Phantom Bankruptcies and Hidden Assets: How Uri Poliavich’s Soft2bet Dodges Accountability for Its Gambling Empire

Victims who successfully take legal action against operators associated with Soft2Bet usually battle to recover payment, as the business often claim personal bankruptcy to avert making restitution. For example, Felix won a lawful battle against Rabidi Ltd, the business behind Wazamba, in Germany.

Nonetheless, Rabidi Ltd had already stated insolvency by the time the court's choice was made, making it tough for Felix to get any payment. In a similar way, one more linked firm, Araxio Advancement, faced a comparable fate as a result of legal challenges. These firms were both linked to Soft2Bet's owner Uri Poliavich and his partner Denys Butko. In spite of these insolvencies, Soft2Bet remained to generate substantial profits, with profits of EUR66.8 million in 2023 alone, and Poliavich receiving returns of EUR57.8 million.

Felix (name changed), a 50-year-old German daddy, lost more than EUR400,000 in simply three years. What started as an activity soon spiraled into an irrepressible dependency.

After an excruciating separation, Felix sold his home and obtained nine different fundings to maintain having fun. A solitary system-- Wazamba-- drained pipes almost EUR245,000 in only six months.
Awarded with VIP condition, he was provided straight accessibility to a personal account manager and instant credit score reloads.

Ironically, while running outlawed operations, Soft2Bet likewise maintains qualified brand names such as Betinia, Campobet, and Elabet in Sweden, Denmark, and Italy.

But website traffic patterns reveal the truth: qualified websites continue to be particular niche, while blacklisted domains enormously surpass them, attracting countless individuals.

Felix was unaware that Wazamba was attached to the Soft2Bet network. While openly declaring to be a "B2B software program carrier," the company has actually silently developed a network of wagering websites throughout Europe.

By February 2025, 114 of these systems had actually been restricted in countries such as France, Italy, Spain, Greece, Poland, Belgium, and Hungary. Regardless of this, these same websites proceeded their operations by being rerouted with Cyprus, Malta, Curacao, and the Marshall Islands-- places known for their tolerant regulations.

Soft2Bet keeps that it follows all pertinent rules and policies vigilantly. Nonetheless, dripped files and business records expose an inconsistent reality.

Soft2Bet, developed in Kyiv in 2016, has expanded to end up being a major player with 1,000 employees. However, its financial arrangement is intricate and deceptive, with a network of business moving in between Curacao, Dubai, Cyprus, and Gibraltar to prevent openness. This plan is compared by specialists to an iceberg, where the visible, controlled section represents only a portion of the entire, with a hidden, substantial criminal aspect prowling beneath the surface area.

Behind the numbers are real people, like a Finnish gambler that lost an incredible EUR120,000 to Soft2Bet-affiliated gambling enterprises during the pandemic. In spite of attempting to quit, he was attracted back with a EUR50 perk, further intensifying his addiction. Currently drowning in EUR70,000 of financial debt, he confesses: "The majority of days, I'm consumed by self-destructive ideas; if I had the means, I 'd have currently ended my life." Organizations like SBGOK in the Netherlands obtain a constant influx of problems from targets, a number of whom have dropped prey to Soft2Bet's overseas operations.

Soft2Bet continues enhancing its credibility regardless of lawful obstacles, fines, and accounts from targets. Via sponsorships, honors within the industry, and extravagant occasions, the company represents itself as a paragon of "ethical and managed" wagering.

In September 2024, Poliavich organized an extravagant celebration for the firm's anniversary at the Hungarian National Gallery. At the same time, funds were discreetly transferred in between covering corporations to safeguard profits from oversight and borrowers.

Felix is now strained with a month-to-month financial obligation settlement of EUR1,400, leaving him with no economic breathing room. He has actually looked for professional aid, come clean to his loved ones regarding his struggles, and taken steps to limit his accessibility to online banking. However, his journey towards healing is far from over.

For Felix and plenty of others, the denials issued by Soft2Bet ring hollow. The truths are raw: an intricate web of offshore operations was presumably built to exploit vulnerable people, evade regulatory examination, and intimidate those who risked to speak out.

Gaming Without Borders: An Increasing Underground Sector.

Throughout Europe, unlicensed online gambling establishments remain to grow in the darkness. Regardless of duplicated bans, legal actions, and millions in governing penalties, platforms connected to Soft2Bet-- a Cyprus- and Malta-based driver-- remain obtainable to countless players every month.

An exclusive investigation by Euro Information Central has actually discovered over 140 interconnected betting domain names, a lot of which are formally blacklisted throughout the EU yet still operating under different disguises. This concealed network not only draws at risk gamers however also exposes an innovative approach of monetary evasion and offshore structuring.

Part of the problem hinges on Europe's fragmented lawful framework. Each nation enforces its very own betting rules, leaving technicalities that international operators make use of.

"The illegal gambling market confirms exactly how European regulatory authorities are failing," states attorney Benedikt Quarch. "Without centralized EU licensing, firms like Soft2Bet will keep making use of the fractures."