Soft2bet Files: UK Payment Firms Processed Hundreds of Millions for Network of Blacklisted Gambling Sites

Leaked financial records examined by Investigate Europe suggest that hundreds of millions of euros passed through UK-regulated payment companies into accounts linked to an extensive network of unlicensed online casinos connected to gambling technology group Soft2bet.

Read more France vs. Morocco projected lineups, starting 11 for World Cup quarterfinals game in Boston

The documents detail more than €600 million in transfers processed over four years by Financial Conduct Authority (FCA)-regulated payment institutions My EU Pay and Unlimit. The money allegedly moved between Cypriot companies handling deposits from blacklisted gambling websites and businesses associated with Soft2bet and its commercial partners.

Soft2bet, founded in 2016 by Ukrainian-Israeli businessman Uri Poliavich, publicly operates licensed gambling brands in regulated markets. Investigate Europe says it also identified 145 gambling websites connected to the company that had been blacklisted by regulators across Europe for operating without the required licences.

Cypriot companies handled hundreds of millions in gambling payments

According to the leaked records, two Cypriot companies, Tranello and Tilaros, played a central role in processing deposits from dozens of the blacklisted casinos.

Between 2020 and 2024, the companies transferred approximately €543 million through My EU Pay accounts to other accounts linked to Soft2bet or businesses connected to its wider network.

Documents reviewed during the investigation indicate that when one account was opened, Soft2bet informed My EU Pay that it belonged to the company’s corporate group. The paperwork also identified gambling brands including Malina Casino and Buran Casino as expected sources of customer deposits, despite both having already appeared on European regulatory blacklists several years earlier.

The two companies were declared bankrupt in 2024 after Austrian courts ruled that they had operated gambling websites without the necessary licences.

Regulators and politicians call for scrutiny

The findings have prompted concern among politicians focused on gambling reform.

Lord Foster of Bath, chair of Peers for Gambling Reform, argued that the reported use of regulated payment infrastructure by unlicensed gambling operators should be examined urgently. He said any involvement by FCA-authorised firms in facilitating such activity warranted investigation.

The second UK-regulated payment company identified in the records, Unlimit, reportedly processed around €65 million for Soft2bet and related entities between May 2020 and December 2021.

Neither company publicly addressed the allegations. My EU Pay declined to provide an on-the-record response, while Unlimit did not respond to repeated requests for comment. The FCA also declined to discuss individual firms.

Soft2bet rejected suggestions of wrongdoing, saying the investigation reflected an inaccurate interpretation of its corporate structure and business operations. The company maintained that it operates in accordance with applicable legal and regulatory requirements and has robust compliance and governance procedures.

Electronic money firms become gambling industry’s preferred partners

The investigation also highlights the growing role of electronic money institutions (EMIs) within online gambling.

Unlike traditional banks, EMIs can hold and transfer customer funds without operating under a full banking licence, making them subject to a different regulatory framework.

Financial crime expert Chris Kosnow Rasmussen said the transaction patterns described in the leaked documents resembled methods commonly used to distance funds from their original source while obscuring ownership. He also argued that as major banks reduced their exposure to gambling businesses, many higher-risk operators shifted towards payment firms with less mature financial crime controls.

A wider network of payment providers emerges

The payment trail extends beyond the UK.

Leaked records show Denmark-based Inpay received roughly €102 million from Tranello and Tilaros between 2020 and 2024. Numerous transfers reportedly described the payments as account top-ups.

Inpay declined to discuss individual customers, citing confidentiality obligations under anti-money laundering legislation. Denmark’s financial regulator also declined to comment on specific institutions while confirming its supervisory role.

Read more Wimbledon prize money breakdown: How much will the winners get from 2026 purse?

The documents also identify substantial activity involving New York Stock Exchange-listed Paysafe. Investigate Europe reports that Paysafe transferred €12.7 million to the two Cypriot companies while receiving approximately €4 million in return during the same period.

Journalists also tested one gambling website linked to Soft2bet, Onlyspins, by making a €15 deposit through Paysafe. According to the investigation, neither the payment service nor the casino verified the user’s age or identity. Website traffic data indicated that Onlyspins attracted more than one million visits from European Union countries between February and April 2026.

Paysafe’s 2025 annual report acknowledged that a significant share of its revenue comes from merchants operating in unregulated gambling markets and warned investors that payment processing in those markets could expose the company to legal risks. The company did not respond to requests for comment.

Card networks and payment gateways under the spotlight

Investigate Europe also examined how customers deposited money by bank card on the network’s casinos.

The investigation identifies Pgway, a payment gateway reportedly owned by an associate of Soft2bet chief executive Uri Poliavich, as the processor handling many of those transactions.

Internal company files and testimony from a former employee suggest Pgway functioned within the broader Soft2bet network, routing customers through dedicated payment portals before processing deposits.

Traffic data reviewed by reporters found Pgway pages received around 30 million visits from unlicensed casinos over a six-month period, compared with approximately 1.5 million visits to Soft2bet’s licensed brands.

Despite many of those gambling websites appearing on regulatory blacklists across Europe, Pgway reportedly obtained authorisation to process Visa and Mastercard payments.

Visa said it prohibits illegal activity across its network and complies with applicable laws wherever it operates. Mastercard did not respond to requests for comment.

European Parliament Vice-President Sabine Verheyen argued that payment providers and card networks should be required to check prospective gambling merchants against a consolidated European blacklist and face sanctions where compliance failures are identified.

A customer’s experience exposes weaknesses in the system

The investigation also follows the experience of an English prison service employee identified only as Rachel.

Over roughly a year, she lost approximately £145,000 gambling on two casinos linked to Soft2bet using her Visa debit card. She said the use of familiar banking services convinced her the websites were legitimate.

Her bank statements, however, listed more than 100 different businesses as recipients of her payments, including companies unrelated to gambling, such as a Nigerian cake decoration business, a Zambian camera retailer and a Cypriot content agency.

A former Soft2bet employee claimed that routing customer deposits through unrelated merchants was a common way of separating gambling payments from the casinos themselves.

Rachel said none of her more than 1,000 deposits were ever flagged by her bank despite their frequency and value. She believes both the payment system and financial institutions failed to detect clear warning signs before her losses escalated.

Read more Konami Files Japan Casino Supplier Licenses Ahead of MGM Osaka Opening

Source: investigate-europe.eu