How Shadow Gambling Capital Allegedly Fueled Real Estate and eSports Investments in Ukraine
An investigative draft report prepared by GAMR, an investigative and OSINT journalism platform, and João Mar outlines an alleged network connecting illegal gambling operations, offshore corporate structures, eSports brands, and high-value real estate acquisitions in Ukraine.
According to the investigation, researchers have identified structural and financial links between several well-known brands, including GGBet, Evoplay, MainCast, the S.T.A.L.K.E.R. video game franchise, and the eSports organization Natus Vincere.
The Central Figure: Maksym Krippa
At the center of the reported network is Maksym Krippa, a Ukrainian businessman who, according to open-source records, has acquired high-profile real estate assets in central Kyiv, including hotels and business centers. Krippa also acquired GSC Game World, the development studio behind the iconic S.T.A.L.K.E.R. game series.
Investigators note that Krippa’s involvement in eSports began around 2018, when he invested in and later acquired ownership of the Natus Vincere eSports team. He also obtained full control of MainCast, a studio responsible for broadcasting major international eSports events.
Early Links to Offshore Gambling
According to sources, Maksym Krippa started its way with offshore online gambling back in Autumn 2013 when he together with Maksym "Max" Polyakov, the ex-owner of Firefly Aerospace, American Rocket Building Company, co-owned online gambling operator GGS and a year earlier (in 2012) Polaykov has also founded a company Renatus that has been developing and issuing mobile games.
Offshore Corporate Network
The investigation describes a broad offshore structure allegedly controlled by Krippa, with entities registered primarily in Cyprus and the British Virgin Islands. These include:
- Citadel Ventures Cyprus Limited
- MainCast Limited (Cyprus)
- GSC Game World Global LTD (Cyprus)
- NATUS VINCERE Export LTD (British Virgin Islands)
- Brivio LTD (Cyprus)
- One World Secretariat (Cyprus)
- Bevita Holding Limited (Cyprus)
- Natus Vincere Export CY (Cyprus)
Investigators argue that these structures resemble typical offshore gambling ecosystems used to provide software development, hosting, operational continuity, and protection against regulatory enforcement.
Russian-Origin Gambling Capital
A key focus of the report is the historical Russian gambling brand Vulkan, which has been linked to Russian businessman Oleg Boyko through Ritzio International, a Cyprus-based gambling holding.
According to the analysis, companies associated with Krippa may have been involved in:
- Development of gambling software
- Hosting and maintenance of online casino platforms
- Operational support for offshore gambling infrastructure
- Measures aimed at protecting platforms from shutdowns and law enforcement actions
GGBet, Bet.ru, and Shared Infrastructure
Following the decline of the Vulkan network, two brands reportedly emerged from the same ecosystem:
- GGBet, positioned as an international eSports betting brand
- Bet.ru, which served the Russian domestic betting market
Investigators point to Brivio LTD (Cyprus) as a shared offshore vehicle holding trademarks for both GGBet and Vulcan Vegas, a gambling brand noted for its resemblance to the now-banned Vulkan platform.
Role of Corporate Service Providers
The report identifies Theodorus Theodorou (also known as Fedir Fedorov), a Cyprus national, as a recurring director or nominee director across several entities, including:
- Brivio LTD
- One World Secretariat
- Bevita Holding Limited
One World Secretariat is described as a corporate services provider administering companies linked to GGBet, Bet.ru, Natus Vincere, and MainCast, reinforcing the structural links between these entities.
Evoplay and Gambling Technology
Another company highlighted in the investigation is Evoplay, a gambling software developer whose early operations were reportedly connected to Russian gambling networks.
Historical records indicate that Evoplay cooperated with Ritzio International and previously acted on its behalf in legal actions aimed at protecting the Vulkan trademark. While Evoplay now supplies games to a wide range of licensed and unlicensed platforms, investigators argue that its origins illustrate how gambling technology tied to Russian capital continues to operate across multiple jurisdictions.
Sanctions and Regulatory Contradictions
In March 2023, Ukrainian President Volodymyr Zelensky imposed sanctions on Bet.ru and its parent company Bevita Holding Limited.
Despite this, Ukraine’s national gambling regulator issued a national gambling license to GGBet in August 2023, approximately four months later.
Investigators highlight this development as a potential regulatory inconsistency, noting that two brands allegedly connected through the same offshore structures were treated differently by Ukrainian authorities.
As a conclusion
According to the GAMR draft investigation, open-source corporate data repeatedly shows intersections between Maksym Krippa’s business interests, offshore gambling infrastructure, and entities historically associated with Russian gambling capital. The report suggests that capital generated through illegal or semi-legal gambling networks may have contributed to the financing of eSports expansion and high-profile real estate investments in Ukraine.
