Massive leak unmasks hidden owners of Curacao gambling empire

A trove of leaked documents has pulled back the curtain on Curaçao's multibillion-euro online gambling industry, revealing for the first time the identities of hundreds of hidden casino owners — some of whom have amassed fortunes worth hundreds of millions of euros while operating behind anonymous shell companies on the Caribbean island.

The investigation, published on Tuesday by the Dutch investigative outlet Follow the Money under the title "Casino Secrets," is based on tens of thousands of confidential files obtained by Berlin-based hacker and cybersecurity researcher Lilith Wittmann, who infiltrated the licensing system of the Curaçao Gaming Authority late last year. The findings were produced in coordination with media partners NRK in Norway, NDR in Germany, Jetzt in Austria, and SVT in Sweden.cga

What the Documents Reveal

The files identify roughly 800 owners behind nearly 650 licensed gambling companies, which collectively operate thousands of gambling websites. Among them is Nick van Gorsel, a 30-year-old Dutchman who co-owns the company behind Brazilian gambling site Blaze.com and declared assets of €800 million to the Curaçao regulator. His American co-owner, Nicholas Beugg, declared €500 million.ua+1

The documents also expose the on-paper ownership structures of two of the industry's biggest names. Serbian national Mladen Vuckovic is listed as the sole owner of Medium Rare NV, the entity behind crypto casino Stake — not its publicly known founders Ed Craven and Bijan Tehrani. Regulators found loans worth hundreds of millions of dollars flowing from the company to entities linked to the pair, yet neither appeared in Stake's licence application. Similarly, Ukrainian national Ihor Hniedash is listed as CEO and owner of Caecus NV, the firm behind 1xBet, despite three Russians being publicly identified as its founders.ftm+1

Marcel Pheijffer, professor of forensic accountancy at Nyenrode Business University, called it "incomprehensible" that the regulator granted Stake a licence given the ownership uncertainties.ftm

Regulator Under Scrutiny

The Curaçao Gaming Authority disclosed on September 17 that it was investigating unauthorized access to its online gaming portal, stating the breach had been contained but that it had "not yet established the full scope of the incident". The regulator said it found no compromise of its core technical infrastructure but is still assessing what information was accessed.cryptonews+1

The leaked files also reveal a pattern of regulatory failings. Assessors at the CGA repeatedly flagged problems in licence applications — unclear sources of wealth, suspiciously low-net-worth owners, and indications of illegal operations in foreign markets — only to recommend approval regardless. The regulator told Follow the Money the sector was in a "transition period" following new gambling legislation passed in 2024 and that companies had been given time to comply step by step.ftm

A History of Lax Oversight

For decades, Curaçao allowed a handful of private firms to sell sublicences to online operators with virtually no government supervision. While the 2024 reforms brought operators under direct regulatory oversight for the first time, Curaçao-licensed sites continue to face fines and blacklisting across Europe, Australia, and the United States. Financial experts warn that concealed ownership creates money laundering risks and could allow organized crime networks to influence or control gambling companies.ftm

"A regulator must think first and then act," Pheijffer said. "And not — as is the case here — the other way round."ftm