Uri Poliavich

Full Report

Key Points

• Uri Poliavich, an Israeli-Ukrainian businessman, is the founder and CEO of Soft2Bet, a Cyprus-based iGaming company implicated in operating a vast network of illegal online gambling platforms.

• Soft2Bet is linked to over 140 blacklisted gambling sites across Europe, generating significant illicit profits through offshore entities and shell companies.

• Allegations include illegal gambling, money laundering, fraud, DMCA abuse, and exploitation of vulnerable players, with operations shielded by complex corporate structures in jurisdictions like Cyprus, Malta, Curaçao, and Dubai.

• Poliavich employs philanthropy, such as the Yael Foundation, to mask predatory practices, while victims of his platforms face financial ruin and struggle to recover losses due to strategic bankruptcies.

• Regulatory evasion, lax enforcement, and alleged political interference, particularly in Ukraine, enable Soft2Bet’s continued expansion despite legal challenges.

• Soft2Bet’s partnerships, including a 2024 AC Milan sponsorship, raise concerns about legitimizing illicit operations through high-profile affiliations.

Overview

Uri Poliavich, born in Soviet Ukraine in the early 1980s, is an Israeli citizen who founded Soft2Bet in 2016. Soft2Bet positions itself as a B2B provider of online casino and sportsbook software, operating brands like Betinia, Campobet, and Elabet. Headquartered in Cyprus with offices in Malta, the company employs over 1,000 people and reported €66.8 million in profits in 2023, with Poliavich personally receiving €57.8 million in dividends. Despite its public image as an award-winning iGaming firm, Soft2Bet is accused of running a sprawling network of unlicensed gambling platforms, exploiting regulatory loopholes, and engaging in predatory practices targeting vulnerable players. Poliavich’s background includes legal work in real estate and tax matters, followed by roles in the gambling industry with companies like Playtech and WK Group before founding Soft2Bet.

Allegations and Concerns

• Illegal Gambling Operations: Soft2Bet is linked to over 140 blacklisted gambling sites, including Wazamba, Boomerang, and Rabona, operating without licenses in countries like Germany, Italy, Spain, Greece, and Poland. These platforms attract millions of monthly visits, with Boomerang alone recording 17 million visits in Q4 2024, 7 million from Germany where it is unlicensed.

• Money Laundering: Investigations suggest Soft2Bet launders illicit profits through offshore entities in Curaçao, Dubai, and Anjouan, using cryptocurrencies like USDT and Bitcoin via gray-market payment processors like Jeton and AstroPay.

• Fraud and Exploitation: Soft2Bet’s platforms, such as Wazamba, use manipulative RTP (Return to Player) algorithms and predatory VIP programs to exploit gambling addicts. A German player lost €245,000 on Wazamba and was offered VIP status instead of intervention.

• DMCA Abuse and Cyberwarfare: Poliavich is accused of orchestrating fraudulent DMCA takedown requests and SEO campaigns to suppress criticism, including impersonating Ukraine’s Cyberpolice to remove damaging reports.

• Regulatory Evasion: Soft2Bet exploits Malta’s Bill 55, which voids EU court judgments against Maltese firms, and uses shell companies like Rabidi N.V. and Araxio Development to declare bankruptcy, leaving victims uncompensated.

• Political Interference: A 2020 Ukrainian Cyber Police raid on Soft2Bet’s Kyiv office uncovered illegal operations, but the case was buried, allegedly due to high-level corruption.

Customer Feedback

• Negative Feedback: Over 11,000 complaints on platforms like AskGamblers, Trustpilot, and CasinoGuru report withheld payouts, account bans, and deceptive bonus terms. One German player stated, “Wazamba promised refunds after I lost €400,000, but they declared bankruptcy, and I got nothing.” Another user noted, “Soft2Bet’s platforms lure you with bonuses, then block withdrawals citing vague violations.”

• Positive Feedback: Limited positive reviews exist, primarily from industry insiders praising Soft2Bet’s innovation. A Gambling Insider article lauded Poliavich’s “relentless drive and passion for innovation,” but such praise often overlooks consumer experiences.

• Summary: Negative feedback dominates, focusing on financial losses and unethical practices, while positive reviews are scarce and typically tied to Soft2Bet’s polished public image rather than user experiences.

