Payment firms handled millions for companies linked to unlicensed gambling network
Credit: Joanna Poupaki/Spoovio
The second instalment of the Soft2bet Files reveals how major payment companies moved millions into accounts connected to black-market betting websites.
Payment firms in the UK appear to have facilitated millions in cash transfers for a vast network of unlicensed gambling websites operating throughout Europe.
Over four years, two UK-regulated firms – My EU Pay and Unlimit – processed €600 million in transfers between blacklisted casino companies and entities connected to global gambling group Soft2bet and its partners.
Investigate Europe revealed this week how Soft2bet, an award-winning firm based in Malta and Cyprus, is linked to over 140 betting websites blacklisted by European regulators for illegally targeting local markets.
Thousands of pages of leaked payment records obtained during the investigation also appear to show how electronic payment firms enabled the unlicensed casino network.
UK politician Lord Foster of Bath, Chair of Peers for Gambling Reform, told Investigate Europe the findings should be “a matter of serious concern” for the government and authorities.
Over four years, two UK-regulated firms – My EU Pay and Unlimit – processed €600 million in transfers between blacklisted casino companies and entities connected to global gambling group Soft2bet and its partners.
Investigate Europe revealed this week how Soft2bet, an award-winning firm based in Malta and Cyprus, is linked to over 140 betting websites blacklisted by European regulators for illegally targeting local markets.
Thousands of pages of leaked payment records obtained during the investigation also appear to show how electronic payment firms enabled the unlicensed casino network.
UK politician Lord Foster of Bath, Chair of Peers for Gambling Reform, told Investigate Europe the findings should be “a matter of serious concern” for the government and authorities.
“I am deeply concerned by these findings, which suggest that the unlicensed gambling market is operating through sophisticated and extensive networks that may be using legitimate financial infrastructure to reach consumers. ”
— Lord Foster of Bath
My EU Pay is a global payment firm which can receive payments from 30 countries and transmits outgoing payments to 180 countries globally. The London-based firm has been authorised by the UK’s Financial Conduct Authority (FCA) since 2018.
Leaked documents indicate that My EU Pay was used to process millions between two Cypriot shell companies directly linked to the unlicensed casinos and firms connected to Soft2bet.
The Cypriot shell companies, Tranello and Tilaros, were used to handle payments for dozens of unlicensed casinos, documents indicate. Investigate Europe found that the entities were operated by either Soft2bet or its business associates.
Between 2020 and 2024, Tranello and Tilaros sent €543 million from their My EU Pay accounts to other My EU Pay accounts linked to Soft2bet or its partners.
When the Tranello account was opened, Soft2bet filed documents with My EU Pay stating that it “belongs to the Soft2bet group”.
The filings, shared with Investigate Europe, stated that deposits to the account would come from websites such as Malina Casino and Buran Casino. Both brands had been blacklisted by European authorities as early as 2017.
Following years of handling players' deposits on unlicensed casinos linked to Soft2bet, the two Cypriot shell companies were declared bankrupt in 2024 after judges in Austria ruled that they were operating websites without necessary licences.
Publicly, My EU Pay and Soft2bet appear to have a friendly relationship. When Soft2bet launched a casino brand in Greece last year, My EU Pay's CEO was among the first to comment on a LinkedIn announcement: “Congratulations Uri Poliavich and all the team Soft2Bet.”
Leaked documents indicate that My EU Pay was used to process millions between two Cypriot shell companies directly linked to the unlicensed casinos and firms connected to Soft2bet.
The Cypriot shell companies, Tranello and Tilaros, were used to handle payments for dozens of unlicensed casinos, documents indicate. Investigate Europe found that the entities were operated by either Soft2bet or its business associates.
Between 2020 and 2024, Tranello and Tilaros sent €543 million from their My EU Pay accounts to other My EU Pay accounts linked to Soft2bet or its partners.
When the Tranello account was opened, Soft2bet filed documents with My EU Pay stating that it “belongs to the Soft2bet group”.
The filings, shared with Investigate Europe, stated that deposits to the account would come from websites such as Malina Casino and Buran Casino. Both brands had been blacklisted by European authorities as early as 2017.
Following years of handling players' deposits on unlicensed casinos linked to Soft2bet, the two Cypriot shell companies were declared bankrupt in 2024 after judges in Austria ruled that they were operating websites without necessary licences.
Publicly, My EU Pay and Soft2bet appear to have a friendly relationship. When Soft2bet launched a casino brand in Greece last year, My EU Pay's CEO was among the first to comment on a LinkedIn announcement: “Congratulations Uri Poliavich and all the team Soft2Bet.”
