Softswiss Linked to Billions in Online Casino Revenue, Investigation Finds
Why Trust Web3Bet
Our team of experts has independently reviewed and evaluated all the products and services featured on this page to ensure you receive accurate and reliable information
Leaked documents from gambling regulators have revealed previously undisclosed links between Softswiss, its owners and a network of online casino companies generating billions of euros in player losses, according to an international investigation led by German researcher Lilith Wittmann.
The investigation, conducted in cooperation with NDR, NRK, SVT and Follow the Money, examined internal documents from gambling authorities in Malta and Curaçao, corporate records and financial statements.
According to the findings, the Softswiss ecosystem currently includes at least 55 companies involved in software development, casino management, payments, marketing and other services. The investigation estimates that players lost more than €1.75 billion in 2025 at casinos connected to the network that are accessible to German players.
Softswiss Presents Itself as a Software Provider
Softswiss has traditionally positioned itself primarily as a technology company providing software and infrastructure for online gambling operators.
The investigation argues that the company’s actual business model is considerably broader.
Softswiss reportedly provides not only casino software but also services connected with licensing, payment processing, customer support, game integration and casino operations. Its technology can be used to operate online casinos, sportsbooks and other gambling products.
The company was founded in Belarus around 2009 by Ivan Montik and began focusing on online gambling technology several years later.
Over time, the business expanded internationally, establishing companies and offices in jurisdictions including Malta, Curaçao, Georgia, Poland and Cyprus.
Investigation Finds Links to at Least 55 Companies
One of the key findings concerns the scale of the corporate network surrounding the Softswiss brand.
According to the investigation, at least 55 companies are connected to the broader Softswiss ecosystem.
These businesses perform different functions, including:
- Casino software development
- White-label casino operations
- Payment processing
- Marketing
- Customer support
- Licensing and regulatory services
- Cryptocurrency-related payments
The investigation found that some companies officially operating casinos are no longer directly owned by Montik or other Softswiss executives.
However, documents reviewed by the journalists allegedly show continuing business relationships between the casino operators and companies within the Softswiss network.
White-Label Model Allows Third Parties to Operate Casinos
A major part of the investigation focuses on Softswiss’ white-label casino model.
Under this structure, a company can use an existing gambling licence, technology infrastructure and payment systems to operate an online casino while concentrating primarily on marketing and customer acquisition.
According to the investigation, Softswiss provides much of the infrastructure required to operate such businesses.
The casino manager receives a share of the revenue, while the technology and operational infrastructure remain connected to the Softswiss ecosystem.
The model can make it difficult for outsiders — and potentially regulators — to immediately determine who ultimately controls or benefits from a particular gambling website.
Ivan Montik Sold His Direct Casino Holdings
The investigation also examines the evolution of Ivan Montik’s ownership of gambling companies.
In 2021, Montik sold his Curaçao company Dama N.V. to Georgian national Nana Gugeshashvili. At the time, according to documents reviewed by the investigation, Gugeshashvili had limited apparent wealth and no significant publicly documented experience in the iGaming industry.
Dama’s casinos generated hundreds of millions of euros in player losses.
Montik later sold the Malta-based N1 Group, including N1 Interactive, to Werner Hermann in December 2023.
The investigation argues that these transactions meant Montik no longer officially owned companies directly operating online casinos, while relationships between Softswiss and the casino businesses continued.
Investigation Identifies Casino Owners in Georgia
The investigation also examined several individuals listed as ultimate beneficial owners of casino companies connected to the Softswiss network.
Among them is Tengiz Koranashvili, a Georgian national identified as the owner of several companies involved in online gambling and related financial services.
According to the documents presented by Wittmann, Koranashvili is connected to companies including Latiform B.V., Scores55 Tech B.V., Stable Tech N.V. and Tard Games OÜ.
The companies operate under gambling licences issued in Curaçao, Estonia and other jurisdictions.
The investigation says that Koranashvili and several other individuals identified as casino owners have limited publicly visible connections to the gambling industry, despite controlling businesses generating significant revenues.
More Than €100 Million Paid for Software
Financial documents analyzed as part of the investigation provide another indication of the scale of the Softswiss business.
Seven of the largest Curaçao companies examined reportedly recorded approximately €106 million in software expenses in 2025.
The companies obtained Softswiss software through Astol, a company belonging to the official Softswiss corporate structure.
The investigation estimates that the reported software expenses represented approximately 5.1% of the companies’ combined revenue.
However, the proportion varied considerably between individual operators. One company reportedly paid €38 million for software, while another paid €51 million despite generating substantially lower player losses.
German Players Lost More Than €1.75 Billion
The investigation’s most significant financial estimate concerns the losses of German players.
According to the analysis, players in 2025 lost more than €1.75 billion at online casinos connected to the Softswiss network that were accessible to customers in Germany.
The investigation notes that this figure is comparable to the total player losses recorded by all legal online casinos in Germany during the same period.
Germany introduced a nationwide framework for licensed online gambling in 2021. Operators targeting German customers without the appropriate German licence, however, remain outside the country’s regulated market.
This creates a significant compliance issue for international casino groups providing technology and infrastructure to operators accessible from Germany.
Regulators Raised Questions About Softswiss Connections
The leaked regulatory documents reportedly contain internal comments from compliance teams examining casino licence applications.
In one assessment concerning Latiform B.V., the regulator’s team reportedly described the application as likely being “Softswiss sponsored.”
Another assessment concerning Dama N.V. reportedly stated that the investigators suspected Softswiss received most of the profit.
The documents also allegedly raised concerns about target markets, noting that some businesses appeared to target jurisdictions such as Germany and Australia despite restrictions or licensing requirements in those countries.
These internal assessments do not by themselves establish that Softswiss illegally operated the casinos in question. They do, however, demonstrate that regulators were examining the company’s relationship with casino operators and their ownership structures.
From Software Company to Full-Service Gambling Ecosystem
The investigation portrays Softswiss as a company that has evolved significantly from its original software-development business.
The group now operates across multiple layers of the online gambling supply chain.
| Area | Role in the Softswiss ecosystem |
|---|---|
| Casino platform | Technology for operating online casinos |
| White-label services | Infrastructure for third-party casino brands |
| Payments | Processing of fiat and cryptocurrency transactions |
| Licensing | Support with gambling licences and regulatory structures |
| Games | Access to casino game content |
| Marketing | Tools and services for customer acquisition |
| Operations | Support and management infrastructure |
This integrated model allows Softswiss to generate revenue from multiple parts of the gambling ecosystem rather than relying solely on software licensing.
What the Investigation Means for Online Gambling
The findings could have broader implications for the international online gambling industry.
Regulators increasingly focus not only on gambling operators but also on the technology providers, payment companies, affiliates and other businesses supporting unlicensed gambling.
The Softswiss case demonstrates how complex corporate structures can make it difficult to identify the individuals ultimately benefiting from gambling activity.
For regulators, the challenge is therefore not simply determining whether a casino has a valid licence. Authorities must also understand who controls the operator, where its customers are located, who processes its payments and which technology companies benefit from its operations.
The investigation adds new scrutiny to Softswiss and the wider white-label gambling model, particularly in markets such as Germany where unlicensed online casinos remain a major regulatory concern.
Source: https://www.lilithwittmann.de/blog/casino-secrets-softswiss/#softswiss-ubos-panel-tengiz
