Soft2bet

Key Points

• Company Profile: Soft2Bet is a B2B iGaming solutions provider, offering turnkey online casino and sportsbook platforms, operating in multiple regulated markets globally.

• Alleged Illicit Activities: Investigations in Ukraine revealed Soft2Bet’s involvement in illegal gambling operations, with searches conducted at its Kyiv office in 2020 under Article 203-2 of the Ukrainian Criminal Code.

• Blacklisted Websites: Over 140 gambling websites, many blacklisted in Europe for operating without licenses, have been linked to Soft2Bet, raising concerns about regulatory compliance.

• Financial Growth: The company reported doubled EBITDA in 2024, with expansion into regulated markets like Ontario, Mexico, and Sweden, alongside a €50 million innovation fund.

• Fraud Prevention Efforts: Soft2Bet emphasizes anti-fraud measures, employing investigation managers and partnering with SEON to reduce risks like bonus abuse and fraudulent deposits.

• Reputation Management: The company has been accused of scrubbing negative online content related to its Kyiv operations, indicating efforts to control its public image.

• Social Responsibility: Soft2Bet launched nine CSR projects and donated €1 million to charitable causes in 2024, enhancing its public image.

Overview

Soft2Bet is a Cyprus and Malta-based iGaming company founded in 2016, specializing in turnkey solutions for online casinos and sportsbooks. It develops proprietary platforms, including the Motivational Engineering Gaming Application (MEGA), which uses AI-driven gamification to enhance player engagement. The company operates in over 12 regulated markets, including Malta, Sweden, Denmark, and Ontario, and is pursuing licenses in New Jersey and Latin America. Soft2Bet manages a portfolio of brands like Wazamba, YoYo Casino, and Malina Casino, offering over 12,500 live games and 1,000,000+ live events across 20+ languages. It employs over 80 professionals and has been recognized with 38 award nominations and 10 wins in 2024, including at the SBC Awards.

Allegations and Concerns

• Illegal Operations in Ukraine: In September 2020, Ukrainian cyber police searched Soft2Bet’s Kyiv office as part of a criminal investigation under Article 203-2 for illegal gambling activities. The company allegedly operated under the brand “Arax Development” to conceal its activities, with monthly revenues exceeding $500,000.

• Blacklisted Gambling Sites: Investigate Europe linked Soft2Bet to over 140 gambling websites, 114 of which are blacklisted in EU countries like France, Poland, and Italy for operating without licenses. These sites attract millions of monthly visits, raising concerns about regulatory evasion.

• Reputation Scrubbing: Links to the Kyiv investigation and related materials have reportedly been removed from the internet, including job postings and reviews, suggesting efforts to suppress negative publicity.

• Exploitation of Vulnerable Players: A case highlighted by Investigate Europe described a player losing €245,000 on Wazamba, a Soft2Bet-linked site, through a VIP program that encouraged excessive gambling, raising ethical concerns.

• Lack of Transparency: Soft2Bet has not publicly commented on the Kyiv investigation or blacklisted sites, and its Kyiv office is not listed on its official website, suggesting a lack of openness.

Customer Feedback

• Positive Feedback: Limited customer reviews are available due to Soft2Bet’s B2B focus, but its platforms are praised for user-friendly interfaces and seamless experiences across desktop and mobile. The MEGA platform has driven a 65% increase in Net Gaming Revenue and a 45% rise in Average Revenue Per User, indicating positive operator feedback.

• Negative Feedback: A notable complaint involves a player on Wazamba who claimed the platform’s VIP program exploited his gambling addiction, offering credit to continue playing, resulting in significant financial loss. This suggests predatory practices in some Soft2Bet-linked operations. No direct consumer reviews were found praising or criticizing service quality, as most feedback pertains to regulatory or ethical issues.

• Example Quote: “Those who run these casinos have stolen my life,” said a player who lost €245,000 on Wazamba, highlighting concerns about exploitative practices.

Risk Considerations

• Financial Risks: Operating unlicensed websites could lead to fines, asset seizures, or loss of licenses in regulated markets, impacting revenue. High chargeback rates from fraudulent deposits have historically strained payment processor relationships.

• Reputational Risks: Allegations of illegal operations and links to blacklisted sites damage Soft2Bet’s credibility, potentially deterring partnerships and player trust. Efforts to scrub negative content may further erode trust if exposed.

