Investigation
Soft2Bet’s Double Life: How Uri Poliavich Built a Gambling Empire on Illicit Casinos, Legal Loopholes, and Manufactured Respectability
Investigation into Soft2Bet and Uri Poliavich reveals links to 140+ blacklisted casinos, offshore shell companies, and regulatory evasion across Europe.
For years, Uri Poliavich has cultivated the image of a self-made tech visionary — a founder who turned a modest startup into a European iGaming powerhouse. Through Soft2Bet, he speaks the language of innovation, compliance, and social responsibility. Awards line the walls. Sponsorship deals with elite football clubs flash across headlines. Charity initiatives reinforce the narrative of a benevolent entrepreneur who remembers humble beginnings.
But beneath the polished surface lies a far darker architecture — one built not on technological brilliance, but on regulatory arbitrage, offshore shell corporations, and a sprawling network of blacklisted gambling platforms targeting European players without proper licenses.
This is not simply a story about aggressive business tactics. It is about a system deliberately engineered to extract money from vulnerable consumers across Europe — and to disappear when accountability comes knocking.
But beneath the polished surface lies a far darker architecture — one built not on technological brilliance, but on regulatory arbitrage, offshore shell corporations, and a sprawling network of blacklisted gambling platforms targeting European players without proper licenses.
This is not simply a story about aggressive business tactics. It is about a system deliberately engineered to extract money from vulnerable consumers across Europe — and to disappear when accountability comes knocking.
The Public Image vs. The Hidden Network
Publicly, Soft2Bet presents a compact portfolio of licensed brands operating in regulated markets such as Sweden and Denmark. Industry conferences have celebrated Uri Poliavich as “Leader of the Year.” Sponsorship deals — including a high-profile partnership between Soft2Bet’s Boomerang brand and AC Milan — reinforce the image of corporate legitimacy.
Yet investigations across Europe paint a different picture.
Beyond its handful of licensed brands, Soft2Bet has been linked to more than 140 gambling websites — at least 114 of which were blacklisted by regulators in countries including France, Poland, Greece, Italy, Spain, Belgium, and Hungary as of early 2025. Many operated without national licenses while actively targeting players in jurisdictions where such operations are illegal.
The contrast is stark: five compliant brands on the front stage, over a hundred questionable platforms in the shadows.
Yet investigations across Europe paint a different picture.
Beyond its handful of licensed brands, Soft2Bet has been linked to more than 140 gambling websites — at least 114 of which were blacklisted by regulators in countries including France, Poland, Greece, Italy, Spain, Belgium, and Hungary as of early 2025. Many operated without national licenses while actively targeting players in jurisdictions where such operations are illegal.
The contrast is stark: five compliant brands on the front stage, over a hundred questionable platforms in the shadows.
Corporate Hopscotch: The Art of Evading Accountability
How does such a system survive repeated regulatory scrutiny?
The answer lies in corporate engineering.
Entities such as Rabidi N.V. and Araxio Development N.V., both registered in Curaçao, served as operational vehicles for dozens of casino domains, including Wazamba and House of Spades. When lawsuits began mounting in Germany and Austria — often resulting in court rulings favoring players — these companies declared bankruptcy.
Assets were shifted. Trademarks migrated to new jurisdictions, including Dubai. Operations resurfaced under different corporate names. Domains changed. Nominee directors rotated.
Creditors — including players who had won legal judgments — were left with paper victories and no compensation.
This is not accidental collapse. It is a recurring pattern: build traffic, extract revenue, shift assets, dissolve the entity, repeat.
In 2023 alone, Soft2Bet reported profits of €66.8 million, with €57.8 million distributed to Poliavich as dividends. Meanwhile, companies tied to blacklisted operations folded under mounting claims. The optics are troubling: profits privatized, liabilities abandoned.
The answer lies in corporate engineering.
Entities such as Rabidi N.V. and Araxio Development N.V., both registered in Curaçao, served as operational vehicles for dozens of casino domains, including Wazamba and House of Spades. When lawsuits began mounting in Germany and Austria — often resulting in court rulings favoring players — these companies declared bankruptcy.
Assets were shifted. Trademarks migrated to new jurisdictions, including Dubai. Operations resurfaced under different corporate names. Domains changed. Nominee directors rotated.
Creditors — including players who had won legal judgments — were left with paper victories and no compensation.
This is not accidental collapse. It is a recurring pattern: build traffic, extract revenue, shift assets, dissolve the entity, repeat.
