WILLEMSTAD – A new investigative report released on July 1, 2025, titled "Gambling Theft Auto: SoftSwiss and Dama Last Dance", sheds light on a sprawling, high-risk global iGaming network deeply rooted in Curaçao. Authored by renowned iGaming investigator João Mar, the report uncovers how a tight web of online gambling companies—led by platform provider SOFTSWISS—leverages jurisdictional loopholes, corporate opacity, and ties to sanctioned entities to operate with near-total unaccountability.
The 50-page exposé presents compelling evidence that major Curaçao-licensed companies such as Dama N.V., Orakum N.V., TechSolutions N.V., and Hollycorn N.V. are not independent entities, but interconnected arms of a single corporate empire, with SOFTSWISS functioning as both architect and command center.
At the Center: SOFTSWISS and Its Executive Power
Founded in 2008, SOFTSWISS is a dominant provider in the iGaming sector, offering full-service casino platforms to clients worldwide. But the report reveals that the company’s role goes far beyond that of a neutral vendor.
Key to this revelation is Maksim Trafimovich, SOFTSWISS's Chief Commercial Officer, who simultaneously served as managing director and liquidator of Direx N.V.—the now-defunct predecessor to Dama N.V. This dual role places a senior SOFTSWISS executive at the heart of a corporate restructuring designed to evade liabilities, transferring Direx’s assets, brands, and databases to Dama N.V. in a seamless transition with no accountability.
“This blurs the line between provider and operator to the point of non-existence,” the report warns.
Dama N.V. and the Rebirth of a Casino Empire
Dama N.V. operates over 80 online casino brands, including popular sites like 7Bit Casino, BitStarz, PlayAmo, and WooCasino. Many of these brands were once operated by Direx N.V. before its dissolution. The report describes Dama as the “phoenix from Direx’s ashes,” and notes that the rebranding was more than cosmetic—it was a strategic erasure of corporate history, effectively shielding the group from legal claims tied to its predecessor.
In a troubling twist, the report reveals that Dama N.V. was declared bankrupt in June 2024 by a Curaçao court following lawsuits over €800,000 in unpaid player winnings. However, just two months later, the bankruptcy ruling was inexplicably reversed and all records were removed from the public registry.
“This unexplained reversal undermines faith in the rule of law in Curaçao,” the report states. “It suggests that judicial outcomes may be subject to influence.”
Orakum N.V. and the 1xBet Connection
Another key player, Orakum N.V., is linked to brands like 1xSlots, Betwinner, and Megapari, which are described as white-label franchises of the controversial 1xBet platform. The founders of 1xBet are wanted internationally for illegal gambling operations totaling over $655 million.
Notably, Megapari is owned by Marikit Holdings Ltd., a Cypriot company sanctioned by Ukraine in 2023 for its ties to Russian oligarchs. The director of Marikit, Mykola Kushnir, is also connected to Tutkia Ltd., another sanctioned entity.
“These are not incidental ties,” the report says. “This network is operating in direct connection with internationally sanctioned actors.”
The Curaçao-Cyprus Axis: A Risky Model
The report maps out a sophisticated model of jurisdictional arbitrage, where Curaçao serves as a low-regulation licensing hub while Cyprus is used for payment processing and financial legitimacy via EU access.
Entities like Strukin Ltd. are identified as “facilitating companies” for Dama N.V., acting as payment bridges between offshore operations and European banks. This dual structure allows the group to evade oversight while still tapping into regulated financial infrastructure.
Corporate Veil and Trust Companies
To shield its true ownership, the network relies on nominee directors and local trust service providers, including Allyant Group B.V., RudLuc Directors N.V., and SMES N.V. These firms act as statutory directors for gambling entities but have no real managerial authority—effectively providing legal cover for the group’s anonymous controllers.
“This is not robust corporate governance. It is deliberate obfuscation,” the report argues.
Regulatory Red Flags
The report highlights a consistent pattern of regulatory violations, including multiple formal warnings by the Australian Communications and Media Authority (ACMA) for providing unlicensed gambling services. Companies like Dama N.V., TechSolutions, and Hollycorn are cited for knowingly targeting restricted markets.
“This behavior is not accidental—it is a calculated business strategy,” writes João Mar.
Conclusion: A Conglomerate of Extreme Risk
In its conclusion, the report dismantles the illusion of a fragmented iGaming market and instead presents a highly centralized, risk-engineered conglomerate—with SOFTSWISS at the core. The report warns that engaging with any part of this ecosystem exposes players, partners, financial institutions, and regulators to extreme legal and reputational risks.
“This is not a grey-area business. It is a sophisticated enterprise built on opacity, deception, and risk externalization.”
Implications for Curaçao
This exposé raises serious concerns for Curaçao’s role as a licensing jurisdiction. With its regulatory framework under international scrutiny and reforms pending under the new National Ordinance on Games of Chance (LOK), the revelations in this report could fuel further calls for transparency, accountability, and enforcement.
As Curaçao seeks to establish itself as a responsible gaming jurisdiction, investigations like this may serve as a wake-up call: a modern licensing regime requires more than new laws—it needs real oversight.
With the special contribution by João Mar
Investigative iGaming Reporter