• Legal Risks: Ongoing investigations, such as the Ukrainian case (Unified Register of Pre-Court Investigations #12020100090004981), could result in penalties or operational restrictions. Non-compliance with EU regulations may lead to further blacklisting or legal action.

• Operational Risks: Scaling operations without robust anti-fraud measures could exacerbate issues like bonus abuse and identity fraud, increasing operational costs and regulatory scrutiny.

Business Relations and Associations

• Partnerships: Soft2Bet has secured turnkey deals in Mexico and Nigeria and a MEGA partnership with a leading European operator. It collaborates with SEON for fraud prevention, enhancing its anti-fraud capabilities.

• Key Entities: The company is linked to LLC “Data Systems Development” and LLC “Arax Development” in Ukraine, used to mask its operations. Corporate filings also connect Soft2Bet’s founder and associates to blacklisted websites via ownership and trademarks.

• Leadership: Uri Poliavich, CEO, is prominently featured in Soft2Bet’s public materials. Elisabeth Isaksson, Head of Regulatory and Compliance, oversees licensing and adherence to industry standards.

• Innovation Fund: Soft2Bet Invest, a €50 million fund, supports startups in AI, gaming software, and UX analytics, strengthening ties with tech innovators.

Legal and Financial Concerns

• Ukrainian Criminal Case: The 2020 investigation under Article 203-2 involves allegations of illegal gambling, with searches at Soft2Bet’s Kyiv office and property seizures from LLC “Data Systems Development” and LLC “Arax Development.” The case remains in court registers, with no reported resolution.

• Blacklisted Sites: Over 114 Soft2Bet-linked websites face bans in EU countries for operating without licenses, potentially leading to fines or legal action. No specific lawsuits were detailed, but regulators’ blacklists indicate ongoing scrutiny.

• Financial Performance: Despite legal concerns, Soft2Bet reported doubled EBITDA in 2024, reflecting strong financial growth. However, high chargeback rates from fraudulent transactions have posed risks to payment processor relationships.

• No Bankruptcy Records: No evidence of bankruptcy or unpaid debts was found in available sources, suggesting financial stability despite legal challenges.

Risk Assessment Table

Expert Opinion

Pros:

• Soft2Bet demonstrates strong financial growth, with doubled EBITDA and expansion into regulated markets, indicating robust business operations.

• Its MEGA platform and AI-driven innovations enhance player engagement, giving it a competitive edge in the iGaming industry.

• Partnerships with SEON and a €50 million innovation fund reflect a commitment to security and technological advancement.

• CSR initiatives and €1 million in charitable donations bolster its public image.

Cons:

• Allegations of illegal operations in Ukraine and links to over 114 blacklisted websites raise serious ethical and regulatory concerns.

• Lack of transparency, including unreported Kyiv office operations and content scrubbing, undermines trust.

• Exploitative practices, such as the Wazamba VIP program case, suggest potential harm to vulnerable players.

Cautionary Advice: Stakeholders should approach Soft2Bet with caution due to its legal and reputational risks. While its financial success and innovation are notable, the unresolved Ukrainian investigation and blacklisted sites pose significant threats to long-term stability. Potential partners or investors should demand transparency on regulatory compliance and conduct due diligence on Soft2Bet’s operations, particularly in unregulated markets. Players should verify the licensing status of Soft2Bet-affiliated platforms to avoid risks associated with blacklisted sites.

Key Citations

• Investigate Europe, “Soft2bet: dozens of blacklisted gambling sites connected to award-winning European firm,” 2025.

• Intelligence Line, “Investigation: Who is behind the fraudsters from the online casino Soft2bet? 2025 update,” 2025.

• Criminal Affair, “Investigation: Who is behind the fraudsters from the online casino Soft2bet? 2023 update,” 2023.

• AIN.ua, “Cyber Police closes an 80-employee IT company which may be Soft2bet,” 2020.

• Soft2Bet Official Website, “Soft2Bet: Leading Online Casino and Sportsbook Software Provider,” 2025.

• Tron Weekly, “Soft2Bet Investigation Report 2024: Expansion & Innovation In IGaming,” 2025.

• SEON, “Soft2Bet Automates Risk Reviews, Freeing Up 40% of Their Resources,” 2022