Roobet: Offshore Crypto Casino Empire Built on Regulatory Arbitrage and Payment Processing Deception

tamir
Thu, 02 Oct 2025 16:28:28 +0000
Illegal gambling, Illegal Payment Services, ticker, Matt Duea, Raw Entertainment, Roobet, Swapped

Dual-Jurisdiction Structure: Roobet operates through Raw Entertainment B.V. (Curaçao registration 157205) for gambling licensing and Raw Entertainment Ltd (Cyprus registration HE421735) for payment processing, creating sophisticated regulatory arbitrage that enables both EU banking access and minimal gambling oversight.

Executive Summary

Roobet represents a sophisticated offshore gambling operation that epitomizes the modern crypto casino model of regulatory evasion through strategic jurisdictional arbitrage. Operating under the brand name of Raw Entertainment B.V. (Curaçao) with payment processing through Raw Entertainment Ltd (Cyprus), Roobet has constructed a global gambling empire that systematically violates licensing restrictions while utilizing cutting-edge payment processing infrastructure to circumvent traditional banking controls and regulatory oversight.

This comprehensive investigation reveals how Roobet employs a dual-jurisdiction corporate structure designed to maximize regulatory evasion, utilizes the Danish-regulated payment processor Swapped to facilitate illegal operations across restricted markets, and maintains a deliberately complex ownership structure that obscures accountability while generating hundreds of millions in revenue from prohibited jurisdictions.

Company Introduction and Corporate Structure

Founding and Development

Roobet was founded in 2018 by co-founders Matt Duea and an unnamed partner, emerging from what Duea describes as “the gaming space” rather than traditional gambling operations. The platform gained prominence during the COVID-19 pandemic when lockdowns drove massive growth in online entertainment, particularly through their signature “Crash” game that became synonymous with the Roobet brand.

The company positions itself as “the world’s fastest growing, fully licensed crypto casino” and claims to be “pioneers of online entertainment and defenders of fun on the digital frontier.” However, this marketing narrative obscures a complex offshore structure designed primarily for regulatory evasion rather than innovation.

Legal Entity Structure

Primary Operating Companies:

Raw Entertainment B.V.

Registration: Curaçao (Registration No. 157205)

Address: Korporaalweg 10, Willemstad, Curaçao

Function: Primary gambling license holder

License: Government of Curaçao License No. 8048/JAZ

Raw Entertainment Ltd

Registration: Cyprus (Registration No. HE421735)

Address: Voukourestiou 25, Neptune House, 1st Floor, Flat/Office 11, Zakaki, 3045, Limassol, Cyprus

Function: Payment processing and operational agent

Relationship: “Wholly owned subsidiary of Raw Entertainment B.V.”

Strategic Jurisdictional Architecture

This dual-jurisdiction structure represents sophisticated regulatory arbitrage:

Curaçao Licensing: Provides perceived legitimacy through “full licensing” claims while operating under minimal regulatory oversight and consumer protection requirements.

Cyprus Payment Processing: Enables access to European banking infrastructure and payment systems while maintaining operational separation from the gambling license jurisdiction.

Agent Structure: Raw Entertainment Ltd acts as “paying and operational agent on behalf of Raw Entertainment B.V.,” creating legal separation between gambling operations and payment processing.

Beneficial Ownership and Key Personnel

Identified Leadership

Matt Duea – Co-Founder and Public Face

Background in digital marketing strategy and growth teams

Self-described “blockchain rabbit hole” enthusiast since 2016

Primary spokesperson for media interviews and industry events

LinkedIn profile confirms entrepreneurial background in online marketing

Corporate Control and Hidden Connections

Potential Xecutive Corporate Management (XCM) Links:
Investigative reports suggest potential connections between Roobet and Stake.com through Xecutive Corporate Management (XCM), which allegedly serves as “the hidden hand behind both Stake.com and Roobet‘s offshore operations”.

Key Allegations from Investigation:

XCM acts as legal directors for both Stake.com and Roobet‘s Curaçao-based entities

XCM controls Cyprus-based payment processing for both operations

Shared operational infrastructure enables “unrestricted movement of funds between high-risk jurisdictions”

Money Laundering Allegations:

Reports allege Roobet has been linked to the MetafiYielders Ponzi scheme that defrauded investors of over $90 million, with “stolen funds from MetafiYielders funneled through Stake.com‘s financial infrastructure, disguised as gambling transactions.”

