Illegal Gambling Network Soft2Bet Linked to €600m in EU Revenue

⏱ 3 min read

A year-long cross-border investigation has exposed how Soft2Bet, a Malta- and Cyprus-based iGaming supplier, and its associated entities received approximately €600 million from a network of 145 unlicensed online casinos blacklisted by national regulators across Europe. The findings, published on 8 July 2026 by Investigate Europe and media partners in 15 countries, are the most detailed account yet of how a publicly celebrated B2B operator can run a shadow gambling empire in plain sight.

The investigation obtained thousands of pages of leaked payment statements, internal communications, and testimony from former employees. The money trail runs from player deposits on blacklisted platforms through Cypriot shell companies — Tranello and Tilaros — to Soft2Bet's holding companies and development arm. Between May 2020 and May 2024, the two shell entities channelled funds with transfers frequently labelled "marketing services" or "licence agreement." More than €330 million went to companies directly owned by Soft2Bet founder Uri Poliavich.

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How the Money Moved

Investigate Europe's documents show a deliberate layering structure. Two Cypriot entities, Tranello and Tilaros, acted as intermediaries between blacklisted casino brands and Soft2Bet's corporate group. Both were ultimately declared bankrupt in 2024 after Austrian courts ruled they had operated gambling websites without the required licences — but not before hundreds of millions had been moved. When the Tranello account was opened with UK payment firm My EU Pay, Soft2Bet filed paperwork stating the entity "belongs to the Soft2bet group."

The investigation also flagged Onlyspins, a sex-themed casino linked to the network that attracted more than one million visits from EU countries between February and April 2026. Reporters found no age or identity verification when testing the platform, and it appears to hold no gambling licence in Europe. Internally, a former customer agent described the site as targeting two addictions simultaneously, calling it "the easiest way to reach out to the youth."

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The Scale of Illegal Gambling in the EU

The Soft2Bet findings land against an already alarming backdrop. Separately, the European Casino Association (ECA) — at a high-level roundtable hosted by MEP Lukas Mandl in the European Parliament on 3 July 2026 — presented new data showing the illegal online gambling market targeting EU consumers reached €91.6 billion in 2025, a rise of roughly 14% on the previous year. The same study, produced by Gambling Compliance International (GCI), estimates EU member states lost €22.9 billion in tax revenue as a direct result.

Metric	2024	2025	Change
Illegal market size (EU consumers)	~€80.4bn	€91.6bn	+14%
Lost tax revenue for EU member states	~€20bn (est.)	€22.9bn	+~15%
Unlicensed operators targeting EU	N/A	>6,200	—
Soft2Bet-linked blacklisted sites (IE investigation)	140 (2025 report)	145	+5

Sources: ECA/GCI market study presented 3 July 2026; Investigate Europe reporting, 8 July 2026.

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Player Harm and Predatory Practices

Former employees told Investigate Europe that the unlicensed casinos used tactics including deliberately reactivating accounts of players who had tried to self-exclude due to addiction, personalised bonus pushes, and delayed withdrawal processing designed to encourage further play. One UK player — identified as Rebecca — lost £145,000 (€169,000) after agents ignored her repeated requests to close her account. "It's abuse of vulnerable people," she told reporters.

• No age or identity verification on Onlyspins — reporters confirmed this by depositing €15 via Paysafe with no checks performed.
• Former staff described pressure to take lie-detector tests, with leaked internal messages corroborating the claims.
• Soft2Bet's Rabona brand sponsors Italian football club Napoli; Atlético Madrid manager Diego Simeone was announced as a brand ambassador earlier in 2026.
• Soft2Bet denies any wrongdoing, stating it "operates responsibly and in accordance with applicable legal and regulatory requirements."

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UK Payment Firms in the Firing Line

The investigation identifies two UK Financial Conduct Authority (FCA)-authorised payment firms — My EU Pay and Unlimit — as having processed transfers linked to the scheme. Over the four-year period, the two firms moved funds between the Cypriot shell companies and Soft2Bet-connected entities. NYSE-listed Paysafe also appears in the documents; its own 2025 annual report warned investors that "a significant portion" of its revenues came from merchants in unregulated gambling markets and that payment processing in those markets could expose the company to legal risk. Lord Foster of Bath, chair of Peers for Gambling Reform, called the findings "a matter of serious concern" warranting urgent examination.

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Political and Regulatory Response

Canadian gambling authorities confirmed they would open an investigation into Soft2Bet's activities in the country. Ireland — where six Soft2Bet-linked entities hold remote betting licences — handed licensing oversight to its new Gambling Regulatory Authority of Ireland on 1 July 2026, the same week the investigation published. European Parliament Vice-President Sabine Verheyen said the findings were "extremely worrying" if confirmed, and called for member states to cooperate on clamping down on unlicensed operations.

The ECA roundtable also aligned with the European Commission's 24 June 2026 legislative proposal to expand Europol's mandate, which would give the agency a more operational role in cross-border crime including illegal gambling. MEP Mandl described illegal online gambling as "a serious cross-border threat that touches on consumer protection, organised crime and the integrity of our internal market." That proposal now moves through the ordinary legislative procedure and requires agreement from both the Parliament and the Council.

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Sources

Primary sources consulted for this article, listed in order of use.

Illegal operators, often based outside the EU, can reach European consumers at the click of a button — without safeguards, without oversight, and without contributing to our communities.

— Erwin van Lambaart, Chair, European Casino Association · ECA Parliament Roundtable, 3 July 2026