Soft2Bet: The Black Empire of Online Casinos Between Malta, Cyprus, and Curaçao – How a Legal Giant Makes Millions on Banned Sites in Europe

Soft2Bet: The Black Empire of Online Casinos Between Malta, Cyprus, and Curaçao – How a Legal Giant Makes Millions on Banned Sites in Europe

Between the Glitter of Awards and the Shadow of Bans: The Start of a Loud Exposé

Soft2Bet, which officially positions itself as a software provider for online casinos and sports betting, is legally documented, with offices in Cyprus and Malta, and publicly showcases five brands. However, an Investigate Europe journalistic investigation revealed that the company’s true scale of operations encompasses at least 140 websites, most of which are banned in the European Union. Of these, 114 are listed on official blacklists in countries such as France, Italy, Spain, Hungary, Belgium, Poland, and Greece.

Massive Financial Losses and Shattered Lives

The harrowing story of Felix, a German man who lost €245,000 on just one site, Wazamba, is only the tip of the iceberg. Despite lacking a German license, the site granted him VIP status, bonuses, and credit to keep gambling. Wazamba, it turns out, is part of a network of sites affiliated with Soft2Bet, managed through offshore companies Rabidi N.V. and Araxio Development N.V., both registered in Curaçao. Although Felix won a lawsuit in Germany, he has yet to receive compensation due to subsequent bankruptcies and asset stripping before court rulings could be enforced.

A Legal Facade for a Shadow Market

Soft2Bet’s official website lists only five brands. But a deep dive into domain registries, trademarks, corporate ties, and partnerships paints a very different picture. Over 20 blacklisted brands were directly linked to Soft2Bet, its founding companies, or key individuals—including Israeli businessman Uri Poliavich, a Cyprus resident.

Among the key figures:

• Uri Poliavich – Soft2Bet’s founder, received €57.8 million in dividends in 2023, invested in real estate in Cyprus, Prague, and Sofia, and owns a car fleet worth over €1.3 million.

• Rabidi N.V. and Araxio Development N.V. – Shell companies that formally operated Wazamba, later declared bankrupt.

• Russian Beneficiaries – At least four Russian citizens officially own the Boomerang brand, registered in Cyprus and Berlin, where they also run a real estate business.

• AC Milan – The football club partnered with Boomerang in 2024 despite the brand lacking licenses in six countries where it operates, including Italy.

Offshore Havens and Regulatory Evasion

Soft2Bet exploits Curaçao’s lax jurisdiction, which allows it to bypass EU licensing requirements. According to Dutch journalist Nardy Kramm, Curaçao hosts over 20,000 online casinos—70% of the global total. This is where Rabidi and Araxio operated without oversight from European regulators. The company also uses shell corporations in Gibraltar, Dubai, and the Marshall Islands to facilitate money flows, tax avoidance, and concealment of true beneficiaries.

Banned Yet Booming: Millions of Players

Despite blacklists, sites like Boomerang and Wazamba attract millions of visits monthly:

• Boomerang: 17 million visits in Q4 2024 (7M Germany, 3M Spain, 1M Greece, 500K Italy).

• MyEmpire: Officially banned but continues targeting France, Italy, Poland, Greece, and Hungary through affiliate programs.

The EU Advertising Loophole

Despite bans, Soft2Bet ran aggressive affiliate marketing campaigns via Gibraltar-based entities. Banner ads, influencer partnerships, and direct player outreach in prohibited jurisdictions were standard tactics, ensuring a steady influx of users and cash.

Company Response: Aggressive Denial

In response to Investigate Europe’s inquiries, Soft2Bet categorically denied all allegations, calling them “baseless defamation.” The company insists it operates “strictly within licensing frameworks” and is “heavily regulated.”

EU Regulators: Powerless Against Offshore Schemes

Despite blacklists, banned sites remain operational—switching domains, rerouting payments, and using shell accounts in Curaçao, Estonia, and Seychelles.

“The gambling industry is an iceberg. Licensed operators are just the tip—beneath lies an ocean of criminal activity.”
—Ismail Vali, Yield Sec

A Legal Facade with a Shadow Core

Soft2Bet built a multi-million-dollar empire by exploiting weak oversight, legal loopholes, and the absence of unified EU regulation. While collecting awards and sponsoring football clubs as a “tech provider,” its true structure relies on offshore shells, Russian beneficiaries, and thousands of ruined gamblers.

Three Additional Critical Revelations

1. Ties to Organized Crime and Money Laundering

Investigative leaks suggest that some of Soft2Bet’s Russian-linked beneficiaries have connections to oligarchs under Western sanctions. Funds from unregulated gambling operations are funneled through Dubai-based shell companies, obscuring their origins. A 2023 Europol report flagged Curaçao-licensed casinos as high-risk for money laundering, yet Soft2Bet’s operations remain unchecked.

2. Exploiting Vulnerable Markets in Africa and Asia

While EU bans dominate headlines, Soft2Bet has aggressively expanded into Africa and Southeast Asia, where regulations are weaker. Brands like Wazamba and Boomerang target countries like Nigeria, Kenya, and the Philippines, often using local proxies to bypass advertising restrictions. In Kenya alone, gambling-related debt has surged by 300% since 2022, with Soft2Bet-linked sites contributing significantly.

3. Regulatory Theater: The Illusion of Compliance

Soft2Bet’s Malta Gaming Authority (MGA) license—often touted as proof of legitimacy—covers only a fraction of its operations. Leaked emails reveal internal strategies to “compartmentalize” illegal activities under offshore entities while maintaining a “clean” MGA front. Meanwhile, the MGA has fined Soft2Bet twice since 2022 for minor infractions, ignoring systemic violations.

Blacklisted Sites Linked to Soft2Bet

Conclusion: A Global Web of Deception

Public figures, governments, and football clubs partnering with such brands inadvertently legitimize schemes built on legal breaches and addiction profiteering. Soft2Bet is just one node in a sprawling offshore gambling mafia—one that thrives on regulatory apathy and human ruin. Until EU authorities harmonize cross-border enforcement, the black empire will keep growing.