Soft2Bet Money Trail Puts Ireland’s Old Betting Licences Under Scrutiny
Soft2Bet is facing fresh scrutiny after the publication of the Soft2Bet Files by Investigate Europe, The Irish Times, and collaborating media outlets. The investigation was carried out using leaked documents and interviews with ex-employees of the company.
€600M Trail Draws Scrutiny
According to the investigation, two Cyprus-based companies, Tranello and Tilaros, channelled €600 million to Soft2Bet and related entities from May 2020 through May 2024. These funds were referred to as marketing services and license agreements in some of the payment documents.
The alleged source of these funds was unlicensed or blacklisted gambling sites. The investigation says that some of these funds went to firms connected with the group’s online casino development arm, Brainrocket.
Soft2Bet denied the interpretation presented by the media partners and said it operates responsibly and in line with applicable rules.
Ireland’s Role Comes Into View
The Irish aspect is now key to the story. Remote betting licences in Ireland were granted to six companies described in the investigation as linked to Soft2Bet or related structures.
Soft2Bet obtained its Irish licence via its Malta entity called Maltix in April 2022. The other five companies that were mentioned in the report are Naale, Sligo, Sky Rain, Zentoria, and Salvia. It is mentioned in the investigation that some of these companies were nominee-held or incorporated via shell structures.
The timing is uncomfortable for Ireland. The country recently shifted from the previous scheme, operated by Revenue and the Department of Justice, to the Gambling Regulatory Authority of Ireland. Remote betting licences began moving under the GRAI framework from July 1, 2026.
That gives the new regulator an early test. It needs to prove that it is capable of conducting licensing due diligence across multiple jurisdictions.
Offshore Brands Add Pressure
The investigation also names newer offshore-facing brands. OnlySpins, a casino and sportsbook website featuring adult content, is reported to accept players from Ireland. It uses a Tobique licence in Canada, according to the report. The investigation found that no age or identity verification was required at sign-up.
According to the report, payments related to OnlySpins involved two Irish businesses:
- Zentoria, holding an Irish remote bookmaking operation licence;
- Morada Horizon Services, an Irish company that reportedly has been set up with the help of Soft2Bet.
The registered office service provider for Morada Horizon Services told The Irish Times it did not know about the company’s activities and was going to terminate the contract.
Another website mentioned in the investigation was Spinsy, which was promoted in a sponsored review by The Irish Sun until the page was taken down following media inquiries. This site uses an Anjouan licence. After registering on the website, a journalist reportedly got an AI sales call inviting him to make a €20 deposit.
A Hard First Case for GRAI
The bigger problem is that of enforcement. Offshore companies can be placed on blacklists by European regulators, but the brands will continue to reach local players via mirror sites, affiliates, payment processors and light licensing.
The new regulator in Ireland has more power than the previous system, and The Soft2Bet Files clearly show why that matters. Licensing of a business cannot just be based on its corporate registration name. It must investigate the finances, the brands, and the individuals behind the structure.
For Ireland, this is an early credibility test. For the wider market, it is another sign that offshore structures are becoming harder to keep out of public view.