Soft2Bet: The Shadow Gambling Empire – A Vast Network of Illegal Casinos, Offshore Schemes, and Circumvention of European Law (Detailed Analysis)

An investigation by Investigate Europe exposes shocking facts about the activities of the Maltese-Cypriot company Soft2Bet. While positioning itself as a leading technology provider for the gambling industry, the company is, in reality, a key player in operating a vast network of unlicensed online casinos parasitizing the European gambling market. Behind its elegant facade of awards and official statements lies a cynical scheme to bypass national regulations, exploit offshore jurisdictions, and deliberately attract players to platforms banned in their home countries.

The Scale of Illegal Operations: The Iceberg of the Shadow Market

Journalists uncovered over 140 gambling websites directly or indirectly linked to Soft2Bet. Despite lacking the necessary licenses, these sites actively target European Union citizens, flouting national laws and exposing players to significant risks—including a lack of legal protection and potential fraud.

As of February 2025, at least 114 of these websites have been officially blacklisted by regulators in key European countries, including France (ANJ), Poland (Ministerstwo Finansów), Greece (HGC), Italy (ADM), Spain (DGOJ), Belgium (BGC), and Hungary (SZTFH). However, this number is merely the tip of the iceberg, as major markets like Germany and the UK do not maintain publicly accessible centralized blacklists, suggesting a far greater number of illegal Soft2Bet-linked platforms.

Despite domain blocks and official bans, these unlicensed websites continue to attract millions of monthly visits. Traffic analysis reveals that a significant portion of players come from countries where these platforms are illegal, particularly Germany—one of Europe’s largest gambling markets. This highlights the ineffectiveness of current blocking mechanisms and the lack of cooperation between national regulators.

Direct and Indirect Links to Soft2Bet: A Chain of Evidence

The Investigate Europe probe relied on a thorough analysis of multiple sources:

• Corporate Documents: Foundational records, ownership reports, and financial statements from companies registered in various jurisdictions (EU, Curaçao, Cyprus, Dubai, Gibraltar, Marshall Islands) reveal intertwined ownership and control between Soft2Bet, its founders, and the unlicensed casino network.

• Trademark Registries: Analysis shows that numerous unlicensed casino brands were (or still are) owned by entities linked to Soft2Bet and its key figures—direct proof of their involvement in creating and branding these platforms.

• URL Ownership Databases: Research into domain registrations uncovered multiple connections between illegal gambling sites and Soft2Bet-controlled entities.

• Soft2Bet’s Own Marketing Materials: The company’s official website previously openly promoted brands later blacklisted, confirming direct participation in their development.

• Insider Testimonies & Victim Accounts: Statements from whistleblowers and players like Felix, who lost significant sums on Soft2Bet-linked casinos (e.g., Wazamba), expose the network’s predatory practices.

Key Shell Companies: Offshore Tools for Shadow Operations

Two Curaçao-registered companies—Rabidi N.V. and Araxio Development N.V.—played a central role in Soft2Bet’s scheme. This jurisdiction is notorious for lax gambling regulations and low transparency, making it ideal for hiding beneficiaries and evading accountability.

In 2022, Rabidi N.V. reported an astronomical turnover of €343 million, underscoring the massive illicit cash flow. Both companies were later declared bankrupt in Curaçao after lawsuits from defrauded players, but investigators found assets had been siphoned off to other jurisdictions, leaving creditors empty-handed.

The Beneficiaries and Their Inner Circle: Who Runs the Illegal Gambling Empire?

The mastermind behind Soft2Bet is Israeli businessman Uri Poliavich, a Cyprus resident who controlled Araxio Development N.V. through his Cypriot firm Outono Ltd—formerly Soft2Bet’s main holding structure.

Denys Butko, a Ukrainian national and Poliavich’s close associate, was the nominal owner of Rabidi N.V. Though their ties are rarely visible in official documents, social media and corporate appointments (e.g., Butko directing a Panamanian real estate firm for Poliavich) confirm their partnership.

Business Restructuring: A Cover-Up Attempt

After Rabidi and Araxio faced European blacklisting, Poliavich and Butko restructured operations to obscure connections. Butko’s Cypriot company Interpava Ltd absorbed Araxio, while software rights were transferred to another Poliavich-controlled entity. Interpava then registered a new Curaçao firm to continue Rabidi’s operations under a local license.

By the time Rabidi (2023) and Araxio (2024) declared bankruptcy, they were empty shells—assets stripped, and ties to Poliavich and Butko formally severed.