Screenshots of Tilaros’ MY EU Pay account. The first shows transactions with other payment firms: Inpay and Skrill, a subsidiary of Paysafe. The second includes transactions with an entity owned by games maker Evolution.Credit: Joanna Poupaki/Spoovio
Soft2bet was founded by Ukrainian-Israeli businessman Poliavich in 2016. The company supplies gambling software and publicly operates 11 licensed brands, but Investigate Europe found 145 blacklisted gambling websites connected to Soft2bet.
The group reported €152 million in profit in 2024 and has secured prestigious sports partnerships in Spain, Sweden and Canada.
The other FCA-regulated payment firm, Unlimit, processed €65 million from May 2020 to December 2021 for Soft2bet and its partners. The FCA declined to comment on activities concerning specific companies when approached by Investigate Europe.
My EU Pay declined to provide an on-the-record response to Investigate Europe’s questions. Unlimit did not respond to multiple requests for comment.
The UK Gambling Commission would not comment on specific cases, but said it was working on ways to better protect customers.
“Tackling unlicensed gambling requires a joined-up approach – between the Commission, other domestic and international regulators, licensed operators, technology platforms, financial sectors and enforcement bodies – and we will continue to strengthen that collaboration,” a commission spokesperson said.
Lord Foster of Bath added: “The apparent role of payment service providers in facilitating unlicensed gambling is particularly alarming. If FCA-regulated payment firms are providing services that enable unlicensed gambling operators to target UK consumers, this should be investigated as a matter of urgency.”
If a UK company is suspected to be operating unlawfully, they can face fines or enforcement actions by the FCA.
Financial crime expert Chris Kosnow Rasmussen, Adjunct Professor of Investigations at the University of New Haven, claimed the arrangements between the Cypriot shell companies and Soft2bet had all the hallmarks of methods used to disguise illicit cash flows.
The group reported €152 million in profit in 2024 and has secured prestigious sports partnerships in Spain, Sweden and Canada.
The other FCA-regulated payment firm, Unlimit, processed €65 million from May 2020 to December 2021 for Soft2bet and its partners. The FCA declined to comment on activities concerning specific companies when approached by Investigate Europe.
My EU Pay declined to provide an on-the-record response to Investigate Europe’s questions. Unlimit did not respond to multiple requests for comment.
The UK Gambling Commission would not comment on specific cases, but said it was working on ways to better protect customers.
“Tackling unlicensed gambling requires a joined-up approach – between the Commission, other domestic and international regulators, licensed operators, technology platforms, financial sectors and enforcement bodies – and we will continue to strengthen that collaboration,” a commission spokesperson said.
Lord Foster of Bath added: “The apparent role of payment service providers in facilitating unlicensed gambling is particularly alarming. If FCA-regulated payment firms are providing services that enable unlicensed gambling operators to target UK consumers, this should be investigated as a matter of urgency.”
If a UK company is suspected to be operating unlawfully, they can face fines or enforcement actions by the FCA.
Financial crime expert Chris Kosnow Rasmussen, Adjunct Professor of Investigations at the University of New Haven, claimed the arrangements between the Cypriot shell companies and Soft2bet had all the hallmarks of methods used to disguise illicit cash flows.
“The purpose is likely twofold: to distance gambling revenue, much of it from brands blacklisted across Europe, from its origin, and to obscure who ultimately owns and controls the money.”
— Chris Kosnow Rasmussen
In response to Investigate Europe, Soft2bet denied any wrongdoing.
A statement from the company said: “We take compliance, governance and responsible business practices extremely seriously. Information within your request reflects an incorrect and misleading interpretation of our business and corporate structure.
“Our focus is on operating responsibly and in accordance with applicable legal and regulatory requirements. We maintain robust compliance and governance processes and engage constructively with the relevant authorities where appropriate.”
Electronic money institutions (EMIs) can hold and transfer funds, but do not have a banking licence. They enjoy lighter regulations than banks in Europe, and are widely used by the gambling industry.
“As major banks de-risked away from gambling, this high-risk business migrated to EMIs, which courted it, onboarded faster, and too often ran lighter, less mature financial-crime controls,” Rasmussen explained.
The leaked documents appear to show several other firms facilitating significant transfers to Soft2bet and entities linked to the network.
Denmark-based Inpay claims to have numerous gambling clients for its “cross-border” payment services. Tilaros and Tranello sent €102 million to Inpay accounts between 2020 and 2024, documents show. Transactions were often labelled as “top up Inpay Tilaros or Tranello”, indicating that the Cypriot shell companies owned the accounts.
Inplay declined to comment on the specific statements alleged in the story, citing privacy requirements. “As a regulated financial institution, we are bound by confidentiality duties owed to our customers and by restrictions under the anti-money laundering framework,” the company said.
Denmark’s Financial Services Authority also said it would not comment on specific firms, but added: “We supervise payment institutions to ensure that they comply with the relevant financial legislation, including the Danish Anti-Money Laundering Act.”
