Softswiss Accused of Working with a Network of Illegal Online Casinos

Several iGaming companies allegedly linked to the network are formally owned by five individuals, four of whom are registered as Tbilisi residents with no apparent ties to the iGaming industry. Their addresses could not be verified, while the fifth owner is described as a long-standing business partner of SOFTSWISS. The investigation considers all five to be nominee owners.

“Casino Secrets” highlights a major ownership transfer that took place on the same day Germany’s new gambling law came into force. Regulatory documents showed that the buyer had neither significant wealth nor previous industry experience. Another major casino group was later transferred to the same long-standing business partner. 

Financial Links Keep Casinos Connected

Despite the ownership changes, the investigation points to continuing financial and personnel links between the operators. Some companies reportedly received loans from other businesses within the network, while Curaçao regulators questioned loans between supposed competitors and referred to several applications as “SOFTSWISS sponsored.” Documents related to one major brand suggested that SOFTSWISS received most of the profits.

A SOFTSWISS employee based in the company’s Polish office is listed as the financial director of at least nine companies. However, her employment with SOFTSWISS is omitted from the CV submitted to regulators. By contrast, the AML specialist for three of the network’s largest Curaçao license holders openly states that he has worked for SOFTSWISS since 2019.

Inside the Money Trail Behind the Alleged Casino Network

Casinos obtain their platform and games through companies linked to the network, with the platform fee set at 5% of player losses and the group’s own games charged at 12%. The Curaçao companies examined in the investigation reported combined losses of around €181 million despite billions in revenue, including €365 million in costs attributed to “Operators Profit” and “Services for Operations,” and another €106 million in software expenses.

The investigation questions a 2022 acquisition in which a holding company paid almost €69 million for a business whose gaming operation generated less than €1 million in annual revenue.

Lilith Wittmann also published a report on the ownership structure of Platincasino, described as Germany’s largest rogue operator.

SOFTSWISS Challenges Claims Made in “Casino Secrets”

SOFTSWISS had barely celebrated its 13th anniversary when it was already forced to issue a rebuttal to information uncovered in the investigation. The company has rejected a number of claims and interpretations, saying they misrepresent its activities, and has stated that it supplies software in compliance with applicable laws and that its lawyers are reviewing the publication.