Softswiss faces fresh allegations over ties to a network of unlicensed online casinos

Security researcher Lilith Wittmann, who previously gained access to internal systems at Curacao’s regulator (CGA) as part of the Casino Secrets project, has published a new investigation focused on Softswiss. The report matters for high-risk PSPs because it ties together licensing, white-label casino operations, and payment processing — including crypto — across a large corporate network.

1. The investigation says the Softswiss-branded network includes at least 55 legal entities registered in Germany, Malta, Cyprus, Curacao, Estonia, the Isle of Man, Poland, Lithuania, as well as Anjouan (Comoros), Kanawake, and Tobique (Canada). According to the report, these entities are involved in software development, casino operations, and payment processing.
2. The authors estimate that in 2025 the combined player losses at casinos linked to this network exceeded €1.75 billion. They say that figure is comparable to the total losses across all legally operating online casinos in Germany, according to the German regulator’s annual report.
3. The report describes a white-label model: Softswiss-linked entities obtain licences in relevant jurisdictions and let partners run casinos under those licences. The partners handle user acquisition and receive a share of revenue, with this line item shown on company balances as Operators Profit and, according to the report, often not exceeding 20% of turnover.
4. During the Wirecard court case, Montik described the business as providing a “service for which a fee is charged,” “software and infrastructure,” and said he is not the formal owner of the operating gambling companies. For PSPs, that distinction matters because it is often the point where responsibility gets blurred in practice.
5. The investigation names several reported ultimate beneficial owners, including Georgian citizen Nana Gugeshashvili, who is linked to Dama N.V. with 2025 turnover of €1.517 billion and 700 domains. It also names Mery Kandelaki, Sopio Khurcidze and Tengiz Koranashvili, mostly based in Tbilisi, each said to control a separate cluster of companies with turnover ranging from €84 million to €348 million.

The report also says Curacao regulator staff suspected that some operating companies may have been financed by Softswiss-linked structures. In an April 2026 file on Just Entertainment B.V., the documentation noted a mismatch between the declared financial position of the beneficial owners and the nature of their activity; a similar document on Dama N.V. reportedly suggested that most of the funding came from outside the company.