A statement from the company said: “We take compliance, governance and responsible business practices extremely seriously. Information within your request reflects an incorrect and misleading interpretation of our business and corporate structure.
“Our focus is on operating responsibly and in accordance with applicable legal and regulatory requirements. We maintain robust compliance and governance processes and engage constructively with the relevant authorities where appropriate.”
A sector in bed with online gambling
Electronic money institutions (EMIs) can hold and transfer funds, but do not have a banking licence. They enjoy lighter regulations than banks in Europe, and are widely used by the gambling industry.
“As major banks de-risked away from gambling, this high-risk business migrated to EMIs, which courted it, onboarded faster, and too often ran lighter, less mature financial-crime controls,” Rasmussen explained.
The leaked documents appear to show several other firms facilitating significant transfers to Soft2bet and entities linked to the network.
Denmark-based Inpay claims to have numerous gambling clients for its “cross-border” payment services. Tilaros and Tranello sent €102 million to Inpay accounts between 2020 and 2024, documents show. Transactions were often labelled as “top up Inpay Tilaros or Tranello”, indicating that the Cypriot shell companies owned the accounts.
Inplay declined to comment on the specific statements alleged in the story, citing privacy requirements. “As a regulated financial institution, we are bound by confidentiality duties owed to our customers and by restrictions under the anti-money laundering framework,” the company said.
Denmark’s Financial Services Authority also said it would not comment on specific firms, but added: “We supervise payment institutions to ensure that they comply with the relevant financial legislation, including the Danish Anti-Money Laundering Act.”
New York Stock Exchange-listed Paysafe, meanwhile, which serves over 200,000 businesses worldwide, wired €12.7 million to the two entities over the same period, and received €4 million from them, according to the leaked documents.
Paysafe’s payment platform is widely available on unlicensed casinos linked to Soft2bet, reporters found. When Investigate Europe deposited €15 using Paysafe on Onlyspins, a sex-themed casino linked to Soft2bet, neither Paysafe nor the website verified reporters' age or identity. Onlyspins received more than one million visits from EU countries between February and April 2026, according to website traffic data.
In its 2025 annual report, Paysafe said a “significant portion” of its revenues came from merchants operating in unregulated gambling markets. “It is possible that we could be found to be acting unlawfully for processing gambling related payments,” it noted to shareholders. The company did not respond to requests for comment.
A former employee in Soft2bet’s payments division, speaking on condition of anonymity, claimed they believed the payment firms “know what is going on”.
“If you have a customer with millions of transactions, you should ask questions to find out where the money is coming from,” they said.
There is no evidence to suggest any of the payment firms were aware their products had been used in relation to the blacklisted websites connected to Soft2bet.
Paysafe’s payment platform is widely available on unlicensed casinos linked to Soft2bet, reporters found. When Investigate Europe deposited €15 using Paysafe on Onlyspins, a sex-themed casino linked to Soft2bet, neither Paysafe nor the website verified reporters' age or identity. Onlyspins received more than one million visits from EU countries between February and April 2026, according to website traffic data.
In its 2025 annual report, Paysafe said a “significant portion” of its revenues came from merchants operating in unregulated gambling markets. “It is possible that we could be found to be acting unlawfully for processing gambling related payments,” it noted to shareholders. The company did not respond to requests for comment.
A former employee in Soft2bet’s payments division, speaking on condition of anonymity, claimed they believed the payment firms “know what is going on”.
“If you have a customer with millions of transactions, you should ask questions to find out where the money is coming from,” they said.
There is no evidence to suggest any of the payment firms were aware their products had been used in relation to the blacklisted websites connected to Soft2bet.
Mastercard and Visa authorise payments
When paying by card on the unlicensed casinos, customer deposits are routinely processed by Pgway, a firm owned by an associate of Soft2bet CEO Uri Poliavich.
Leaked internal files shared with Investigate Europe indicate that Pgway operates within the group.
“The majority of players deposit money using their bank card,” the former Soft2bet employee explained. “When they want to make a payment, casinos redirect them to URLs like 'payment-gateway' and 'pgway' which we created internally at Soft2bet,” they claimed.
Pgway states on its own website to be “DSS certified”, which assures customers using its service that its data will be securely processed.
In a six-month period, Pgway pages received 30 million visits from unlicensed casinos linked to Soft2bet, according to website traffic data analysed by Investigate Europe. By comparison, the 11 licensed brands that Soft2bet operates in countries like Sweden, Denmark and Greece received 1.5 million visits over the same period.
Despite European regulators banning dozens of Soft2bet-linked casinos, Pgway managed to obtain authorisation from Visa and Mastercard to process payments.
Mastercard and Visa agreed in 2014 to block payments linked to unlicensed operators in a voluntary arrangement with the UK Gambling Commission.
“We follow the law everywhere we do business,” a Visa spokesperson told Investigate Europe. “We prohibit illegal activity on our network.” Mastercard did not reply to requests for comment.
