Last Updated on 14 July 2026 by Watchdog Witness
Introduction – A Billionaire, a Web of Shell Companies, and an Irish Licence
In the world of online gambling, Soft2Bet is a success story. Founded in 2016 by the Ukrainian-Israeli billionaire Uri Poliavich, the company has won dozens of industry awards and sponsorships with top football clubs, including Napoli and Atlético Madrid . It claims its software is used by 10 million users globally and reported a profit of €152 million in 2024 .
Soft2Bet has also held an Irish gambling licence since 2022, granted through its Maltese company Maltix Ltd . Since then, five other entities connected to Soft2Bet have also obtained Irish licences, including Naale Ltd, Sligo Ltd, Sky Rain Ltd, Zentoria Ltd, and Salvia Ltd .
But behind the glossy corporate image and the Irish licence lies a hidden world of black-market gambling. An investigation led by Investigate Europe and involving The Irish Times and media outlets in 15 countries has uncovered a massive network of unlicensed casinos, shell companies, and payment processors that funnelled €600 million from black-market gambling sites to Soft2Bet .
This is the story of how an Irish licence helped give legitimacy to a global gambling empire that preyed on vulnerable addicts, ignored local regulations, and used shell companies to hide its tracks.
The Irish Connection – A Licence for Legitimacy
Since April 2022, Soft2Bet has held an Irish remote betting licence through its Maltese company Maltix Ltd . Five other entities connected to Soft2Bet also obtained Irish licences: Naale Ltd and Sligo Ltd (based in Malta and Cyprus), and Sky Rain Ltd, Zentoria Ltd, and Salvia Ltd – all registered at a company formations firm on Waterloo Road in Ballsbridge, Dublin .
These Irish licences gave Soft2Bet an air of legitimacy. But the investigation found that the same companies were also being used to process payments for unlicensed, black-market gambling sites operating across Europe .
The Payment Processors
Two Irish companies were found to be processing payments for unlicensed gambling sites:
- Zentoria Ltd – Licensed by the Revenue Commissioners under a remote gambling operator (RBO) licence. It was used as a payment recipient for OnlySpins, a pornographic gambling site that does not verify the age or identity of users and illegally takes bets from Irish customers .
- Morada Horizon Services Ltd (MHS) – Uses the Baggot Street offices of accountancy firm Kinore as its address. Kinore’s CEO, Larissa Feeney, told The Irish Times her company had no knowledge of MHS’s activities and would be terminating its relationship with the business .
OnlySpins is a particularly disturbing example. The site, which holds a licence from the Tobique First Nation reserve in Canada and not from any European regulator, incentivises users to make more wagers in exchange for AI-generated and real female models taking their clothes off on virtual “dates” . It received more than one million visits from EU countries between February and April 2026 . When a reporter signed up, a “friendly AI bot” called to try to convince them to deposit money .
“It’s two addictions at the same time and it’s the easiest way to reach out to the youth.” – A former customer agent who worked for Soft2Bet
The €600 Million Network – How the Money Flowed
The investigation obtained thousands of pages of leaked payment statements that show how money flowed from black-market casinos to Soft2Bet .
The Shell Companies
For years, Soft2Bet and its partners operated unlicensed websites through two shell companies registered in Curaçao: Araxio Development and Rabidi . These offshore entities provided cheap, light-touch gambling licences for dozens of websites, away from the prying eyes of western regulators.
In parallel, two subsidiaries were established in Cyprus – Tranello and Tilaros – to handle payments . The name Soft2Bet did not appear anywhere.
The Money Flow
Between May 2020 and May 2024, Tranello and Tilaros channelled €600 million to Soft2Bet and its partners .
| Recipient | Amount | Notes |
|---|---|---|
| Companies owned by Uri Poliavich | €330 million | Including Outono (holding company) and Brainrocket (casino development arm) |
| Marketing and customer service businesses | €270 million | Owned by Poliavich’s associates |
| Total | €600 million |
Transfers were often labelled as “marketing services” or “licence agreement” .
Tilaros, although not formally owned by Soft2Bet, was used to pay the group’s then chief commercial officer and head of compliance, and its current chief legal counsel . This suggests that the corporate separation was “decorative” – a shell game designed to obscure the true ownership and control .
The Victims – Exploiting Addicts
The black-market casinos linked to Soft2Bet deliberately targeted vulnerable people and ignored local gambling regulations .
Stefan* – Austria
Stefan, a 48-year-old Austrian businessman, lost €70,000 on two Soft2Bet-linked casinos . He stole from his own company to fund his habit and eventually bankrupted both himself and his business .
