Swiss-Georgian Software Firm Linked to Network of Unlicensed European Casinos

(AsiaGameHub) –   A recent probe has connected Swiss-Georgian software firm Upgaming to no fewer than eight unlicensed online casinos targeting European players without valid local permits. Platforms like Velobet, Mystake, and Goldenbet were found operating in restricted markets, with domain records pointing to direct involvement from Upgaming or its CEO Tornike Tvauri.

The majority of these mentioned sites are owned by Santeda International and hold licenses from the Curaçao Government. This Curaçao license is not recognized in the UK and most other European countries. As a result, gambling regulators in those nations (e.g., France, Italy, Poland, Greece, and Sweden) have placed these sites on their “black lists”.

Due to the unregulated status of these platforms, they lack the same customer protections as licensed operators—such as those related to responsible gaming and anti-money laundering. Following the conclusion of the investigation, Upgaming ended its partnership with Santeda in late March.

The network also used questionable marketing tactics to promote the sites, including making false “partnership” claims. For example, advertisements asserted that Mystake was the official sponsor of Leeds United and featured Ronaldinho as its representative.

Both the club and Ronaldinho denied any connection to the site, and the promotional images appear to have been generated by an artificial intelligence program.

Corporate records show deeper ties between Upgaming and the operators than previously understood. Santeda operated under the name “Onyxion” and has further links to a Malta-based company tied to Tvauri—this company was previously fined €5 million by the Spanish Government for conducting unlicensed gambling operations.

There are additional affiliations to Upgaming shareholders via affiliate marketing activities, making it difficult or impossible to identify and enforce the unique ownership structure of all involved parties.