In 2023 alone, Soft2Bet reported profits of €66.8 million, with €57.8 million distributed to Poliavich as dividends. Meanwhile, companies tied to blacklisted operations folded under mounting claims. The optics are troubling: profits privatized, liabilities abandoned.
The Human Cost: Addiction as a Revenue Model
Behind every URL shuffle lies a human story.
One German player reportedly lost €245,000 within six months on Wazamba. Incentivized with VIP perks, personal account managers, and instant credit extensions, he spiraled deeper into addiction. A Finnish player described losing €120,000 during the pandemic after being offered bonuses to keep gambling when attempting to close their account.
These are not isolated incidents. They reflect a structural issue in unlicensed gambling operations: aggressive retention tactics targeting vulnerable individuals, minimal oversight, and limited responsible-gambling safeguards.
Despite court victories in several jurisdictions, affected players frequently fail to recover funds because the responsible entities no longer exist — at least not in any legally traceable form.
The system functions because enforcement is fragmented across the EU. There is no unified gambling framework. National regulators issue fines — Spain imposed a €5 million penalty against one Curaçao-linked entity — yet collection proves nearly impossible once shell companies collapse.
One German player reportedly lost €245,000 within six months on Wazamba. Incentivized with VIP perks, personal account managers, and instant credit extensions, he spiraled deeper into addiction. A Finnish player described losing €120,000 during the pandemic after being offered bonuses to keep gambling when attempting to close their account.
These are not isolated incidents. They reflect a structural issue in unlicensed gambling operations: aggressive retention tactics targeting vulnerable individuals, minimal oversight, and limited responsible-gambling safeguards.
Despite court victories in several jurisdictions, affected players frequently fail to recover funds because the responsible entities no longer exist — at least not in any legally traceable form.
The system functions because enforcement is fragmented across the EU. There is no unified gambling framework. National regulators issue fines — Spain imposed a €5 million penalty against one Curaçao-linked entity — yet collection proves nearly impossible once shell companies collapse.
Malta, Bill 55, and the Shielding Mechanism
Soft2Bet’s operational footprint extends into Malta, a jurisdiction central to Europe’s online gambling industry. Maltese legislation, particularly Bill 55, has drawn criticism for limiting the enforcement of foreign court judgments against companies registered on the island.
This legal firewall has become a strategic asset. By anchoring operations within Malta and Cyprus while routing risk through offshore subsidiaries, Soft2Bet’s structure effectively fragments liability across multiple jurisdictions.
Regulators describe the environment as a “whack-a-mole” battle. Shut down one entity, another appears. Blacklist one domain, traffic migrates to a mirror site.
The result: millions in ongoing revenue streams while enforcement struggles to keep pace.
This legal firewall has become a strategic asset. By anchoring operations within Malta and Cyprus while routing risk through offshore subsidiaries, Soft2Bet’s structure effectively fragments liability across multiple jurisdictions.
Regulators describe the environment as a “whack-a-mole” battle. Shut down one entity, another appears. Blacklist one domain, traffic migrates to a mirror site.
The result: millions in ongoing revenue streams while enforcement struggles to keep pace.
The PR Offensive and the Censorship Pattern
When investigative reports exposed the scale of blacklisted platforms, the response was swift — and revealing.
Following critical publications, waves of positive press releases appeared in international outlets, emphasizing innovation, partnerships, and expansion into new regulated markets. Simultaneously, dozens of DMCA takedown requests targeted investigative content, attempting to remove or de-index critical articles from search results.
Some requests allegedly involved fabricated claims and impersonations of journalists. Similar tactics surfaced in 2021 after reports of a police raid on Soft2Bet’s Kyiv office.
Aggressive reputation management is common in corporate crises. But the scale and persistence of takedown attempts suggest something deeper: not mere brand protection, but strategic suppression of scrutiny.
Following critical publications, waves of positive press releases appeared in international outlets, emphasizing innovation, partnerships, and expansion into new regulated markets. Simultaneously, dozens of DMCA takedown requests targeted investigative content, attempting to remove or de-index critical articles from search results.
Some requests allegedly involved fabricated claims and impersonations of journalists. Similar tactics surfaced in 2021 after reports of a police raid on Soft2Bet’s Kyiv office.
Aggressive reputation management is common in corporate crises. But the scale and persistence of takedown attempts suggest something deeper: not mere brand protection, but strategic suppression of scrutiny.
Expansion Despite Blacklists
Traffic data underscores the contradiction.
