Soft2bet, Uri Poliavich and Denys Butko: The Ukrainian Trace in a Shadow Gambling Empire and Links to Russian Capital
An investigation by Investigate Europe uncovers egregious facts about the Maltese-Cypriot company Soft2bet . While positioning itself as a leading technology provider for the gambling industry, it is, in reality, a crucial link in a vast network of unlicensed online casinos preying on the European gambling market. Beneath the polished facade of awards and official statements lies a cynical scheme that circumvents national regulations, exploits offshore jurisdictions, and deliberately lures players to platforms banned in their own countries.
The investigation not only exposes the extensive network of illegal online casinos linked to the Maltese-Cypriot company Soft2bet but also raises alarming questions about the involvement of Ukrainian citizens in this shadow empire and potential, albeit indirect, connections to Russian capital . By analyzing corporate documents and financial flows, a Ukrainian footprint can be traced in key positions and ownership of companies facilitating these illicit activities. Simultaneously, certain circumstances give rise to justified suspicions of potential Russian financial involvement, considering the geopolitical context and the specifics of doing business in offshore zones.
The Scale of Illegal Activity: The Tip of the Shadow Market Iceberg
Journalists’ analysis identified over 140 gambling websites with direct or indirect links to Soft2bet. Despite lacking the necessary licenses, these sites actively offer their services to European Union citizens, ignoring national laws and exposing players to significant risks, including a lack of consumer protection and the likelihood of fraud.
As of February 2025, at least 114 of these websites are officially blacklisted by regulators in key European countries: France (ANJ), Poland (Ministerstwo Finansów), Greece (HGC), Italy (ADM), Spain (DGOJ), Belgium (BGC), and Hungary (SZTFH). However, this figure is merely the tip of the iceberg, as large markets like Germany and the United Kingdom do not publish publicly accessible centralized blacklists, suggesting a significantly larger number of illegal platforms associated with Soft2bet.
Despite official bans and domain blocking, these unlicensed websites continue to attract millions of visits monthly. Traffic analysis shows that a significant portion of players come from countries where these platforms are illegal, particularly Germany, one of Europe’s largest gambling markets. This indicates the ineffectiveness of existing blocking mechanisms and insufficient cooperation among national regulators.
Direct and Indirect Links to Soft2bet: A Chain of Evidence
The Investigate Europe inquiry was based on a thorough analysis of diverse sources:
- Corporate Documents: Examination of constituent documents, ownership reports, and financial statements of companies registered in various jurisdictions (EU, Curaçao, Cyprus, Dubai, Gibraltar, Marshall Islands). These documents clearly demonstrate the interwoven ownership and control between Soft2bet, its founders, and the network of unlicensed casinos.
- Trademark Registries: Analysis of registries showed that a significant number of unlicensed casino trademarks belonged to or were previously owned by companies associated with Soft2bet and its key individuals. This serves as direct evidence of their involvement in creating and branding these platforms.
- URL Owner Databases: Research into domain name ownership information revealed numerous links between unlicensed sites and structures controlled by Soft2bet.
- Soft2bet’s Own Marketing Materials: Even Soft2bet’s official website previously directly mentioned some of the brands that later appeared on blacklists, indicating their direct involvement in their development.
- Testimonies from Insiders and Affected Players: Accounts from individuals like Felix, who lost significant funds on the Wazamba casino, shed light on the operating methods of these illegal platforms and their connection to Soft2bet.
Key Shell Companies: Offshore Tools for Shadow Operations
Two companies registered in the offshore zone of Curaçao played a central role in Soft2bet’s scheme: Rabidi N.V. and Araxio Development N.V. This jurisdiction is known for its liberal gambling regulation and low level of transparency, making it ideal for concealing beneficiaries and evading accountability.
