Soft2bet Files: Regulators open investigations as online casino goes dark
Illustration: Paul Scott/Irish Times
Regulators in Ireland and Canada have launched investigations into operations connected to gambling giant Soft2bet following revelations by Investigate Europe, linking the company to dozens of unlicensed online casinos. Politicians in the UK and EU have also called on authorities to crack down on payment firms connected to Soft2bet, which is based in Malta and Cyprus.
Meanwhile one of the unlicensed websites - a sex-themed casino called OnlySpins that accepts underage players - is now offline in several countries, as a possible consequence of the investigation.
The Soft2bet Files, an investigation published by 15 media outlets in multiple countries earlier this month, revealed how the company and its partners earned €600 million from shell companies operating offshore casinos, which regulators had blacklisted for illegal gambling. Leaks showed how the group is now linked to 145 websites banned by authorities. The investigation also found that revenues from these sites were being channeled via two UK-regulated payment firms.
In Canada, where Soft2bet runs a licensed brand and is linked to multiple unlicensed websites, the Ontario gambling regulator AGCO told the Toronto Star, an Investigate Europe partner: “We take the matters raised very seriously. In response, the AGCO’s Financial Investigations Unit and Licensing and Registration Branch are reviewing the issues and allegations identified in the reporting.”
In Investigate Europe’s original report, we revealed how OnlySpins, a blacklisted betting website featuring adult content, did not check if users were over-18 and routed deposits through a payment firm owned by Soft2bet’s founder, Uri Poliavich.
The online casinos targeted players throughout Europe, including Ireland, where it held no valid licence. Instead, it was licensed through Tobique, a First Nations Canadian territory increasingly favoured by offshore operators.
The Gambling Regulatory Authority of Ireland (GRAI), has confirmed that it has launched an inquiry into the Soft2bet-linked sites.
“We are investigating each of these websites with a view to enforcement action,” a GRAI spokesperson told The Irish Times, another Soft2bet Files media partner. “We will use every tool at our disposal to combat and disrupt illegal activity,” they said.
“The GRAI has a number of live investigations open in relation to black market gambling, with a view to potential prosecutions in due course,” the spokesperson added.
After the findings were published, OnlySpins displayed a notice saying it would stop operating on 17 July. Its landing page now tells visitors that its website is no longer accessible.
The Soft2bet Files, an investigation published by 15 media outlets in multiple countries earlier this month, revealed how the company and its partners earned €600 million from shell companies operating offshore casinos, which regulators had blacklisted for illegal gambling. Leaks showed how the group is now linked to 145 websites banned by authorities. The investigation also found that revenues from these sites were being channeled via two UK-regulated payment firms.
In Canada, where Soft2bet runs a licensed brand and is linked to multiple unlicensed websites, the Ontario gambling regulator AGCO told the Toronto Star, an Investigate Europe partner: “We take the matters raised very seriously. In response, the AGCO’s Financial Investigations Unit and Licensing and Registration Branch are reviewing the issues and allegations identified in the reporting.”
In Investigate Europe’s original report, we revealed how OnlySpins, a blacklisted betting website featuring adult content, did not check if users were over-18 and routed deposits through a payment firm owned by Soft2bet’s founder, Uri Poliavich.
The online casinos targeted players throughout Europe, including Ireland, where it held no valid licence. Instead, it was licensed through Tobique, a First Nations Canadian territory increasingly favoured by offshore operators.
The Gambling Regulatory Authority of Ireland (GRAI), has confirmed that it has launched an inquiry into the Soft2bet-linked sites.
“We are investigating each of these websites with a view to enforcement action,” a GRAI spokesperson told The Irish Times, another Soft2bet Files media partner. “We will use every tool at our disposal to combat and disrupt illegal activity,” they said.
“The GRAI has a number of live investigations open in relation to black market gambling, with a view to potential prosecutions in due course,” the spokesperson added.
After the findings were published, OnlySpins displayed a notice saying it would stop operating on 17 July. Its landing page now tells visitors that its website is no longer accessible.
OnlySpins announced it was closing down shortly after Investigate Europe's revelations
Another casino, the Harry Potter-themed Betwarts linked to Soft2bet, has also posted to users on its site that it will cease its operations on 31 July.
Running since 2016, Soft2bet operates online casinos and provides software to the wider gambling industry. From 2019 to 2024, the company handed CEO Uri Poliavich nearly €200 million in dividends.
But its success has also been associated with unlicensed gambling operations across Europe, with a litany of blacklisting, fines, and players’ lawsuits, as first revealed by Investigate Europe last year.
Running since 2016, Soft2bet operates online casinos and provides software to the wider gambling industry. From 2019 to 2024, the company handed CEO Uri Poliavich nearly €200 million in dividends.
But its success has also been associated with unlicensed gambling operations across Europe, with a litany of blacklisting, fines, and players’ lawsuits, as first revealed by Investigate Europe last year.
Now, politicians are asking for regulatory action to stop payment firms from working with unlicensed operators.
Last week Investigate Europe learned that UK lawmakers from a cross-parliamentary group on gambling reform wrote to the Parliament’s Treasury select committee, urging it to “examine the role of UK-regulated financial firms in facilitating payments connected to unlicensed online gambling operators." In a document shared with reporters, MPs added: "Taken together, [Investigate Europe’s] findings call into question whether regulated payment firms, card networks and payment gateways are doing enough to identify and disrupt payments connected to unlicensed gambling activity."
In Brussels, German MEP Sabine Verheyen submitted a written question to the European Commission asking how it could “ensure that card networks and payment service providers conduct adequate due diligence against national gambling blacklists before authorising merchants or processing payments.”
In the EU, gambling remains a member state’s legal purview and the bloc has no common rules regulating the sector.
Responding to Investigate Europe’s finding earlier this month, 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.”
Editors: Mei-Ling McNamara, Chris Matthews
Last week Investigate Europe learned that UK lawmakers from a cross-parliamentary group on gambling reform wrote to the Parliament’s Treasury select committee, urging it to “examine the role of UK-regulated financial firms in facilitating payments connected to unlicensed online gambling operators." In a document shared with reporters, MPs added: "Taken together, [Investigate Europe’s] findings call into question whether regulated payment firms, card networks and payment gateways are doing enough to identify and disrupt payments connected to unlicensed gambling activity."
In Brussels, German MEP Sabine Verheyen submitted a written question to the European Commission asking how it could “ensure that card networks and payment service providers conduct adequate due diligence against national gambling blacklists before authorising merchants or processing payments.”
In the EU, gambling remains a member state’s legal purview and the bloc has no common rules regulating the sector.
Responding to Investigate Europe’s finding earlier this month, 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.”
Editors: Mei-Ling McNamara, Chris Matthews
