UK Payment Firms Processed Millions for Unlicensed Gambling Network
Jacob Mitchell 
Key Takeaways:
- UK-regulated firms processed €600 million for unlicensed gambling network.
- Soft2bet-linked entities received funds from blacklisted casino companies.
- My EU Pay transferred €543 million for Cypriot shell companies.
- Evolution games featured on unlicensed Soft2bet-linked websites.
- Mastercard and Visa authorised payments for blacklisted casinos.
Two UK-regulated payment firms, My EU Pay and Unlimit, reportedly processed €600 million in transfers for a network of unlicensed gambling websites operating across Europe. These transactions involved blacklisted casino companies and entities connected to the global gambling group Soft2bet and its partners over four years. Investigate Europe revealed Soft2bet's links to over 140 betting websites blacklisted by European regulators for illegally targeting local markets.
Payment Processing for Unlicensed Operations
Leaked payment records indicate how electronic iGaming payment solutions facilitated the unlicensed casino network. My EU Pay, a London-based firm authorised by the UK’s Financial Conduct Authority (FCA) since 2018, processed millions between two Cypriot shell companies, Tranello and Tilaros, and firms connected to Soft2bet. These Cypriot shell companies handled payments for dozens of unlicensed casinos and were operated by Soft2bet or its business associates. Between 2020 and 2024, Tranello and Tilaros sent €543 million from their My EU Pay accounts to other My EU Pay accounts linked to Soft2bet or its partners. Soft2bet had filed documents with My EU Pay stating that Tranello "belongs to the Soft2bet group," with deposits expected from blacklisted brands like Malina Casino and Buran Casino. The other FCA-regulated payment firm, Unlimit, processed €65 million from May 2020 to December 2021 for Soft2bet and its partners.
Industry Concerns and Regulatory Scrutiny
UK politician Lord Foster of Bath, Chair of Peers for Gambling Reform, stated the findings should be “a matter of serious concern” for the government and authorities. He expressed deep concern that the unlicensed gambling market operates through sophisticated networks potentially using legitimate financial infrastructure. Lord Foster added that if FCA-regulated payment firms enable unlicensed gambling operators to target consumers, this requires urgent investigation, affecting how online casino licensing requirements are enforced. Financial crime expert Chris Kosnow Rasmussen suggested the arrangements between the Cypriot shell companies and Soft2bet had hallmarks of methods used to disguise illicit cash flows, likely to distance gambling revenue from its origin and obscure ownership. Soft2bet denied wrongdoing, stating it takes compliance seriously and operates in accordance with legal and regulatory requirements.
Broader Payment and Game Provider Involvement
Other firms also facilitated significant transfers. Denmark-based Inpay received €102 million from Tilaros and Tranello between 2020 and 2024. New York Stock Exchange-listed Paysafe wired €12.7 million to the two entities and received €4 million from them, with its platform widely available on Soft2bet-linked unlicensed casinos. Paysafe noted in its 2025 annual report that a “significant portion” of its revenues came from merchants in unregulated gambling markets and acknowledged the possibility of being found to be acting unlawfully. Pgway, a firm owned by a Soft2bet CEO associate, processed customer deposits on unlicensed casinos, obtaining authorisation from Visa and Mastercard despite their 2014 voluntary arrangement with the UK Gambling Commission to block payments to unlicensed operators. Evolution, a major online casino game developer, received €8.8 million from Tilaros and Tranello between 2020 and 2024. Evolution's products are featured on unlicensed Soft2bet-linked websites, including in the UK, where the company holds a gambling licence. The UK Gambling Commission opened a review of Evolution's licence in December 2024 after finding its games on unlicensed casinos accessible in Britain. Evolution denied wrongdoing, stating its agreements prohibit customers from making its games available in regulated markets without local authorisation.
