A recent investigation has linked Swiss-Georgian software provider Upgaming to at least eight unlicensed online casinos targeting European players without proper local licenses. Platforms such as Velobet, Mystake, and Goldenbet were found to be operating across restricted markets, with domain records suggesting direct involvement from Upgaming or its CEO Tornike Tvauri.
Most of the aforementioned sites are owned by Santeda International and are licensed by the Curaçao Government. The Curaçao License is not recognized in the UK and most other European countries. As a result, the regulators that govern gambling in those countries (e.g., France, Italy, Poland, Greece and Sweden) placed these sites on their “black lists”.
Because of the unregulated nature of these sites, they do not have the same protection for customers with regard to responsible gaming, anti-money laundering, etc., as regulated operators do. After the investigation concluded, Upgaming terminated its partnership with Santeda in late March.
Questionable marketing practices were also used by the network to promote the sites, including falsely claiming “partnerships”. For example, advertisements claimed that Mystake was the official sponsor of Leeds United and shown as being represented by Ronaldinho.
Both the club and Ronaldinho denied that they were ever connected to the site, and the promotional images appear to have been generated by an artificial intelligence program.
According to corporate records, there are deeper ties between Upgaming and the operators than was previously understood. Santeda operated under the name “Onyxion” and has further relationships to a Malta-based company tied to Tvauri that was previously fined €5 million by the Spanish Government for conducting unlicensed gambling operations.
There are other affiliations to Upgaming shareholders through affiliate marketing operations, making it difficult or impossible to identify and enforce the unique ownership structure of all parties involved.