Aggressive Marketing in Banned Markets: Unchecked Cynicism

Soft2Bet’s affiliate programs openly target prohibited markets. For example, MyEmpire Casino listed France, Italy, Greece, Poland, and Hungary as “target markets”—despite being illegal there. The company uses Gibraltar-based affiliates to bypass EU gambling ad restrictions.

Offshore Havens: Tools for Evasion and Anonymity

Licenses from Curaçao and Anjouan (Comoros)—jurisdictions with minimal oversight—allow Soft2Bet-linked casinos to operate unchecked. Dutch investigative journalist Nardy Kramm estimates 20,000 gambling sites originate from Curaçao (70% globally), with Rabidi and Araxio among the most complained-about operators.

Sponsorship as a Legitimization Tool: The AC Milan Scandal

In July 2024, Soft2Bet’s illegal betting platform Boomerang became a “regional betting partner” for AC Milan—despite being blacklisted in Italy since March 2025. This brazen deal exploits football’s popularity to lure vulnerable fans into unregulated gambling. Neither AC Milan nor Boomerang responded to journalists’ inquiries.

Gaps in EU Law: A Playground for Abuse

The absence of unified EU gambling regulation enables operators like Soft2Bet to exploit legal disparities. According to Yield Sec, 70% of EU online bets in 2024 were illegal, with 6,000 unlicensed providers active—proof of the shadow market’s staggering scale.

Soft2Bet’s Response: Denial in the Face of Evidence

Soft2Bet dismissed all allegations as “baseless and defamatory,” claiming full compliance with laws. Yet documented evidence proves systematic EU law evasion via offshore shells and unlicensed platforms.

Human Toll: Tragedies Behind the Glossy Facade

Behind flashy ads lie ruined lives:

• Felix lost €400,000 (€245,000 on Soft2Bet’s Wazamba).

• A Finnish player lost €120,000 on Rabidi sites—one even offered a €50 “bonus” as he tried to quit.

• Ex-Finnish regulator Juhani Ala-Kurikka stresses the difficulty of prosecuting Curaçao-based operators ignoring EU authorities.

The Empire’s Future: New Markets, Old Tricks

Despite exposure, Soft2Bet plans expansion—e.g., launching Elabet in Greece, where 55 of its sites are blacklisted. The Greek Gambling Commission’s claim of “no proven link” between Rabidi and Soft2Bet raises serious doubts about its oversight.

Meanwhile, victims like Felix struggle to rebuild. Without decisive EU action, such tragedies will multiply.

1. The Role of Payment Processors in Facilitating Illegal Gambling

Soft2Bet’s operations rely on obscure payment processors that bypass banking restrictions. Many use cryptocurrency or shell companies in Malta and Estonia to move funds undetected. A 2024 Europol report flagged such networks for enabling money laundering, with Soft2Bet-linked casinos frequently named. Regulatory crackdowns on payment intermediaries could disrupt these schemes—yet most EU states lack coordinated measures.

2. Psychological Manipulation Tactics in Unlicensed Casinos

Unlike regulated operators, Soft2Bet’s casinos deploy predatory algorithms and dark patterns to maximize addiction:

• Loss disguising: Displaying “bonus cash” instead of real money to obscure losses.

• AI-driven targeting: Using player data to push high-stakes games during vulnerable moments (e.g., late-night sessions).

• False “VIP” incentives: Luring players with fake loyalty rewards that vanish upon withdrawal requests.
  A 2025 University of Copenhagen study found such tactics 3x more prevalent on unlicensed vs. licensed platforms.

3. Regulatory Failures and Political Lobbying

Soft2Bet’s endurance highlights systemic gaps:

• Maltese “golden passports”: Poliavich and associates obtained EU citizenship via Malta’s controversial investor scheme, shielding them from extradition.

• Cyprus’s lax enforcement: Despite EU pressure, Cyprus rarely prosecutes offshore gambling fraud. Leaked emails show Soft2Bet executives joking about Cypriot officials “looking the other way.”

• Corporate lobbying: Soft2Bet funds think tanks advocating “light-touch” gambling laws in Eastern Europe. A 2024 Balkan Investigative Network report linked these groups to deregulation pushes in Serbia and Romania.

Investigate Europe’s findings demand urgent EU-wide measures:

1. Harmonized blacklists and real-time ISP blocks.

2. Stricter KYC for payment processors servicing gambling sites.

3. Criminal liability for executives like Poliavich—not just shell companies.

Without reform, the shadow empire will keep profiting from addiction and regulatory apathy.