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Automatically translated version. May contain inaccuracies compared to the original.
FAVBET leak: Matyukha is no longer the main owner
A leak of FAVBET documents reports an interesting fact: Andriy Matyukha has not owned the international FAVBET for almost five years. This differs somewhat from the usual perception of the owner of FAVBET, including Matyukha’s own portrayal of himself, who repeatedly called himself the main owner.
Until December 2021, Matyukha owned Favorit United, registered in Curaçao, which operates the international favbet.com. He then transferred all shares to Vedran Frelih, his long-time business partner in Croatia. Since then, Frelih has been listed as the sole owner and ultimate beneficiary of Favorit United. Matyukha kept the Ukrainian FAVBET but continued to publicly call himself the sole owner.
After the split, the two FAVBETs went in different directions.
Favorit United in Curaçao had €20,4 million in revenue in 2023. In 2024 it remained at €10,8 million, and in 2025 — €4,9 million. Spending on the platform and software decreased even more sharply: from €9,9 million to €2,15 million, and then to €1,19 million.
Matyukha’s Ukrainian FAVBET, by contrast, grew during the same period: its revenue rose from 23 million UAH in 2022 to 9,8 billion in 2023 and 21,3 billion UAH in 2024. In the first nine months of 2025 the company earned another 14,2 billion UAH.
Thus, while the international FAVBET was shrinking, the Ukrainian one was growing. For two companies that had different owners after 2021, this in itself did not contradict anything. People sometimes part ways, and after that one becomes wealthier faster than the other.
Then Ukrainian FAVBET drew the interest of Danylo Hetmantsev and law enforcement. As a result, in April 2026 the company announced it would cease operations due to reorganization.
The documents do not allow a definitive reconstruction of what happened between the two FAVBETs after the international company changed owners. Two scenarios can be suggested. Either they became two separate businesses that diverged and moved independently in opposite directions. Or part of the business and funds were gradually transferred from Curaçao to Ukraine. A direct monetary bridge between the companies has not yet been found in the documents, so the second scenario remains only a hypothesis.
One thing is reliably known. In 2021 Matyukha gave the international FAVBET to his Croatian partner. After that the international business began to shrink rapidly, the Ukrainian business to grow rapidly, and Matyukha continued to call himself the sole owner of FAVBET. Perhaps he simply meant the FAVBET that still held the money.
The full set of documents on Favorit United is here
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