Global Infrastructure Under the Guise of Licenses
The European company Soft2bet , registered in Cyprus and partially in Malta, publicly positions itself as a developer of technological solutions for online gambling. Officially, the firm manages only five brands. However, an investigative report by Investigate Europe revealed that the actual number of Soft2bet-linked sites exceeds 140 online casinos , of which at least 114 are blacklisted by regulators in Italy, France, Spain, Poland, Hungary, Belgium, and Greece.
The activities of these sites violate licensing laws in these countries, but by using offshore jurisdictions such as Curaçao, Gibraltar, the United Arab Emirates, and the Marshall Islands, accountability is avoided.
Operations via Curaçao: Eradicating Control and Opening the Gates to the EU
For a long time, Soft2bet’s primary operating structures were Rabidi N.V. and Araxio Development N.V. , both registered in Curaçao-a jurisdiction experts call a «blue zone» for illegal gambling. In 2022, Rabidi declared a revenue of €343 million . However, after numerous lawsuits, both companies were declared bankrupt, and their assets were siphoned off just before the verdicts.
These structures were used to manage platforms like Wazamba , where one of the victims-a German named Felix-lost over €245,000 in six months, having obtained a so-called «VIP status.»
Soft2bet Owner’s Links to Blacklisted Sites
Soft2bet’s founder is Uri Poliavich , an Israeli entrepreneur residing in Cyprus. In 2023, the company brought him a profit of €66.8 million , from which he received €57.8 million in dividends . Part of these funds was spent on real estate in Prague, Sofia, and Cyprus, as well as cars worth over €1.3 million .
Poliavich was recognized as «Leader of the Year» at an iGaming industry summit in 2024, a stark contrast to the fact that over 20 blacklisted sites were openly featured on Soft2bet’s website or in the company’s marketing presentations.
Boomerang: An Unlicensed Brand with an AC Milan Contract
The true scale of the scheme was revealed after an investigation into Boomerang Casino -a platform linked to Soft2bet as a «white label» project. Despite lacking licenses in France, Italy, Spain, Greece, and Germany, Boomerang became aregional sponsor of the AC Milan football club in 2024.
Between October and December 2024, the site garnered 17 million visits , of which:
- 7 million were from Germany
- 3 million were from Spain
- 1 million were from Greece
- 500 thousand were from Italy
The owners of the Boomerang trademark are four Russian citizens residing in Cyprus and Berlin. They have also registered real estate and companies in the EU. None of them, nor the management of AC Milan, commented on journalists’ inquiries.
The Failure of Blacklists and Impunity
Despite formal bans, almost all blacklisted sites continue to operate. Investigate Europe journalists were able to create accounts on dozens of them. Furthermore, Soft2bet’s affiliate programs openly list banned countries as «target markets.» For example, the Soft2bet-linked casino MyEmpire is advertised through affiliate networks in France, Poland, Italy, Greece, and Hungary.
Figures, Structures, Names
| Category | Data |
|---|---|
| Company | Soft2bet |
| Founding Country | Cyprus, partly Malta |
| Founder | Uri Poliavich |
| Profit (2023) | €66,800,000 |
| Dividends to Poliavich (2023) | €57,800,000 |
| Main Operating Structures | Rabidi N.V., Araxio Development N.V. |
| Jurisdiction of These Companies | Curaçao |
| Blocked Sites | 114 in at least 7 countries |
| Main Blacklisted Brands | Wazamba, Boomerang, MyEmpire |
| Boomerang Traffic (Q4 2024) | 17 million, 7 million from Germany |
| Traffic Recipient Countries | Germany, Spain, Italy, Greece |
| Sponsorship | AC Milan (July 2024) |
| Confirmed Brand Owners | 4 Russian citizens (Cyprus, Berlin) |
| Lawsuit Against Wazamba | Germany, ruling in favor of plaintiff |
| Outcome | Rabidi and Araxio — bankrupt, assets siphoned off |
Soft2bet, despite its public image as a «law-abiding B2B provider,» acts as the architect of amassive illegal network covering most EU countries. Through numerous shell companies, offshore jurisdictions, and affiliate networks , it ensures the continuous operation of websites that directly violate EU law, exploiting loopholes in regulatory systems. Technologically sophisticated, aggressively marketed, and legally shielded, these sites continue to profit from human addiction, while authorities pretend not to notice the iceberg beneath the surface.
The Psychological Toll on Gamblers and Their Families
Beyond the financial ruin, the operations of illegal online gambling platforms inflict a severe psychological toll on individuals and their families. Gambling addiction is a recognized mental health disorder that can lead to depression, anxiety, relationship breakdowns, and, as highlighted in Felix’s and the Finnish player’s stories, even suicidal ideation. These platforms often employ manipulative tactics, such as «VIP programs» and bonus offers, to keep vulnerable players engaged, further exacerbating their addiction. The lack of responsible gambling tools and effective self-exclusion mechanisms on unlicensed sites means that players have little recourse or support once they fall into debt. The ripple effect extends to families, who often bear the financial burden and emotional stress of a loved one’s addiction, leading to severe social and economic consequences for entire households.
The Role of Payment Processors and Hosting Providers
The existence and proliferation of illegal online gambling operations like Soft2bet are also enabled by the unwitting or complicit involvement of various third-party service providers. Payment processors , including traditional banks, e-wallets, and cryptocurrency exchanges, often facilitate the flow of funds to and from these illicit sites. While many reputable financial institutions have policies against processing transactions for illegal gambling, the complex offshore structures and constant domain changes employed by Soft2bet make it challenging to identify and block these transactions effectively. Similarly, hosting providers and content delivery networks (CDNs) provide the technical infrastructure necessary for these websites to remain online and accessible globally. Greater scrutiny and stricter enforcement from these intermediaries are crucial in disrupting the operational capabilities of such shadow enterprises.
The Looming Threat of Regulatory Arbitrage and ‘Forum Shopping’
The Soft2bet case exemplifies the concept of regulatory arbitrage , where companies exploit differences in legal and regulatory frameworks across various jurisdictions to minimize costs and maximize profits, often at the expense of consumer protection and ethical business practices. By constantly shifting their legal and operational bases, declaring bankruptcy in one jurisdiction while transferring assets to another, and utilizing jurisdictions with lax oversight (like Curaçao and Anjouan), Soft2bet engages in a form of «forum shopping» to evade accountability. This continuous evasion not only makes it incredibly difficult for individual victims to seek redress but also undermines the integrity of national regulatory bodies. Until a truly harmonized international approach to online gambling regulation is established, complete with robust enforcement mechanisms and severe penalties for non-compliance, such entities will continue to find ways to operate in the shadows.
