This investigation uncovers a large-scale scheme of regulatory evasion within the European gambling industry. Over 140 unlicensed online casinos, attracting millions of players, have ties to the Maltese-Cypriot company Soft2bet, which continues to expand its operations despite numerous bans and lawsuits. The Investigate Europe investigation reveals complex corporate structures, offshore schemes, and the names of key individuals involved in this shadow gambling empire.
Imagine a large, successful European company called Soft2bet. It receives awards, its offices look impressive, and everything seems legitimate. However, this company secretly has connections to a vast number of online gambling sites that operate illegally in many European countries. Journalists conducted an investigation and discovered that over 140 such sites are somehow linked to Soft2bet. Most of them are banned in countries like France, Poland, Italy, Spain, and others because they lack the necessary licenses. Worst of all, despite these bans, millions of people still visit these sites monthly to gamble.
How is Soft2bet connected to these illegal sites? It turns out the company doesn’t directly manage them, but it provides them with the technology and software to operate. The investigation also showed that the owner of Soft2bet and his partners previously owned or had connections to many of these illegal casinos through various companies and trademarks. To conceal their involvement, they used complex schemes with offshore companies in places like Curaçao (an island in the Caribbean known for its lax rules for the gambling business). Two such companies, Rabidi and Araxio, through which many illegal casinos operated, even went bankrupt after players began suing them, demanding the return of their lost money. But the money, it seems, was transferred elsewhere.
Interestingly, one of Soft2bet’s largest projects – the Boomerang gambling platform – also turned out to be illegal in many countries. But this didn’t stop it from becoming an official partner of the AC Milan football club! Imagine, an illegal site being advertised through a famous football club. To attract players to these illegal sites, Soft2bet uses affiliate programs, where it pays other websites and bloggers to advertise its brands, even where it is prohibited.
Why is it so difficult to stop this illegal activity? The fact is that there are no uniform rules for online gambling in the European Union. Each country has its own laws, and companies like Soft2bet exploit this by registering their sites in countries with weak regulations and trying to attract players from other countries where it is illegal. A man named Felix recounted how he lost a huge sum of money on one such illegal site, Wazamba, which is linked to Soft2bet. He tried to get his money back through the courts, and the court even sided with him, but he still hasn’t received compensation.
It appears that the large, seemingly respectable company Soft2bet actually has deep roots in the shadow business of illegal gambling, attracting millions of players to banned sites and using complex schemes to avoid responsibility. And as long as there are no unified rules in Europe, such situations may unfortunately continue to occur.
Key Facts:
- Extensive Network: Investigate Europe identified over 140 gambling websites linked to Soft2bet.
- Blacklists: As of February 2025, at least 114 of these sites are blacklisted by regulators in France, Poland, Greece, Italy, Spain, Belgium, and Hungary. The actual number may be significantly higher due to the lack of public blacklists in major markets such as Germany and the United Kingdom.
- Ignoring Bans: Despite being blocked, many sites continue to attract millions of visitors monthly, including a significant number from Germany.
- Connection to Soft2bet: The investigation is based on the analysis of corporate documents, trademark registers, and URL owner databases, directly indicating the involvement of Soft2bet and its founder Uri Poliavich in these unlicensed platforms. Over half of the casinos have links through trademark ownership, and more than 20 brands were previously mentioned on Soft2bet’s official website.
Key Shell Companies: The black market operations were conducted through two companies registered in the offshore zone of Curaçao: Rabidi N.V. and Araxio Development N.V. In 2022, Rabidi’s turnover amounted to €343 million. Both companies were declared bankrupt following numerous lawsuits from players, but their assets were transferred in advance.
Beneficiary and Associates: The founder and ultimate beneficiary of Soft2bet is Uri Poliavich, an Israeli businessman residing in Cyprus. He controlled Araxio through the Cypriot company Outono Ltd. Rabidi was owned by Denys Butko, a Ukrainian residing in Cyprus and a close partner of Poliavich.
Evasion Scheme: After Rabidi and Araxio were blacklisted, Poliavich and Butko reorganized the business through Butko’s Cypriot company Interpava Ltd. Assets and licenses were transferred to new legal entities in Curaçao and Anjouan (Comoros), another offshore jurisdiction.
AC Milan Sponsorship: One of Soft2bet’s largest projects is the Boomerang platform, which has been deemed illegal in at least six countries. Despite this, in July 2024, Boomerang became an official regional betting partner of the Italian football club AC Milan. In the last three months of 2024 alone, Boomerang’s websites recorded 17 million visits, a significant portion of which came from countries where the platform is banned.
Affiliate Programs: To attract players to unlicensed sites, Soft2bet uses extensive affiliate programs, specifically targeting markets where their activities are illegal. An example is the MyEmpire casino affiliate program, which includes France, Italy, Greece, Poland, and Hungary in its list of target markets.
Offshore Advantages: The use of Curaçao and Anjouan licenses, while not allowing legal operation in most European countries, provides the necessary secrecy and minimal regulation.
