Leaked documents have exposed a global network of black-market betting and casino websites that processed €600 million through entities holding Irish gambling licenses.
The investigation centers on Soft2Bet, which has been licensed in Ireland since 2022, and reveals that six companies at the heart of this shadow network were granted licenses by Irish authorities.
Two additional Irish firms were identified as processing payments for unlicensed gambling operations, suggesting a systemic vulnerability in the country's regulatory oversight.
The disclosure raises immediate questions about the integrity of Ireland's gambling license regime and the effectiveness of its anti-money laundering controls.
For investors and regulators, the findings highlight the risks associated with licensed intermediaries facilitating illicit activity, potentially exposing financial institutions and payment processors to compliance breaches.
The scale of the operation, involving hundreds of millions of euros, underscores the sophistication of the black-market infrastructure and the challenges faced by authorities in tracking illicit funds.