WILLEMSTAD – A vast network of companies involved in online gambling, digital payments, and suspected financial crime has been exposed in an alarming new report linking Curaçao-registered entities to international sanctions violations, shell corporations, and illegal gambling operations across Europe.
At the heart of this network lies Marikit Holdings Ltd, a Cyprus-registered company officially sanctioned for ties to Russian organized crime, according to OpenSanctions data. The web of affiliated entities also includes Idazkari Secretarial Ltd, named on Ukraine’s sanctions list, and multiple other companies subjected to asset freezes by Russia’s own central bank.
This growing list of concerns shines a spotlight on Curaçao’s struggling online gambling oversight system at a time when the island is attempting to overhaul its regulatory framework.
Curaçao Entities at the Core
Three central Curaçao-based companies—TechSolutions Group N.V., TechOptions Group B.V., and Orakum N.V.—are named as command hubs for multiple online casinos including 22Bet, 20Bet, Bizzo Casino, Hell Spin, IviBet, 1xSlots, Betwinner, MegaPari, and PariPesa.
These entities reportedly operate under the direction of SMES N.V. and RudLuc N.V., companies that act as managing directors. Several of these online casinos continue to accept players in restricted jurisdictions such as Portugal, Italy, Germany, France, and the UK, allegedly using geolocation spoofing to bypass local gambling laws.
Despite these activities, these brands continue to operate under licenses issued by Curaçao, Kahnawake, and Estonia—a fact that has drawn sharp criticism from international financial watchdogs.
Payment Channels Under Scrutiny
The report traces a sophisticated money trail involving obscure payment providers and shell firms. Transactions are funneled through a number of entities including:
Privalgo LTD (UK)
M Tech OÜ (Estonia)
Rudulotas UAB (Lithuania)
Curedes Ltd (Cyprus)
Lithuania’s Financial Crime Authority flagged Rudulotas UAB for masking gambling transactions as “software services,” while Privalgo LTD was implicated in moving over €2.3 billion in 2023, much of it routed through Caledonian International Ltd, a Belize-based shell company previously named in the Panama Papers leak.
Sanctions, Server Farms, and Cryptocurrency
Further complicating the situation is a payment trail allegedly leading from Marikit Holdings to Privalgo LTD, with funds converted into cryptocurrency (USDT) and ultimately moved to Russian foreign exchange accounts. This flow of money raises red flags not just for tax evasion and gambling violations, but also for potential money laundering and terrorism financing.
Server infrastructure supporting these operations is hosted in Bulgaria and Armenia, where key data centers have been identified. The report calls on EUROPOL to trace and shut down these operations.
Calls for Action from Regulators and Tech Giants
The document contains clear and urgent recommendations for action:
Blacklist Curaçao, Kahnawake, and Estonia’s licenses tied to these operations
Freeze bank accounts connected to Privalgo LTD and Rudulotas UAB
Terminate digital infrastructure support from services like Cloudflare
Remove related gambling apps from platforms like Apple’s App Store and Google Play
The report frames these actions not as regulatory tightening, but as a critical step to curb what it calls “financial terrorism.”
Reputational Risk for Curaçao
These revelations arrive at a sensitive time for Curaçao. The island is in the process of transitioning to a new licensing regime under the National Ordinance for Games of Chance (LOK), which aims to bring transparency, modern compliance standards, and better governance to the island’s gaming industry.
However, if such large-scale abuses continue to surface, Curaçao’s international standing—and by extension, its entire digital gaming economy—could face severe damage.
Curaçao Chronicle is monitoring the situation and calling on local authorities, including the Curaçao Gaming Authority and the Centrale Bank van Curaçao en Sint Maarten, to investigate these allegations thoroughly and take appropriate regulatory action.
This story is developing.
