In our ongoing analysis of the online gambling sector, particularly focusing on compliance and payment services, we’ve identified key players facilitating financial transactions. Our recent investigation into the bankruptcy of the casino operator Rabidi has brought attention to the Estonian crypto payment processor, BitSpider.
BitSpider: An Overview
BitSpider OÜ, established in Estonia, has held a cryptocurrency license from the Estonian Financial Intelligence Unit (FIU) since 2020. The company specializes in providing merchants with solutions to accept cryptocurrency payments, offering services that automatically convert crypto revenues into fiat currency for merchant withdrawals.
As of July 15, 2024, BitSpider had not submitted its annual financial statements for 2023, resulting in a deletion request. The deadline for submission was set for October 18, 2024.
Connection to Rabidi Group
Our investigation revealed that Tilaros Limited, a Cyprus-based entity acting as a payment agent for Rabidi Group’s casinos, was among BitSpider’s clients. Tilaros maintained a bank account with the FCA-regulated My EU Pay Ltd, receiving fiat payments from BitSpider. Insider-provided bank documents confirm that crypto deposits from players in Rabidi casinos were processed through BitSpider’s wallets.
The Rabidi Group operated numerous online casinos under a Curaçao license until its bankruptcy in the summer of 2023, initiated by a German player who had not received their winnings. Following the bankruptcy, the group’s license was revoked, yet the casinos continued to operate anonymously and without authorization. Tilaros Limited not only served as a payment agent but also held the trademark rights to most of these casinos.
The Slovenian Connection
Further examination uncovered that both My EU Pay and BitSpider share the same controlling shareholder: the Slovenian investment company S8 d.d. (formerly SOL 8 d.d.), which focuses on early-stage tech companies. According to the Estonian company register, Slovenian national Damjan Rejec is listed as the ultimate beneficial owner of BitSpider.
Key Entities and Individuals
| Entity/Individual | Role |
| BitSpider OÜ | Estonian crypto payment processor with an FIU license since 2020. |
| Tilaros Limited | Cyprus-based payment agent and trademark holder for Rabidi Group’s casinos. |
| My EU Pay Ltd | FCA-regulated financial institution facilitating fiat transactions for Tilaros Limited. |
| S8 d.d. (SOL 8 d.d.) | Slovenian investment company controlling both My EU Pay and BitSpider. |
| Damjan Rejec | Slovenian national identified as the ultimate beneficial owner of BitSpider. |
Conclusion
The intricate network involving BitSpider, Tilaros Limited, My EU Pay Ltd, and the Rabidi Group illustrates the complex relationships between crypto payment processors and online gambling entities. The shared ownership and operational connections raise questions about compliance and regulatory oversight within the online gambling and cryptocurrency payment sectors.
We continue to seek further information about BitSpider, its operators, and its network. If you possess relevant details, please share them through our whistleblowing system, Whistle42.