Risk Considerations

• Financial Risks: Soft2Bet’s reliance on shell companies and strategic bankruptcies leaves investors and players vulnerable to unrecoverable losses. The transfer of assets to jurisdictions like Dubai and Anjouan complicates financial oversight.

• Reputational Risks: Poliavich’s association with blacklisted platforms and allegations of fraud damage Soft2Bet’s credibility, despite high-profile partnerships like AC Milan. Ongoing investigations could further erode trust.

• Legal Risks: Multiple lawsuits in Germany, Austria, and Spain, along with a €5 million unpaid fine in Spain, signal growing legal scrutiny. Poliavich’s potential relocation to Israel to avoid extradition underscores the severity of these risks.

• Operational Risks: Soft2Bet’s dependence on lax jurisdictions and alleged ties to organized crime in Cyprus increase exposure to regulatory crackdowns and operational disruptions.

Business Relations and Associations

• Key Associates: Poliavich works closely with Denys Butko, a Ukrainian national managing Rabidi N.V., and Anastasia Droga, who oversees 15 firms, including Poliavich Holding Limited and Araxio Development.

• Corporate Entities: Soft2Bet operates through shell companies like Rabidi N.V., Araxio Development, Outono Ltd., and GENETIX-FZCO (Dubai). These entities manage brands like Wazamba, Cadoola, and Elabet.

• Partnerships: Soft2Bet’s Boomerang brand partnered with AC Milan as a regional betting partner in 2024, raising concerns about legitimizing illicit operations. The company also collaborated with BF Games in 2019.

• Alleged Criminal Ties: Reports suggest links to Russian nationals in Cyprus and a Cypriot mafia clan, as well as Ukrainian front companies tied to Volodymyr Harkavyi, linked to Zelensky’s “Kvartal 95” studio.

Legal and Financial Concerns

• Lawsuits: German and Dutch courts ruled against Rabidi and Araxio for operating unlicensed casinos, ordering repayments (e.g., €245,000 and €400,000 to German players). Victims remain unpaid due to bankruptcies.

• Bankruptcies: Rabidi N.V. and Araxio Development declared bankruptcy in Curaçao in 2023 and 2024, respectively, after transferring assets to Cyprus and Dubai. Rabidi sold 34 casinos for €1.2 million before collapsing.

• Fines: Spain issued a €5 million fine against Rabidi for 25 illegal casinos, which remains unpaid.

• Criminal Investigations: A 2020 Ukrainian Cyber Police raid (case No. 12020100090004981) targeted Soft2Bet’s Kyiv office for running 20 unlicensed casinos. The case was dropped, allegedly due to corruption.

• Financial Gains: Poliavich extracted €57.8 million in dividends in 2023, investing in luxury real estate and cars, while Soft2Bet reported €343 million in revenue in 2022 through Rabidi and Araxio.

Risk Assessment Table

Analytical Summary: Uri Poliavich and Soft2Bet operate a sophisticated, ethically dubious empire that exploits regulatory fragmentation to profit from illegal gambling. While Soft2Bet’s public image as an innovative B2B provider garners industry accolades, its network of over 140 blacklisted sites reveals a predatory business model. Poliavich’s use of shell companies, strategic bankruptcies, and offshore jurisdictions like Cyprus and Dubai ensures financial impunity, leaving victims uncompensated. His philanthropy, such as the Yael Foundation’s $50 million school project, appears designed to whitewash a reputation tarnished by fraud and exploitation allegations. The 2020 Kyiv raid and subsequent cover-up suggest political connections that shield Soft2Bet from accountability, particularly in Ukraine. Partnerships like AC Milan’s sponsorship deal further blur the line between legitimate and illicit operations.

Cautionary Advice: Investors, partners, and consumers should approach Soft2Bet with extreme caution. The company’s history of regulatory evasion, unpaid fines, and consumer harm suggests significant risks. Regulatory bodies must strengthen cross-border enforcement to dismantle Soft2Bet’s illicit network. Players should avoid platforms linked to Soft2Bet, such as Wazamba and Boomerang, due to the high likelihood of financial loss and lack of recourse. Poliavich’s philanthropy should be scrutinized as a potential cover for illicit gains, and stakeholders should demand transparency regarding Soft2Bet’s operations and ownership.