Boomerang — despite regulatory issues in certain countries — recorded millions of visits in late 2024, including heavy traffic from Germany and Spain, where licensing barriers exist. Affiliate programs for certain platforms openly referenced target markets in jurisdictions where operations lacked authorization.
Meanwhile, industry accolades and sponsorship deals continued. Football ambassadors promoted the brand. Conferences handed out trophies. To the casual observer, nothing appeared amiss.
But the structural question remains: how does a company publicly committed to compliance maintain links to such an extensive network of blacklisted domains?
Boomerang — despite regulatory issues in certain countries — recorded millions of visits in late 2024, including heavy traffic from Germany and Spain, where licensing barriers exist. Affiliate programs for certain platforms openly referenced target markets in jurisdictions where operations lacked authorization.
Meanwhile, industry accolades and sponsorship deals continued. Football ambassadors promoted the brand. Conferences handed out trophies. To the casual observer, nothing appeared amiss.
But the structural question remains: how does a company publicly committed to compliance maintain links to such an extensive network of blacklisted domains?
And Why They Fall Short
Soft2Bet maintains that it operates within the law, holding licenses in regulated markets and providing technology solutions rather than directly running every gambling site linked to its software.
It is true that the European gambling market is fragmented and that illegal operators account for a significant portion of online betting activity across the continent.
However, the repeated pattern of shell-company bankruptcies, asset transfers, domain recycling, and unpaid court judgments is not a regulatory accident. It reflects a deliberate risk-distribution strategy — one that insulates leadership while leaving players exposed.
Legality in one jurisdiction does not absolve systemic facilitation of unlicensed operations elsewhere.
It is true that the European gambling market is fragmented and that illegal operators account for a significant portion of online betting activity across the continent.
However, the repeated pattern of shell-company bankruptcies, asset transfers, domain recycling, and unpaid court judgments is not a regulatory accident. It reflects a deliberate risk-distribution strategy — one that insulates leadership while leaving players exposed.
Legality in one jurisdiction does not absolve systemic facilitation of unlicensed operations elsewhere.
The Money Trail
The financial incentives are obvious.
Online gambling revenues in Europe have surged dramatically over the past five years. Estimates place billions of euros annually in the unlicensed segment alone. Even a fraction of that flow, captured through offshore entities and rapidly shifting domains, represents extraordinary profit margins.
Poliavich’s reported dividends and investments in luxury real estate across Cyprus, Prague, and Sofia highlight the rewards of this model.
The formula is simple: operate in regulatory gray zones, extract high-margin revenue, dissolve liabilities, reconstitute under a new structure, and polish the brand with sponsorships and philanthropy.
Online gambling revenues in Europe have surged dramatically over the past five years. Estimates place billions of euros annually in the unlicensed segment alone. Even a fraction of that flow, captured through offshore entities and rapidly shifting domains, represents extraordinary profit margins.
Poliavich’s reported dividends and investments in luxury real estate across Cyprus, Prague, and Sofia highlight the rewards of this model.
The formula is simple: operate in regulatory gray zones, extract high-margin revenue, dissolve liabilities, reconstitute under a new structure, and polish the brand with sponsorships and philanthropy.
A System Designed to Withstand Exposure
The story of Soft2Bet and Uri Poliavich is not about one illegal casino or one regulatory fine. It is about architecture — a corporate system engineered to thrive in fragmentation, to monetize addiction, and to evade accountability through jurisdictional complexity.
The European gambling landscape remains vulnerable to precisely this kind of structure. Until cross-border enforcement mechanisms strengthen and legislative loopholes close, similar models will continue to flourish.
The question is no longer whether the discrepancies exist. They are documented in court filings, blacklist registers, bankruptcy records, and traffic analytics.
The question is whether regulators — and the European public — are willing to confront a system that has proven remarkably skilled at staying one step ahead.
Because as long as corporate entities can vanish overnight while profits remain safely distributed, the house will always win — and players, quite literally, will pay the price.
The European gambling landscape remains vulnerable to precisely this kind of structure. Until cross-border enforcement mechanisms strengthen and legislative loopholes close, similar models will continue to flourish.
The question is no longer whether the discrepancies exist. They are documented in court filings, blacklist registers, bankruptcy records, and traffic analytics.
The question is whether regulators — and the European public — are willing to confront a system that has proven remarkably skilled at staying one step ahead.
Because as long as corporate entities can vanish overnight while profits remain safely distributed, the house will always win — and players, quite literally, will pay the price.