Verification Challenges

The deliberately opaque ownership structure makes beneficial ownership verification extremely difficult, consistent with offshore operations designed to evade regulatory scrutiny and accountability.

Regulatory Status and Violations

Licensing Claims vs. Reality

Official License: Curaçao Government License No. 8048/JAZ under the National Ordinance on Hazard Games (NOOGH).

Regulatory Environment: Curaçao has historically maintained minimal oversight of gambling operations, though recent reforms under the National Ordinance on Games of Chance (LOK) aim to increase compliance requirements.

Systematic Jurisdictional Violations

Explicit Restricted Territories (per Roobet’s own terms):

United States (all states)

United Kingdom

Australia

European Union countries with local licensing requirements

Multiple additional jurisdictions

FinTelegram Testing Results – Systematic Non-Compliance:

Italy Registration Test:

Status: SUCCESSFUL registration despite EU restrictions

Payment Integration: Full access to Swapped payment processing

Verification Requirements: Minimal – email verification only

Geolocation Blocking: None implemented

Austria Registration Test:

Status: SUCCESSFUL registration despite EU restrictions

Payment Methods: Complete cryptocurrency and fiat payment options via Swapped

KYC Requirements: None for initial registration and deposits

IP Restrictions: No blocking or location-based limitations

United Kingdom Registration Test:

Status: SUCCESSFUL registration despite explicit UK prohibition

Payment Processing: Full Swapped integration functional

UKGC Compliance: Zero compliance with UK licensing requirements

Consumer Protection: No GAMSTOP integration or UK player protection measures

Payment Processing Infrastructure Violations

Swapped Integration Analysis:
Roobet‘s “deep integration” with Danish-regulated payment processor Swapped enables systematic circumvention of banking restrictions in prohibited jurisdictions.

Violation Mechanisms:

1. Fiat-to-Crypto Conversion: Swapped enables credit/debit card purchases of cryptocurrency directly on Roobet platform

2. Payment Method Diversity: Support for GPay, Apple Pay, Rapid, Paysafecard, and e-wallets

3. No Geographic Restrictions: Payment processing available in all jurisdictions regardless of gambling license validity

4. Regulatory Arbitrage: Danish regulation of Swapped provides legitimacy cover for facilitating illegal gambling

Payment Facilitators and Financial Infrastructure

Primary Payment Processor: Swapped.com

Swapped Corporate Structure:

Regulation: Licensed and regulated in Denmark

Integration: “Deep integration” with Roobet platform enabling seamless fiat-to-crypto conversion

Function: Converts traditional payments (cards, e-wallets, bank transfers) into cryptocurrencies for gambling deposits

Technical Implementation:

Direct platform integration accessible via Roobet’s deposit interface

Minimum purchase amount: $10.00

Supported cryptocurrencies: Bitcoin, Ethereum, USDT, USDC, XRP, Litecoin, TRON, Dogecoin

Processing times: Instant to 30 minutes depending on payment method

Payment Methods Supported Through Swapped:

Credit/Debit Cards (Visa, Mastercard)

Google Pay and Apple Pay

Rapid (bank transfer system)

Paysafecard vouchers

Various e-wallet services

Bank transfers in multiple currencies

Direct Cryptocurrency Integration

Wallet Integration Support:

MetaMask (primary integration)

Exodus, Binance Wallet, Bitget Wallet

Phantom, Trust Wallet, Coinbase Wallet

OKX Wallet, Robinhood, Rainbow

Crypto.com Wallet, Bybit Wallet, Kraken Wallet

Uniswap Wallet

Transaction Processing:

Deposits: No minimum limits for cryptocurrency deposits

Withdrawals: $15 equivalent minimum withdrawal

Processing Times: Generally instant for deposits, immediate processing from Roobet’s side for withdrawals

Fees: Variable based on network conditions and cryptocurrency type

Cyprus Payment Processing Structure

Raw Entertainment Ltd Functions:

Processes all fiat transactions for Roobet

Acts as operational and paying agent for Raw Entertainment B.V.

