The online gaming industry often conceals its true ownership through intricate structures, making it challenging to identify the actual beneficiaries. The Rabidi Group exemplifies this complexity. Once a prominent entity in online gambling with a Curaçao license, Rabidi faced scrutiny after its abrupt disappearance following bankruptcy in June 2023. Subsequent to Scam-Or Project reports, Denys Butko, the alleged beneficial owner, removed his LinkedIn profile.
Background: The Ascendancy and Decline of Rabidi Group
Established in 2019, Rabidi Group rapidly became influential in the online gambling arena, managing at least 34 online casinos under Rabidi N.V., a Curaçao-registered company. Despite this, the group’s core operations were consistently linked to Cyprus, suggesting that actual control was based there. Rabidi N.V. appeared to be a shell company lacking significant assets or bank accounts, as confirmed by its liquidator. Financial transactions were primarily handled by Cypriot payment agents, notably Tilaros Limited and Tranello Limited, both registered at the same address in Nicosia, Cyprus.
Connections to ButOn Group
The trademark rights for Rabidi casinos, as well as the ButOn trademark, are owned by Tilaros Limited. This link between Rabidi Group and Tilaros Limited indicates a deeper association with the Cypriot ButOn Group, led by Denys Butko. This relationship raises questions about the true ownership and operational control of Rabidi Group, suggesting it may have been part of Butko’s broader business network.
Hypothesis: Rabidi Group as an Extension of ButOn Group
Available evidence suggests that Rabidi Group functioned as a subsidiary or extension of Denys Butko’s ButOn Group. The connections between Tilaros Limited, which holds the trademarks of Rabidi Casinos, and ButOn Group, along with shared Cypriot addresses and overlapping management, strongly imply that Rabidi’s operations were integrated into the larger structure of ButOn Group.
Additionally, ButOn Group, through Estolia Limited, holds online casino licenses and operates in Estonia, further supporting this hypothesis. The intertwined entities and the swift disappearance of both Rabidi Group and its beneficial owner from public view suggest a deliberate effort to obscure the true nature of these operations, possibly to evade accountability following Rabidi N.V.’s bankruptcy.
Implications: Bankruptcy and Concealment
The insolvency of Rabidi N.V. and subsequent actions by its administrators have revealed a network of deceptive practices. The transfer of Rabidi’s assets to Adonio N.V. for €1.2 million, from which Rabidi allegedly received no payments, appears to have been a calculated move to defraud creditors. The involvement of companies like Starkeast Management N.V. and Wyze Management N.V., and the declaration that the transfer of domains, websites, and player databases was null and void, add to suspicions of deliberate misconduct.
Following the bankruptcy, the continued operation of former Rabidi casinos under anonymous ownership and the deletion of Denys Butko’s LinkedIn profile suggest attempts to erase connections and evade further scrutiny. Butko’s association with other entities in the iGaming sector, such as PartnersCasa and ReferOn, where he continues to exert influence, indicates that while Rabidi Group has been dissolved, its operations and influence may persist under different guises.
Real Estate Connections
Until recently, Butko’s LinkedIn profile indicated he was also a director of the Cypriot real estate company Landrino. Dan Hammer, based in Limassol, is registered as a director there. Like Butko, Hammer is also involved in the iGaming sector and is a manager at Butos Limited, operating as PartnersCasa and ReferOn, which manages an affiliate system for the iGaming industry. Gera Hammers from Israel presents himself on LinkedIn as the founder of PartnersCasa and is currently based in Cyprus.
Anyone registering with PartnersCasa as an affiliate receives a confirmation email from ReferOn, suggesting a close connection between the two schemes.
Conclusion
The disappearance of the Rabidi Group and the actions of Denys Butko raise significant concerns about transparency and accountability in online gambling operations. Evidence suggests that Rabidi Group was not an independent entity but part of Denys Butko’s ButOn Group, which has sought to distance itself from the fallout of Rabidi’s bankruptcy. As investigations continue, the need for greater regulatory oversight and enforcement of financial accountability in the online gambling sector becomes increasingly evident.
Key Data on Rabidi
| Aspect | Details |
| Trading Names | Rabidi |
| Business Activity | Online casino and gambling operators |
| Status | Bankrupt |
| Domains | – https://rabidinv.com (offline) – https://interpavaltd.com (offline) |
| Legal Entities | – Rabidi N.V. (bankrupt legacy operator) – Valia Nominees Limited – Interpava Limited – Allyant Group B.V. (company formation) – Tilaros Limited (payment agent and brand owner) – Tranello Limited (payment agent) – Sentoka Limited (MateAffiliates) – Adonio N.V. (Curaçao) – Starkeast Management N.V. (Curaçao) – Wyze Management N.V. (Curaçao) |
| Related Entities | – ButOn (www.buton.com) – Estolio Limited – Landrino Limited – Butos Limited |
| Jurisdictions | Curaçao, Cyprus, Estonia, Gibraltar |
| Authorization | Curaçao, Antillephone N.V. sublicense License No. 8048/JAZ |
| Payment Facilitators | My EU Pay, BitSpider, InPay |
| Related Individuals | – ButOn (www.buton.com) – Estolio Limited – Landrino Limited – Butos Limited |
| Related Brands | – GREATwin – Casinoly – Boomerang Casino – FEZbet |