brand names to establish exposure, after that move toward B2B licensing collaborations. Execs guarantee rigorous conformity, however critics stress the company's history of hiding behind overseas frameworks and covering companies will repeat itself in North America.
Blacklists That Don't Bite.
Regardless of lots of governing bans, these casino sites continue to be just a few clicks away. Test registrations by reporters disclosed that gamers can still easily open accounts. Website traffic data verifies millions of monthly sees across Europe.
One of the most striking situation is Boomerang, a Soft2Bet-developed sportsbook. Regulators in at the very least 6 nations-- including Italy, Spain, and Greece-- have actually stated it unapproved. Yet in July 2024, Boomerang revealed a sponsorship take care of air conditioning Milan. By early 2025, Italian authorities had blacklisted the brand name, however its website still attracted millions of sees, with Germany leading the traffic despite the absence of licenses.
" The legal market is just the tip of the iceberg," says Ismail Vali of Yield Sec. "Underneath it is a substantial shadow economy-- untaxed, uncontrolled, and growing."
One of the most striking situation is Boomerang, a Soft2Bet-developed sportsbook. Regulators in at the very least 6 nations-- including Italy, Spain, and Greece-- have actually stated it unapproved. Yet in July 2024, Boomerang revealed a sponsorship take care of air conditioning Milan. By early 2025, Italian authorities had blacklisted the brand name, however its website still attracted millions of sees, with Germany leading the traffic despite the absence of licenses.
" The legal market is just the tip of the iceberg," says Ismail Vali of Yield Sec. "Underneath it is a substantial shadow economy-- untaxed, uncontrolled, and growing."
The General Public Face vs. The Hidden Reality.
Born in Ukraine in 1981, Poliavich studied law prior to relocating right into the betting business. In 2016 he launched Soft2Bet in Kyiv, later on shifting its base to Cyprus and Malta. Today the team employs over 1,000 people, flaunts industry awards, and also celebrated its 8th wedding anniversary with a grand gala in Budapest.
The financial results are staggering. In 2023 alone, the firm reported earnings of EUR66.8 million. Poliavich himself stole almost EUR58 million in returns, spending lavishly on luxury automobiles and homes across Cyprus, Prague, and Sofia.
Yet while qualified brand names like Betinia or Campobet exist, their website traffic fades next to the blacklisted sites. In Italy, as an example, Elabet drew in just 15,000 gos to in late 2024-- while over 70 Soft2Bet-connected prohibited gambling establishments jointly attracted millions.
The financial results are staggering. In 2023 alone, the firm reported earnings of EUR66.8 million. Poliavich himself stole almost EUR58 million in returns, spending lavishly on luxury automobiles and homes across Cyprus, Prague, and Sofia.
Yet while qualified brand names like Betinia or Campobet exist, their website traffic fades next to the blacklisted sites. In Italy, as an example, Elabet drew in just 15,000 gos to in late 2024-- while over 70 Soft2Bet-connected prohibited gambling establishments jointly attracted millions.
