International gambling giant Soft2Bet has funneled an estimated €600 million from a network of unlicensed, black-market gambling websites to its core operations, according to an investigation by The Irish Times and a consortium led by Investigate Europe. While Soft2Bet holds legal remote bookmaking licenses in Ireland, leaked internal files and financial records reveal the company maintained a vast, clandestine ecosystem of offshore platforms that skirted European player protections, money laundering safeguards, and age verification requirements.
The Mechanics of a Shadow Gambling Network
The investigation reveals that Soft2Bet employed a complex corporate structure to distance its primary brand from its unlicensed activities.
Leaked account statements from two Cypriot firms, Tranello and Tilaros, show these entities acted as financial conduits, moving €600 million to Soft2Bet and its associates between May 2020 and May 2024. These transfers were frequently categorized in internal records as “marketing services” or “licence agreements.” Chris Kronow Rasmussen, an adjunct professor of investigations at the University of New Haven, noted that the “braiding of legal and illegal activity” is a defining feature of such structures.
Despite the company’s massive growth, internal staff reported that managers pressured employees to reopen accounts for known gambling addicts and deliberately delayed payout requests to encourage further wagering.
The Irish Connection and Regulatory Scrutiny
Soft2Bet has aggressively expanded its footprint in Ireland, securing six remote bookmaking operation (RBO) licenses since 2022. Companies associated with the group, such as Zentoria, Salvia, and Sky Rain, list their registered addresses at a professional services office on Waterloo Road in Dublin. While Zentoria holds an Irish license, investigations found its name appeared as the payment recipient for OnlySpins, a pornographic gambling site that lacks a European license and requires no age verification.
Larissa Feeney, chief executive of the accountancy firm Kinore, which acted as company secretary for the payment processor Morada Horizon Services (MHS), stated her firm had no “visibility” of the company’s commercial activities. Following inquiries from The Irish Times, Feeney described the information regarding MHS’s connection to unlicensed gambling as “deeply concerning” and confirmed that Kinore would immediately disengage from the client.
The Gambling Regulatory Authority of Ireland (GRAI) assumed control of remote betting licensing on July 1st. While the authority would not comment on specific operators, it stated it is “cognisant of the risk of black-market operators” and maintains a “robust and proportionate” approach to enforcement. The GRAI warned that providing betting activity in Ireland without a licence was “a serious offence”.
Human Toll: The Reality of Unregulated Platforms
For players like Stefan, an Austrian resident who lost €70,000, the lack of oversight on black-market sites proved catastrophic. Stefan reported that he was able to gamble for eight hours or more at a time without any intervention regarding his source of funds or his addiction. Similarly, a UK-based user named Rebecca lost £145,000 after being ignored by customer service agents when she attempted to self-exclude from platforms linked to the Soft2Bet network.
Former employees describe a culture where retention of “problem gamblers” was prioritized. One former marketing staffer stated, “It was common practice to reopen the accounts of players who closed them due to addiction and to start sending them SMS, emails, bonuses so they’d gamble again.” Soft2Bet, in a statement, maintained that it takes “compliance, governance and responsible business practices extremely seriously” and characterized the investigation’s findings as an “incorrect and misleading interpretation” of its business model.
Future Trends in Online Gambling Enforcement
Before using any online betting platform, verify the operator’s status on your country’s official gambling regulator website. Avoid sites that advertise as “non-Gamstop” or “non-licensed,” as these platforms often lack the legal requirements to protect vulnerable users.
Frequently Asked Questions
Is it legal to use offshore gambling sites in Ireland?
It is illegal for offshore sites to offer bookmaking services in Ireland without a remote bookmaking operation (RBO) license issued by the Irish authorities. Providing such services without a license is a serious offence.
How do unlicensed casinos bypass regulations?
Unlicensed casinos often operate through a network of shell companies in offshore jurisdictions like Curaçao or the Marshall Islands. They utilize payment processors in different jurisdictions to conceal the link between the gambling platform and the parent company.
What should I do if I have a gambling problem?
If you are struggling with gambling, contact national support services immediately.
Have you encountered issues with online gambling platforms or have information regarding industry practices? Contact our investigations unit to share your story.
