In April 2024, we conducted an initial review of the online gambling platform Spinbookie, which resulted in its placement on our Red Compliance list. Since then, we have delved deeper into this platform’s background and uncovered significant concerns regarding its ownership and operational transparency. Our findings necessitate a thorough and scrutinizing update to our initial review.
Unclear Operators and Ownership Structure
According to the annual financial statements of B90 Holdings PLC, a company listed on the AIM segment of the London Stock Exchange, B90 Holdings PLC owns the domain Spinbookie, along with its assets and business. As of December 31, 2023, the balance sheet valued Spinbookie at just under €1.6 million.
However, information on the Spinbookie website conflicts with this, listing Famagousta B.V. in Curacao as the brand owner and operator, while Fodenmacko Trading Co Limited in Cyprus is the payment processor. Famagousta is also the operating entity of other casino and gambling sites and does not appear to be affiliated with B90 Holdings. There is no meaningful information about the beneficial owners or executives.
Additionally, B90 Holdings‘ balance sheet identifies Spinbookie Ltd in Malta and Spintastic B.V. and Spin Marketing B.V. in Curacao as legal entities associated with Spinbookie.
Furthermore, an announcement published on February 1, 2024, mentions a transfer of Spinbookie‘s operations to an unnamed platform, adding further to the ambiguity. This lack of clear and consistent information regarding Spinbookie‘s true ownership and operational control raises significant compliance concerns.
It is indeed not possible for a domain and a website to belong to two independent entities at the same time. Perhaps there is a license agreement between B90 Holdings and Famagousta? This, in turn, would then be news that B90 Holdings has not disclosed.
Compliance and Operational Issues
Our compliance check reveals several red flags:
- Offshore Licensing: Spinbookie operates with offshore licenses that are not recognized as valid authorizations in Europe and many other jurisdictions. Despite this, our review found no obstacles to registering on Spinbookie as an EU resident, a serious compliance issue.
- Lack of KYC Procedures: We were able to make deposits using credit cards, e-vouchers, e-wallets, and cryptocurrencies without undergoing any Know Your Customer (KYC) checks. This pre-KYC deposit capability is highly problematic and indicative of weak regulatory adherence.
- Opaque Ownership and Operation: The discrepancies between the entities listed on Spinbookie’s website and those mentioned in B90 Holdings‘ financial statements, along with the lack of clarity about the transfer of operations, further highlight the opaque nature of Spinbookie’s ownership and operational structure.
Given these issues, we question how a company listed on the London Stock Exchange can afford to operate a gambling platform without proper authorization and KYC procedures. This not only undermines trust but also poses significant risks to users and stakeholders.
Key Data Spinbookie
| Trading name | Spinbookie |
| Activity | Online gambling and casino |
| Domains | https://spinbookie.com https://spinbookie.io |
| Legal entities | Famagousta B.V. Fodenmacko Trading Co Limited |
| Related entities | B90 Holdings PLC B90 Ventures Ltd Spinbookie ltd Spintastic NV Spin Marketing BV |
| Jurisdictions | Curacao, Isle of Man |
| Authorizations | Kahnawake Gaming Commission Antillephone N.V. |
| Payment processors | Cashlib, MiFinity, NummusPay Dropayment, Jeton, Rapid, Neteller, Noda, Paysafe Card, Skrill |
| Related individuals | Ronny Breivik |
| Compliance rating | Red |
Call to Action
Spinbookie remains on our Red Compliance list, and due to the severity of these concerns, we are strongly inclined towards downgrading to Black Compliance. We urge any insiders or individuals with information about B90 Holdings, Spinbookie, or its facilitators to come forward. Your insights are crucial in addressing these compliance issues.
Please share any relevant information via our whistleblower system, Whistle42. Ensuring transparency and accountability in the online gambling sector is paramount, and your cooperation can make a significant difference.