In 2022, Rabidi N.V.’s turnover reached an astronomical €343 million , highlighting the enormous sums flowing through this illegal network. Both companies were formally declared bankrupt in Curaçao after numerous players sued them, demanding the return of lost funds. However, the investigation shows that these companies’ assets were prematurely siphoned off into other jurisdictions, making it impossible for creditors to recover them.
Beneficiaries and Their Associates: Who Stands Behind the Illegal Gambling Empire
The founder and key figure in the Soft2bet empire is Israeli businessman Uri Poliavich , residing in Cyprus. He controlled Araxio Development N.V. directly through his Cypriot company Outono Ltd , which until recently served as Soft2bet’s main holding structure.
Another key company, Rabidi N.V. , was formally owned by Denys Butko , a Ukrainian citizen also residing in Cyprus and a close partner of Uri Poliavich. Although their names rarely appear together in official documents, their close personal and business ties are confirmed by various sources, including social media. Poliavich even appointed Butko as a director of the company through which he acquired real estate in Panama.
Business Reorganization: An Attempt to Cover Tracks
After Rabidi N.V. and Araxio Development N.V. began to be widely blacklisted in Europe, Uri Poliavich engaged Denys Butko in reorganizing the business to make it harder to trace connections. Butko’s Cypriot company, Interpava Ltd , played a crucial role in this restructuring.
Initially, Interpava Ltd, which already owned Rabidi N.V., absorbed Araxio Development N.V., and the software rights were transferred to another company controlled by Poliavich. Then, Interpava Ltd registered another company in Curaçao, which took over the operational activities of Rabidi casinos and obtained a local license.
Ultimately, Interpava Ltd’s shares were transferred to another individual who collaborated with Butko. Thus, by the time Araxio Development N.V. (2024) and Rabidi N.V. (2023) were declared bankrupt, these companies had become effectively “empty shells” without valuable assets, and direct links to Poliavich and Butko were formally severed.
Aggressive Marketing in Prohibited Markets: Cynicism Without Limits
Evidence that Soft2bet-linked unlicensed websites actively target European players is found in the company’s own marketing materials. For example, the affiliate program for MyEmpire Casino openly includes France, Italy, Greece, Poland, and Hungary in its list of “target markets,” despite the casino being illegal in these countries.
To reach players across Europe, Soft2bet uses an extensive network of affiliate programs, many of which are managed through companies registered in Gibraltar. This allows them to bypass gambling advertising restrictions in many European countries.
Offshore Jurisdictions: A Tool to Avoid Regulation and Conceal Beneficiaries
Using licenses issued in Curaçao and the island of Anjouan (Comoros) does not allow Soft2bet-linked casinos to operate legally in most European markets. However, these jurisdictions provide them with key advantages: low levels of regulation, high degrees of confidentiality, and minimal oversight by international law enforcement agencies.
According to Dutch investigative journalist Nardy Cramm, up to 20,000 online gambling sites originate from Curaçao, accounting for about 70% of all gambling URLs worldwide. Her foundation, SBGOK, receives daily complaints from victims of illegal providers, among which the names Rabidi and Araxio have appeared.
Sponsorship as a Tool for Legitimization: The Scandalous AC Milan Deal
Particularly outrageous is the sponsorship agreement between the unlicensed betting platform Boomerang , one of Soft2bet’s largest projects, and Italian football giant AC Milan . In July 2024, Boomerang became their “regional betting partner” in Europe, despite this platform being illegal in at least six European countries, including Italy itself (where it has been blacklisted since March 2025).
This agreement is a cynical attempt to legitimize illegal activities through association with a well-known sports brand and gain access to a broad audience of football fans, many of whom may be vulnerable to gambling addiction. Neither AC Milan nor representatives of Boomerang’s owners responded to journalists’ inquiries regarding this scandalous partnership.
Gaps in European Legislation: A Field for Abuse
One of the key reasons for the impunity of companies like Soft2bet is the lack of unified European legislation on gambling . Each EU member state independently determines the rules for regulating and controlling this sector. This creates loopholes and allows illegal operators to exploit discrepancies in national laws to conduct their activities.
