Investigations by Follow the Money and international media partners spotlight a shadowy network of unlicensed casinos targeting vulnerable players across the European Union.
But that opaque infrastructure took a severe hit when the Curaçao Gaming Authority confirmed an unauthorized breach of its online regulatory portal.
The fallout extends far beyond a simple IT security failure. It shines a glaring spotlight on a jurisdiction that has long served as a safe harbor for questionable gaming operators evading European domestic laws.
Inside the Web of Offshore Shell Companies
An extensive cross-border investigation conducted by Follow the Money alongside outlets in Sweden, Austria, and Malta mapped out how trust offices in Curaçao act as architectural shields for illicit online platforms. At least 30 prominent gambling brands—including Casinowinbig, 18Bet, and Zodiacbet—operate behind a complex veil of shell companies registered in both Curaçao and Malta.
These sites actively solicit players in tightly regulated European markets such as Germany, Italy, Sweden, and Denmark, where they hold no legal authorization. Trust offices like Emoore and Allyant Group play a critical role here, securing the requisite Curaçao gambling licenses that allow shady operators to forge contracts with vital payment processors. When European regulators send warning letters or demand ownership disclosures, these trust offices routinely stonewall investigations, citing strict local privacy policies.
Financial records unearthed during the reporting reveal that enterprises tied to businessmen like Avi and Ilan Shemesh—operating through corporate facades such as Bellona NV and NewEra BV—dominate this space. They rake in millions of euros in gross gaming revenue monthly, treating regulatory penalties as mere costs of doing business.
The Human Cost of Unregulated Betting
Behind the corporate abstraction lies devastating financial and psychological damage for everyday consumers. Consider the case of Stefan, a Swedish bettor featured in the investigative findings who lost over €12,000 in a single month during 2022. Despite being officially registered on Sweden’s national self-exclusion list for gambling addiction, Stefan found easy entry into these unlicensed Curaçao-backed portals.
Instead of halting his access, the platforms incentivized his downward spiral, rewarding his heavy losses with coveted “VIP status” and enticing financial bonuses. “They drained me, and when I had nothing left, they discarded me,” Stefan told Swedish public radio.
User feedback across independent consumer forums mirrors these harrowing accounts. Gamblers routinely accuse these platforms of systemic fraud, citing frozen funds, arbitrary withdrawal rejections, and predatory marketing aimed at vulnerable individuals. Customer service desks attached to these casinos routinely dismiss grievances or ignore inquiries entirely.
European Enforcement Gridlock
Enforcement agencies across Europe have spent years trying to pierce this Caribbean corporate veil, with frustratingly mixed results. In 2023, Spanish authorities issued a €5 million fine against NewEra BV for illicit operations targeting local citizens, while Dutch regulators penalized Shark77—a company linked to 18Bet—€900,000. Neither penalty has been settled.
Internal corporate communications leaked to journalists show that operators deliberately target banned jurisdictions. A 2022 internal email from a Delasport employee outlined aggressive strategies to capture market share in Germany, Austria, and the Netherlands, brushing aside the obvious legal prohibitions.
| Entity / Company | Jurisdiction of Registration | Noted Regulatory Action |
|---|---|---|
| NewEra BV (Avi & Ilan Shemesh network) | Curaçao / Malta | Fined €5 million by Spain (2023); unpaid |
| Shark77 (Linked to 18Bet) | Curaçao | Fined €900,000 by Netherlands; unpaid |
| Bellona NV | Curaçao | Identified in cross-border illicit EU targeting |
Warnings of imprisonment and financial sanctions from continental authorities rarely disrupt these operations. As the Curaçao Gaming Authority grapples with the fallout from its recent system breach, the spotlight intensifies on the island’s legislative reform promises.
International observers are watching closely to see whether the digital exposure of registry documents will finally force regulators in Willemstad to clean up an industry that has operated in the shadows for decades. But until real corporate transparency takes hold, Europe’s underground bettors remain dangerously exposed.
How far should international regulators go to punish offshore jurisdictions that shelter illegal operations? Share your thoughts below.