Provides European Union banking access and legitimacy

Enables receipt of funds outside Curaçao jurisdiction for regulatory evasion

Strategic Advantages:

1. Regulatory Separation: Gambling license in Curaçao, payment processing in Cyprus

2. Asset Protection: Funds processed through Cyprus entity, not subject to Curaçao regulatory action

3. Banking Access: EU-based entity enables traditional banking relationships unavailable to Curaçao gambling operators

4. Enforcement Evasion: Complex jurisdictional structure complicates regulatory enforcement and asset recovery

Network Analysis and Industry Connections

White Label and Affiliate Infrastructure

Affiliate Program Structure:

Global affiliate program with extensive marketing tools

“State-of-the-art marketing software” and promotional resources

Transparent statistics and commission tracking

Wide variety of promotional tools for affiliate partners

Marketing Partnerships:
High-profile celebrity endorsements and sponsorships including:

Snoop Dogg: “Chief Ganjaroo” officer with extensive partnership agreement

UFC: Official social casino partnership (Roobet.fun)

Canelo Alvarez: Boxing sponsorship

Charles Oliveira: UFC fighter partnership

Potential Network Connections

Stake.com Relationship:
Investigative reports suggest shared operational infrastructure:

Common management through Xecutive Corporate Management (XCM)

Shared Cyprus-based payment processing entities

Similar offshore regulatory arbitrage strategies

Potential shared beneficial ownership structures

Industry Positioning:
Roobet operates within the same ecosystem as other major crypto casinos including BC.Game, Stake.com, and other Curaçao-licensed operations, sharing similar:

Payment processing methodologies

Regulatory evasion strategies

Marketing and affiliate approaches

Technical infrastructure patterns

Marketing Activities and Regulatory Violations

Influencer Marketing Strategy

Twitch Integration and Controversy:

Extensive use of Twitch streamers and gaming influencers

Platform gained prominence through gambling stream content

Operations continued despite Twitch’s restrictions on unregulated gambling sites

Celebrity Partnership Strategy:

High-profile partnerships designed to create mainstream legitimacy

Snoop Dogg partnership announced with significant fanfare and promotional events

UFC sponsorship providing sports betting credibility

Consumer Protection Failures

KYC and AML Violations

Systematic Verification Failures:
User reports indicate Roobet allows significant gambling activity without proper Know Your Customer verification:

In fact, it is theoretically possible to transfer unlimited funds to Roobet via cryptocurrencies without KYC if direct deposits are made via crypto. This has been confirmed by FinTelegram tests.

User reports that he €35,000 deposited over two months without KYC verification

Daily deposits up to €10,000 without scrutiny or restrictions

Clear violations of both Curaçao licensing standards and European AML regulations

Self-Exclusion Non-Compliance:

Acceptance of self-excluded gambling addicts from restricted jurisdictions

Account blocking only after notification by player, not proactive prevention

Refusal to refund deposits from self-excluded players

Regulatory Response Failures:

Curaçao regulator reportedly unresponsive to consumer complaints

Cyprus payment processor ignores consumer protection inquiries

No effective dispute resolution mechanism for affected players

Player Fund Protection Gaps

No Segregated Accounts:
Unlike regulated operators, Roobet provides no indication of segregated player fund protection, meaning:

Player deposits may mix with operational funds

No protection against operator insolvency

No independent auditing of fund security

No compensation schemes for player fund losses

Regulatory Evasion Mechanisms

Technical Infrastructure for Circumvention

Geo-Location Bypass:

No effective IP blocking for restricted jurisdictions

Payment processing functional in all prohibited territories

VPN usage implicitly tolerated through platform design

Gaming provider restrictions applied inconsistently

Payment System Arbitrage:

Swapped integration bypasses traditional gambling payment restrictions

Cryptocurrency conversion enables circumvention of banking controls

Multiple wallet integrations provide alternative deposit pathways

Cyprus payment processing provides EU banking legitimacy

Corporate Structure Obfuscation

Multi-Jurisdictional Design:

Gambling operations in Curaçao with minimal oversight

Payment processing in Cyprus with EU banking access

Potential shared management through XCM network

Beneficial ownership obscured through nominee arrangements

Operational Separation:

Agent structure provides legal separation between functions

Asset protection through jurisdictional distribution

Regulatory enforcement complications through entity separation

Regulatory Landscape and Enforcement

Curaçao Regulatory Evolution

Historical Leniency:
Curaçao has historically provided minimal gambling regulatory oversight, making it attractive for operators seeking regulatory arbitrage.

Recent Reform Efforts:

New National Ordinance on Games of Chance (LOK) framework approved December 2023

Increased enforcement actions against operators with KYC deficiencies

12 operators settled with prosecutor’s office for €360,000 in fines for verification violations

New complaint policy and dispute resolution requirements effective 2025

Continued Challenges:
Despite reforms, Curaçao’s regulatory framework remains insufficient for meaningful consumer protection or effective AML compliance.

