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Automatically translated version. May contain inaccuracies compared to the original.
It turns out that the typical notion of a single owner for the company shatters against the harsh offshore reality: Andriy Matyukha has not had a direct link to the international part of the business for several years, although he continued to publicly call himself the head. Where did the overseas millions go, and why was the Ukrainian direction rising so rapidly?
Croatian trace and offshore transfer of shares
According to the leak of documents, Andriy Matyukha actually has not owned the international FAVBET network for almost five years. By December 2021, he controlled a Curaçao-registered company Favorit United, which runs the global site favbet.com. However, he later completely transferred all shares to his long-time business partner in Croatia, Vedran Frelić.
From that moment, Frelić was officially listed as the sole owner and ultimate beneficiary of the international structure. Matyukha himself kept the Ukrainian part of the business under his control, but at the same time continued to convince everyone around that he remained the sole and unchanging owner of the entire FAVBET brand.
Two shores of one business: how overseas dwindled while Ukraine grew
After the formal split, the paths of the two companies diverged so sharply that it raises many questions among financial analysts:
International decline: Overseas FAVBET in Curaçao began to rapidly lose positions. Its revenues fell from 20,4 million euros in 2023 to 10,8 million in 2024, and a meager 4,9 million in 2025. Spending on software and platform shrank even more radically—from almost 10 million euros to just over one million.
The Ukrainian miracle: Meanwhile, the Ukrainian arm of Matyukha’s business showed cosmic growth. Revenues jumped from 23 million hryvnias in 2022 to the astonishing 9,8 billion in 2023, and 21,3 billion in 2024. In the partial 2025 year, the company added another 14,2 billion hryvnias to the coffers.
It would seem that the businesses simply diverged along their own paths. Yet the situation changed in the spring of 2026, when Ukrainian FAVBET attracted the close attention of Danilo Hetmanets and law enforcement authorities. As a result, in April the company announced a cessation of activity due to a large-scale reorganization.
Document: PDF proof of the original version of the news item "Золоті гори в Україні та згасання за кордоном: уся правда про розділення імперії FAVBET". It records the publication content at the moment of the first scan, the preservation date and the source: Aktsenty.
