Russian ties of Favbet: why a state agency had to revoke Andriy Matiukha’s casinos' licenses

Despite loud patriotic statements and attempts to distance themselves from the past, many interesting details hide behind the scenes of well-known brands. How billion-hryvnia casino revenues are turned into “losses” in financial reports, where hundreds of millions of hryvnias disappeared according to the State Financial Monitoring Service’s decision, and where a person who formally owns no property lives in luxury are discussed in StopKor’s investigation.

Russian links and Belarusian subsidiaries

Let’s start with the fact that recently the state agency PlayCity finally revoked the licenses of two entities directly connected to Andriy Matiukha — Favorit Casino Company LLC and Favbet VIP Casino LLC. The reason was discovered ties of these companies to the aggressor state. This concerns the well-known brands Favbet Casino and Favbet Poker.

Particular attention is drawn to the story involving Belarus. Although in early March 2022 the company’s representatives publicly declared the complete closure of halls and winding down of business in the Republic of Belarus, the company Favbetbel continued to operate actively. Among its founders remained Matiukha himself and the British entity Andalidi Invest LTD, which he controlled. It was through that British company that legal entities and Favbet trademarks were registered in Belarus and Russia, which will remain active for several more years.