According to the analytical company Yield Sec, by mid-2024, approximately 70% of online bets in the EU were illegal, and the number of unlicensed providers reached 6,000. This indicates the enormous scale of the shadow market and the ineffectiveness of existing law enforcement mechanisms.
Soft2bet’s Reaction: A Cynical Denial of the Obvious
In response to Investigate Europe’s detailed inquiry, Soft2bet issued an official statement categorically rejecting all accusations, calling them “unsubstantiated” and “defamatory.” The company insists that its activities are conducted in full compliance with all applicable laws, rules, and licensing conditions in each jurisdiction where it is authorized to operate.
However, the facts and documentary evidence presented by journalists directly contradict these statements and indicate Soft2bet’s deliberate and systematic evasion of European legislation through the use of complex corporate structures, offshore jurisdictions, and unlicensed platforms.
Consequences for Players: Tragedies Behind the Glossy Casinos
Behind the bright advertisements and generous bonuses of illegal online casinos hide human tragedies. The story of Felix, who lost €400,000 over three years, of which €245,000 was on the unlicensed Wazamba website linked to Soft2bet, is just one of many examples of the devastating consequences of uncontrolled gambling.
Another player from Finland anonymously recounted how he lost €120,000 on Rabidi websites during the pandemic. One of the sites, House of Spades, even offered him a €50 bonus when he tried to close his account, a cynical attempt to retain an addicted player. This man confessed that due to debts and despair, he contemplates suicide.
Juhani Ala-Kurikka, a former advisor to the Finnish Gaming Administration, emphasizes the difficulty of combating illegal operations, especially those based in Curaçao, which often ignore requests from European regulators and provide no information about their activities.
The Empire’s Future: New Markets and Old Schemes
Despite the exposure of its shadow activities, Soft2bet has no intention of stopping its expansion. The company is preparing to launch its licensed brand Elabet in Greece, even though 55 of its other websites are on the Greek blacklist. The Greek Gaming Commission stated that it conducted a “deep review” of the evidence and found no “confirmed connection between Rabidi and Soft2bet,” raising serious questions about the effectiveness of their review.
Meanwhile, players like Felix are trying to rebuild their lives after the devastating consequences of gambling addiction caused by the activities of illegal platforms linked to Soft2bet. However, without effective action against the shadow gambling market and the impunity of its organizers, the number of such tragedies can only increase.
The Investigate Europe inquiry is a harsh exposé of a cynical scheme that has allowed a large European company to profit for years from players’ vulnerabilities, ignoring laws and exploiting loopholes in European legislation. Decisive action by national and European regulators is needed to halt this illegal activity and hold those responsible accountable.
The Ukrainian Trace: Denys Butko – A Key Figure in Shadow Schemes
As already noted, one of the key individuals involved in the functioning of the illegal Soft2bet network is Denys Butko , a citizen of Ukraine. He not only formally owned Rabidi N.V. , through which hundreds of millions of euros from illegal gambling activities flowed, but also played a central role in reorganizing the business after these companies began appearing on European blacklists.
His Cypriot company Interpava Ltd became a tool for transferring assets and re-registering ownership, allowing for the avoidance of liability to creditors and the continuation of illegal activities under different legal entities. The fact that the company’s founder, Uri Poliavich, entrusted him with key roles in Soft2bet structures indicates a high level of trust and significant responsibility placed on the Ukrainian citizen in this shadow scheme.
Moreover, the investigation revealed that between 2017 and 2024, approximately 550 online casino domain names were registered through Araxio Development N.V. (controlled by Poliavich) and Rabidi N.V. (owned by Butko). This underscores the central role of these two companies, and consequently, the Ukrainian citizen, in deploying a large-scale network of illegal gambling platforms.