UK and EU Enforcement Challenges

White Label System Exploitation:
The case of TGP Europe demonstrates how offshore operators exploit UK white label systems:

TGP Europe fined £3.3 million and forced to exit UK market

Multiple offshore operators lost UK access through TGP’s license surrender

Premier League clubs warned about promoting unlicensed operators

Cross-Border Enforcement Difficulties:

Cyprus-based payment processing complicates UK enforcement

Curaçao licensing provides jurisdictional protection

Complex corporate structures impede regulatory action

Players in restricted jurisdictions lack effective recourse

Comparative Risk Analysis

Industry Context

Feature | UKGC Licensed Operator | Roobet (Curaçao License)
Player Fund Protection | Segregated accounts mandatory | No segregation requirements
KYC/AML Compliance | Strict verification required | €35,000+ deposits without KYC
Dispute Resolution | Independent ADR mandatory | No effective dispute mechanism
Self-Exclusion Enforcement | GAMSTOP integration required | Self-excluded players accepted
Regulatory Oversight | Regular audits and inspections | Minimal Curaçao oversight
Consumer Compensation | Compensation schemes exist | No compensation mechanisms
Payment Processing | Regulated payment providers | Offshore processing via Cyprus
Beneficial Ownership | Public disclosure required | Hidden through nominees

Risk Assessment

Critical Risk Factors:

1. No Player Protection: Funds not segregated, no compensation schemes

2. Regulatory Arbitrage: Operations in restricted jurisdictions without proper licensing

3. Payment System Exploitation: Regulated processor enables illegal operations

4. Corporate Opacity: Beneficial ownership obscured, accountability eliminated

5. AML Failures: Systematic violations of anti-money laundering requirements

Conclusion and Industry Impact

Systematic Regulatory Failures

Roobet represents a paradigmatic example of how sophisticated offshore operators exploit regulatory gaps, jurisdictional inconsistencies, and payment system arbitrage to build massive illegal gambling operations. The company’s success demonstrates systemic failures across multiple regulatory domains:

International Regulatory Coordination: Lack of coordination enables sophisticated jurisdictional arbitrage

Payment Processor Oversight: Regulated processors facilitate illegal gambling with impunity

Consumer Protection Gaps: Offshore licensing provides no meaningful player protection

Corporate Transparency: Complex structures successfully obscure beneficial ownership and accountability

Consumer Harm Profile

Roobet‘s operations pose significant risks to consumers:

Financial Risk: No player fund protection or compensation mechanisms

Vulnerable Player Exploitation: Self-excluded gamblers accepted without verification

Regulatory Arbitrage: Operations in jurisdictions without proper licensing

Dispute Resolution: No effective mechanisms for resolving consumer complaints

Industry Implications

The Roobet model represents the evolution of offshore gambling into sophisticated financial crime operations:

Payment System Abuse: Legitimate processors enable systematic law violations

Regulatory Evasion: Complex structures successfully defeat enforcement efforts

Consumer Deception: Marketing emphasizes legitimacy while operations violate fundamental protections

Market Distortion: Illegal operators compete unfairly with regulated alternatives

Key Data Summary

Category | Details
Primary Entity | Raw Entertainment B.V. (Curaçao Reg. 157205)
Payment Processor | Raw Entertainment Ltd (Cyprus Reg. HE421735)
License | Curaçao Government License 8048/JAZ
Founders | Matt Duea (confirmed) + unnamed co-founder
Founded | 2018-2019
Primary Payment Facilitator | Swapped.com (Danish-regulated)
Restricted Jurisdictions | US, UK, Australia, EU countries
Actual Operations | Active in all restricted jurisdictions without blocking
KYC Compliance | €35,000+ deposits without verification reported
Self-Exclusion Protection | Self-excluded players from restricted jurisdictions accepted
Player Fund Protection | No segregated accounts or protection schemes
Dispute Resolution | No independent mechanism, regulator unresponsive
Celebrity Partnerships | Snoop Dogg, UFC, Canelo Alvarez, Charles Oliveira
Network Connections | Potential XCM/Stake.com shared infrastructure
Corporate Transparency | Beneficial ownership obscured through complex structure
Risk Level | EXTREMELY HIGH

Call for Information

FinTelegram urgently seeks additional information from industry insiders, current and former employees, payment processor personnel, affiliates, and affected players regarding:

Your information could be instrumental in exposing one of the most sophisticated offshore gambling operations currently targeting consumers worldwide and help protect vulnerable players from continued financial exploitation.

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