German MEP Sabine Verheyen, a vocal critic of the gambling sector, said the apparent lack of due diligence done by financial firms working with the industry is alarming,
“If Visa, Mastercard and Paysafe provide payment channels to gambling operators that are on a blacklist, their own compliance frameworks have failed,” the Vice President of the European Parliament commented.
“The European Commission should require card networks and payment providers to check the onboarding of new merchants against the consolidated EU blacklists for gambling operators and impose appropriate sanctions in the event of non-compliance.”
Rachel*, who lives in England and works for the prison service, told Investigate Europe she spent £145,000 (€169,000) on two Soft2bet-linked unlicensed casinos using a Visa debit card. “The amount I spent is obscene,” she said. “I hate the fact that I did it, but I hate the fact that I was able to do it even more.”
“The amount I spent is obscene. I hate the fact that I did it, but I hate the fact that I was able to do it even more.”
— Rachel*, a victim of Soft2bet-linked casinos
She said that using her Visa debit card initially reassured her. “I was asked to verify the transactions by text or my bank account, so in my mind it was OK,” said Rachel, who lives in England and works for the prison service. “I thought the casinos were legitimate.”
While Pgway appears to be processing deposits on unlicensed betting sites linked to Soft2bet, Rachel's bank statements show over 100 companies listed as the recipients of her payments. They included a cake decorations business in Nigeria, a camera store in Zambia and a content creation agency in Cyprus.
“It is really common for Soft2bet casinos to reroute players through random shady merchants when they make a deposit,” claimed the former Soft2bet staffer. “It's a good way to separate the casino from risky payments.”
None of the over 1,000 deposits Rachel made over nearly a year to the Soft2bet-linked unlicensed casinos were ever flagged as suspicious by her bank. “For a bank to think these transactions are OK is negligent,” she said.
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While Pgway appears to be processing deposits on unlicensed betting sites linked to Soft2bet, Rachel's bank statements show over 100 companies listed as the recipients of her payments. They included a cake decorations business in Nigeria, a camera store in Zambia and a content creation agency in Cyprus.
“It is really common for Soft2bet casinos to reroute players through random shady merchants when they make a deposit,” claimed the former Soft2bet staffer. “It's a good way to separate the casino from risky payments.”
None of the over 1,000 deposits Rachel made over nearly a year to the Soft2bet-linked unlicensed casinos were ever flagged as suspicious by her bank. “For a bank to think these transactions are OK is negligent,” she said.
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Evolution: Leading casino game maker’s links to network
Another company that worked closely with Soft2bet is Evolution, one of the world's largest developers of games for online casinos.
Evolution, which is listed on the Stockholm Stock Exchange, received €8.8 million from Tilaros and Tranello between 2020 and 2024, according to the payment statements.
At a 2022 gambling conference, one Evolution's executive told Soft2bet in a filmed interview “We have an incredible partnership, you have everything we offer, you have all of our lives, all of our slots, you're getting the whole of the Evolution suite (...) we're working hard for you guys.”
Today, Evolution's products still feature on unlicensed websites linked to Sof2bet that have targeted users throughout Europe and internationally. This includes the UK where the Swedish company's games are accessible on websites like Fat Pirate, where Rachel*to lost over £100,000.
Evolution holds a UK gambling licence, which only allows its games to be offered by casino operators which are also licensed in the UK. Fat Pirate, for example, is not licensed by the UK Gambling Commission.
“These findings reveal the complexity and extent of the unlicensed market, and also how much greater action is needed from the regulator in this area,” said UK MP Sir Iain Duncan Smith. The former Conservative Party leader, who co-chairs a cross-parliamentary group on gambling reform.
“If UK licensed companies are involved in these practices, then the Gambling Commission and financial authorities must take action.”
In December 2024, the UK Gambling Commission opened a review of Evolution's licence after finding some of its games on unlicensed casinos accessible in Britain. The review's conclusions haven't been published yet.
Responding to Investigate Europe's findings, Evolution denied any wrongdoing. A company statement said: “Our agreements prohibit customers, including indirect customers, from making Evolution games available in regulated markets without the required local authorisation.
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*Names changed to protect individual identities.
Editors: Chris Matthews, Mei-Ling McNamara
This story is part of the Soft2bet Files, a follow-up investigation to a series launched by Investigate Europe in March 2025 into the gambling industry. Media partners for this project include Bayerischer Rundfunk, Ciren, France 2, Franceinfo.fr, Il Fatto Quotidiano, The Irish Times, Partizan, Profil, Publico.es, Publico.pt, Reporters United, Le Soir, Shomrim, Times of Malta and The Toronto Star.
Maxence Peigne was awarded the Tenacious Journalist Award in the UK for his work on the gambling industry and this story is partly supported by the initiative.
