Soft2Bet Faces Mounting Scrutiny Over Alleged Illegal Gambling Network
Investigative reports, leaked documents and consumer complaints suggest that Soft2Bet Holdings Ltd, headquartered in Cyprus and Malta, has been linked to more than 140 blacklisted gambling platforms across the continent. While the group promotes itself as a reputable provider of casino software and has won industry awards, critics argue that behind its polished corporate image lies one of the most sophisticated grey-market operations in the sector.
A dual structure: legal provider and shadow operator
On paper, Soft2Bet acts as a software supplier, offering turnkey platforms to licensed operators. Yet according to Investigate Europe and other watchdogs, the same company is directly connected to a network of unlicensed casinos including Wazamba, Boomerang and several dozen others. These brands reportedly operate through offshore vehicles registered in Curaçao, Dubai and Gibraltar, while their parent companies in Cyprus and Malta deny direct involvement.
Court records in Germany and Austria show that companies such as Rabidi N.V. and Araxio, tied to Soft2Bet operations, were declared bankrupt after losing legal disputes. By the time rulings were enforced, assets had allegedly been transferred to other entities, leaving creditors without recourse. Regulators describe the pattern as “systematic evasion through shell firms.”
Court records in Germany and Austria show that companies such as Rabidi N.V. and Araxio, tied to Soft2Bet operations, were declared bankrupt after losing legal disputes. By the time rulings were enforced, assets had allegedly been transferred to other entities, leaving creditors without recourse. Regulators describe the pattern as “systematic evasion through shell firms.”
Player complaints: blocked payouts and manipulated odds
Beyond licensing disputes, thousands of players have accused Soft2Bet-linked casinos of unfair practices. Consumer watchdog sites including Trustpilot and AskGamblers host more than 11,000 complaints, most concerning delayed or denied payouts.
Leaked technical documents reviewed by journalists describe a so-called “Risk Adjustment Module” allegedly used to reduce winning chances once a player’s deposits exceed €500–1,000. Players also report a familiar pattern: significant wins trigger lengthy identity checks, followed by frozen accounts or withheld balances under disputed bonus rules.
For vulnerable gamblers, the result is devastating. In one German case, a player who lost €400,000 through a Soft2Bet-linked site won a court judgment but never recovered funds, as the company was declared insolvent.
Leaked technical documents reviewed by journalists describe a so-called “Risk Adjustment Module” allegedly used to reduce winning chances once a player’s deposits exceed €500–1,000. Players also report a familiar pattern: significant wins trigger lengthy identity checks, followed by frozen accounts or withheld balances under disputed bonus rules.
For vulnerable gamblers, the result is devastating. In one German case, a player who lost €400,000 through a Soft2Bet-linked site won a court judgment but never recovered funds, as the company was declared insolvent.
Crypto payments and offshore channels
Investigations further allege that Soft2Bet processes a significant share of payments via cryptocurrencies such as USDT and Bitcoin. Withdrawals reportedly route through P2P exchanges and informal brokers in Russia, Ukraine and Central Asia, complicating enforcement and raising money-laundering concerns.
Eastern European intelligence sources cited in local media claim that some developers and contractors working for the group are paid exclusively in cryptocurrency, bypassing tax systems. Others highlight historic links between Soft2Bet’s infrastructure and Russian hosting providers, though the company has denied any improper connections.
Eastern European intelligence sources cited in local media claim that some developers and contractors working for the group are paid exclusively in cryptocurrency, bypassing tax systems. Others highlight historic links between Soft2Bet’s infrastructure and Russian hosting providers, though the company has denied any improper connections.
Sponsorships and reputation laundering
Despite mounting allegations, Soft2Bet and its brands have pursued high-profile sponsorships, including a 2024 deal between Boomerang and AC Milan. Industry critics argue such partnerships create an appearance of legitimacy even as regulators in France, Italy and Spain classify the same brand as unauthorized.
The group’s founder, Uri Poliavich, an Israeli-Ukrainian businessman, was named “Executive of the Year” at the Global Gaming Awards EMEA 2025. His wife Julia reportedly oversees company finances. Both deny wrongdoing, insisting that licensed operators, not platform suppliers, are responsible for local compliance.
The group’s founder, Uri Poliavich, an Israeli-Ukrainian businessman, was named “Executive of the Year” at the Global Gaming Awards EMEA 2025. His wife Julia reportedly oversees company finances. Both deny wrongdoing, insisting that licensed operators, not platform suppliers, are responsible for local compliance.
Regulatory silence and industry concerns
The European Gaming and Betting Association (EGBA) has declined to comment on Soft2Bet’s activities, noting only that the company is not a member. Critics accuse regulators of turning a blind eye while national authorities fight a “hydra” of disappearing and reappearing domains.
Law enforcement agencies in Germany, Italy and Finland have acknowledged difficulties in linking technical infrastructure to specific corporate entities, especially when ownership is obscured by offshore registrations. As a result, players often remain unprotected even when courts rule in their favour.
Law enforcement agencies in Germany, Italy and Finland have acknowledged difficulties in linking technical infrastructure to specific corporate entities, especially when ownership is obscured by offshore registrations. As a result, players often remain unprotected even when courts rule in their favour.
Expansion plans raise fresh alarms
Despite controversies, Soft2Bet continues to expand. The company has secured 19 international licenses across 12 countries and is preparing entry into the North American market, with launches in Ontario and New Jersey expected by 2025. Observers warn that the same opaque structures and payment practices may be replicated overseas.
Analysts note that while regulators in North America impose stricter compliance standards, the group’s track record in Europe raises questions about the effectiveness of background checks and due diligence in the licensing process.
Analysts note that while regulators in North America impose stricter compliance standards, the group’s track record in Europe raises questions about the effectiveness of background checks and due diligence in the licensing process.
Calls for investigation
Consumer advocates, financial crime experts and opposition lawmakers are urging coordinated action at the European level. Proposals include deeper cooperation between national regulators, enhanced scrutiny of cryptocurrency payment channels, and mandatory technical audits for platform suppliers.
“Soft2Bet is a test case,” one Brussels-based MEP told reporters. “If Europe cannot hold such an operator accountable, it signals to the entire grey market that our enforcement is toothless.”
“Soft2Bet is a test case,” one Brussels-based MEP told reporters. “If Europe cannot hold such an operator accountable, it signals to the entire grey market that our enforcement is toothless.”
Conclusion
Soft2Bet’s rise highlights the vulnerabilities of Europe’s fragmented gambling regulation: a firm can present itself as an industry leader, sponsor elite sports clubs, and win awards, while simultaneously being accused of running one of the largest unlicensed gambling networks on the continent.
Whether European regulators, courts and financial watchdogs can respond effectively remains an open question. For now, thousands of players across the continent remain the biggest losers in a game stacked against them.
Whether European regulators, courts and financial watchdogs can respond effectively remains an open question. For now, thousands of players across the continent remain the biggest losers in a game stacked against them.