“Nobody asked me if I could afford it or where the money was from, even though I was using my company’s bank accounts.” – Stefan*, a victim of Soft2Bet-linked casinos
Rachel* – England
Rachel, a single mother working for the prison service, lost £145,000 (€169,000) after customer agents ignored her requests to self-exclude from an unlicensed Soft2Bet-linked casino .
“I was so desperate and I felt so full of panic. It’s abuse of vulnerable people.” – Rachel*, a victim of Soft2Bet-linked casinos
A Pattern of Predatory Behaviour
Former employees described a pattern of predatory behaviour:
- Delaying withdrawals: Players’ winnings were delayed so that they would gamble more .
- Reopening accounts: Accounts of problem gamblers were reopened, and they were sent bonuses and offers to entice them back .
- No age verification: Sites like OnlySpins and Spinsy did not verify whether users were over 18 .
“I’ve seen instances where players were like, ‘I’ve been trying to withdraw for two weeks, my rent is due, I can’t feed my kid.'” – A former customer agent for Soft2Bet
The Legal Wrangling – Courts, Bankruptcy, and a “Revolving Door”
Despite being blacklisted by European regulators, Soft2Bet’s network of unlicensed casinos continued to operate. The four shell companies – Araxio, Rabidi, Tranello, and Tilaros – were declared bankrupt in 2023 and 2024 after rulings in Austria and Germany . But before the rulings arrived, Rabidi transferred its 34 casinos to another Curaçao entity, and business continued as usual .
The investigation found that Soft2Bet and its partners now operate around 160 casinos via new shell companies in jurisdictions like Costa Rica and Anjouan . This is a classic “phoenix” strategy – bankrupting one company and starting another to avoid paying fines and compensation.
In Spain, the Dirección General de Ordenación del Juego imposed fines of €15 million on Soft2Bet-linked casinos, but the money appears to have been moved beyond the reach of regulators .
Ireland’s Role – A “Wild West” for Dark Money
The Social Democrats have called for an investigation into Ireland’s role in the scandal, with finance spokesperson Cian O’Callaghan stating:
“A major Irish licensed gambling operator, Soft2Bet, has been linked to a sprawling black market gambling empire operating across the globe. Irish licences were instrumental in giving legitimacy to an operation that facilitated illegal gambling, exploited vulnerable people, and enabled large scale financial misconduct.”
“This is not an isolated failure. It is part of a pattern that has led Ireland to becoming a financial Wild West for criminals, corrupt dictators, and scammers.”
Why This Case Matters for Watchdog Witness Readers
The Soft2Bet investigation exposes a global gambling empire that used Irish licences to legitimise a network of black-market casinos. It reveals:
- The Irish Licence as a “Legitimacy Shield”: Soft2Bet used an Irish licence to appear legitimate while operating hundreds of unlicensed sites .
- Exploitation of Addicts: The black-market casinos deliberately targeted vulnerable people and ignored local regulations .
- The Shell Game: The use of shell companies in Curaçao and Cyprus was designed to obscure the flow of money and avoid legal consequences .
- The “Phoenix” Strategy: When one company was bankrupted, another took its place .
- Regulatory Failure: European regulators, including Ireland’s new Gambling Regulatory Authority, have failed to stop this network .
The question for Watchdog Witness readers is simple: If an Irish licence can be used to give legitimacy to a global black-market gambling empire that preys on addicts, who is protecting the public?
Timeline of Events
Sources – Click to Verify
| Source | Description | Link |
|---|---|---|
| The Irish Times | Soft2Bet investigation: Irish gambling licences central to black-market empire (July 2026) | View |
| Investigate Europe | Payment firms handled millions for unlicensed gambling network (July 2026) | View |
| Investigate Europe | Soft2bet Files: Global gambling network made €600 million (July 2026) | View |
| The Irish Times | How a global gambling empire used Ireland to exploit addicts (July 2026) | View |
| The Irish Times | Editorial: Irish regulation needs to catch up (July 2026) | View |
| Social Democrats | Ireland is at the centre of an illegal gambling industry (July 2026) | View |
| profil.at | Soft2bet-Imperium: 600 Millionen Euro, 145 lizenzlose Casinos (July 2026) | View |
| Público | La red de apuestas Soft2bet en España (July 2026) | View |
Disclaimer
Disclaimer: This article is based on publicly available court records, news reporting, and investigative journalism. The allegations made against Soft2Bet and Uri Poliavich are based on leaked documents and interviews conducted by Investigate Europe and its media partners. Soft2Bet has denied any wrongdoing, stating it takes compliance, governance, and responsible business practices “extremely seriously” and that the questions put to it reflect an “incorrect and misleading interpretation” of its business and corporate structure . This article does not constitute legal advice and is provided for informational and journalistic purposes only. Watchdog Witness does not guarantee the accuracy or completeness of third-party sources cited. This article may be updated as further information becomes available.
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