Lawsuits and Bankruptcies: German courts ordered Rabidi to pay player Felix €245,000 in lost funds, but he has not yet received the money. Similar lawsuits led to the bankruptcy of Rabidi and Araxio in Curaçao, but their assets were moved beforehand.
Soft2bet’s Response: In response to inquiries from Investigate Europe, Soft2bet vehemently denied all allegations, calling them “baseless” and “defamatory.”
Loopholes in Legislation: The absence of unified European legislation in the field of gambling complicates the fight against illegal operators who operate freely, taking advantage of discrepancies in national regulations.
Forecasts and Consequences: Despite the exposure, Soft2bet plans further expansion, including the launch of its Elabet brand in Greece, even though 55 of their other websites are on the Greek blacklist. The large-scale operation of unlicensed operators continues to cause significant harm to players, leading to addiction, debt, and psychological problems.
Organizations Mentioned in the Investigation:
- Soft2bet: The main company, a Maltese-Cypriot firm providing technological solutions for the gambling industry and owning licensed gambling brands.
- Investigate Europe: The international journalistic network that conducted the investigation.
- Rabidi N.V.: A company registered in Curaçao through which many unlicensed casinos operated. Declared bankrupt in 2023.
- Araxio Development N.V.: A company registered in Curaçao, also used for the operation of unlicensed casinos. Declared bankrupt in 2024.
- Outono Ltd: A Cypriot holding company through which Uri Poliavich controlled Araxio.
- Interpava Ltd: A Cypriot company owned by Denys Butko that played a key role in the reorganization of the business after Rabidi and Araxio were blacklisted.
- AC Milan: An Italian football club that entered into a sponsorship agreement with the unlicensed Boomerang platform.
- Hellenic Gaming Commission: The Greek gambling commission that found “no confirmed link” between Rabidi and Soft2bet.
- SBGOK: A Dutch foundation that helps victims of illegal gambling providers registered in Curaçao.
- Yield Sec: An analytics company specializing in gambling market analysis.
- H2 Gambling Capital: A consulting company providing data on the gambling market.
- RightNow: A German law firm that helps players recover lost funds.
- HBN Law & Tax: The firm handling the bankruptcy of Rabidi.
Key Individuals:
- Maxence Peigné: Journalist at Investigate Europe, author of the investigation.
- Uri Poliavich: Founder and CEO of Soft2bet.
- Denys Butko: Business partner of Uri Poliavich, owner of Interpava Ltd.
- Felix: A player from Germany who lost a significant amount of money at the unlicensed Wazamba casino.
- Nardy Cramm: Dutch investigative journalist, founder of SBGOK.
- Juhani Ala-Kurikka: Former Senior Advisor at the Finnish Gambling Administration.
- Ismail Vali: Founder of Yield Sec.
- Benedikt Quarch: Co-founder of the German law firm RightNow.
- Stan van Liere: Lawyer at HBN Law & Tax, the firm handling Rabidi’s bankruptcy.
This investigation serves as a stark reminder of how intricate regulatory evasion schemes in the online gambling industry can operate for years, causing significant harm to players and undermining the efforts of national regulators. The lack of a harmonized European policy in this area only further facilitates the growth of the shadow market and the impunity of its participants.
Further Implications for Player Protection: The case of Soft2bet highlights the significant risks faced by individuals who gamble on unlicensed platforms. These sites often lack responsible gambling measures, such as deposit limits, self-exclusion options, and age verification processes, leaving vulnerable individuals at greater risk of addiction and financial ruin. Furthermore, as demonstrated by Felix’s experience, even when legal avenues are pursued, recovering lost funds from these offshore entities can be incredibly difficult, if not impossible. The lack of regulatory oversight also means that player data and financial information may not be adequately protected, increasing the risk of fraud and identity theft.
The Role of Payment Processors and Affiliate Networks: While Soft2bet provides the technological backbone for these illegal operations, the investigation likely only scratches the surface of the broader ecosystem that enables them. Payment processors, often operating in jurisdictions with less stringent regulations, play a crucial role in facilitating financial transactions between players and these unlicensed casinos. Similarly, affiliate networks, which incentivize website owners and influencers to promote these sites, contribute significantly to their reach and player acquisition. Investigating and holding accountable these supporting entities is crucial in dismantling the entire illegal online gambling infrastructure.
The Need for Enhanced International Cooperation: The fragmented regulatory landscape in Europe is a significant obstacle to effectively combating illegal online gambling. The Soft2bet case underscores the urgent need for greater cooperation and information sharing between national regulatory bodies. Establishing a unified European framework for online gambling, or at the very least, enhanced cross-border collaboration in enforcement and intelligence gathering, would make it significantly harder for operators to exploit regulatory arbitrage and operate with impunity. This would involve sharing blacklists, coordinating investigations, and establishing clear legal mechanisms for pursuing and penalizing illegal operators across different jurisdictions.