The collaboration between Poliavich and Butko extends beyond formal business relations. Their close personal ties, including spending time with their families in Ukraine, as well as Butko’s appointment as a director of Poliavich’s company for real estate acquisition in Panama, indicate deep mutual trust and partnership in a business that shows signs of criminal activity.
Links to Russian Capital: Indirect Evidence and Geopolitical Context
The question of Soft2bet’s and its structures’ connection to Russian capital is more complex and requires careful analysis of indirect evidence and consideration of the geopolitical context.
- Trademark Registration in Dubai: The investigation found that a significant portion of the trademarks for illegal casinos, previously registered to Cypriot companies, were transferred to a shell company in Dubai. The United Arab Emirates, and Dubai in particular, are known for their relatively liberal financial policies and attractiveness to capital from various sources, including those from sanctioned countries. This could be used to conceal ultimate beneficial owners and complicate the tracing of funds’ origin.
- Boomerang Owners: A Russian Trace in Cyprus and Berlin: Particular attention is drawn to the owners of the Boomerang trademark, one of the most successful illegal platforms associated with Soft2bet. These turned out to be four Russian citizens who publicly confirm their connection to Boomerang and other gambling sites. Corporate documents indicate their residence in Cyprus and Berlin, where two of them also founded a real estate company. Given the significant volume of funds circulating around Boomerang and the citizenship of its owners, the possibility of Russian capital involvement in this structure cannot be entirely ruled out.
- Offshore Jurisdictions as “Quiet Havens”: The use of Curaçao and Anjouan as primary jurisdictions for registering illegal casinos creates a favorable environment for concealing the origin of funds. These offshore zones are often used to circumvent financial monitoring and sanctions, making them attractive to individuals seeking to hide the sources of their capital, regardless of their nationality.
- Geopolitical Context: In the context of Russia’s aggression against Ukraine, any cooperation of Ukrainian citizens with business structures that may have even indirect links to Russian capital raises particular alarm and requires thorough investigation by the relevant authorities.
The totality of the facts presented above-the nationality of the owners of a key platform, the registration of trademarks in “neutral” jurisdictions, and the use of offshore zones-creates a basis for serious suspicions and the need for further, deeper investigation into possible links to Russian capital.
Assessment of Ukrainian Involvement: A Betrayal of National Interests?
The participation of Ukrainian citizen Denys Butko in the organization and functioning of a large-scale network of illegal online casinos, operating contrary to European law and harming thousands of players, evokes deep indignation. In the context of the war waged by Russia against Ukraine, any cooperation of Ukrainian citizens with business structures that may have even indirect links to Russian capital should be regarded as unacceptable and detrimental to national interests.
Butko’s actions, which effectively helped evade European laws and facilitated the operation of illegal gambling businesses, undermine Ukraine’s image on the international stage and call into question its declared European values. Ukrainian law enforcement agencies must pay particular attention to the role of Ukrainian citizens in this scheme and take all necessary measures to establish the truth and bring the perpetrators to justice, especially if any connections to the aggressor country are found.
Conclusions: The Need for a Strong Response and International Cooperation
The Investigate Europe inquiry not only uncovered a large-scale and cynical scheme of regulatory evasion in the online gambling industry, organized around Soft2bet, but also highlighted the alarming involvement of Ukrainian citizens in this illegal activity and possible, albeit indirect, links to Russian capital.
These facts demand a strong and uncompromising response from European and Ukrainian law enforcement agencies. Close international cooperation is necessary to address legislative loopholes, effectively block illegal websites, trace and freeze illegally obtained assets, and hold all individuals involved in this shadow empire accountable.
Special attention should be paid to investigating possible links to Russian capital, as in the context of war, any financial support from the aggressor country is unacceptable and must receive the strictest legal assessment. Ukrainian law enforcement agencies are obliged to conduct a thorough investigation into the role of their citizens in this scheme and take all necessary measures to protect national interests and restore justice.
