Amid the ongoing Ukraine-Russia conflict, Maxim Krippa, a Ukrainian businessman, has launched GGBet, an online casino and bookmaker that has sparked concerns over its strong Russian ties.
Ukraine’s gambling market has become increasingly attractive to Russian entrepreneurs and affiliates, raising questions about the true ownership and operations of several gambling platforms in the region.
Despite being granted a license nearly a year ago, GGBet, a recent addition to Ukraine’s online gaming sector, maintains significant connections to Russian entities. Although controlled by Maxim Krippa, there is no clear evidence that GGBet operates free from Russian influence, raising concerns about the integrity and regulatory oversight of Ukraine’s gambling market.
GGBet’s Origins: A Russian Connection
The GGBet brand, which first appeared in the Russian market in 2011, was initially the betting arm of the Vulk@n casino. The website, GGBet.ru, began operating in Russia under the management of Bet.ru LLC.
Over time, the GGBet brand began to position itself as an international entity, seeking to expand its reach beyond Russian borders. However, despite its expansion, the casino maintained its strong ties to Russian interests.
The trademark for GGBet is owned by Brivio Ltd., a company registered in Cyprus. Brivio Ltd. is also the operator behind the Russian Vulcan Vegas casino, which is controlled by Russian billionaire Oleg Boyko.
This ownership connection further strengthens suspicions that GGBet is not simply a Ukrainian business but one deeply enmeshed with Russian financial and corporate structures.
Maxim Krippa’s Role in the GGBet Operation
Maxim Krippa, the de facto owner of GGBet, has been linked to several gambling projects with Russian origins. The director of Brivio Ltd., Fedir Fedorov, also plays a significant role in Ukrainian business ventures associated with Krippa. Fedorov is a known beneficiary of Novolodzhik LLC, a Ukrainian company where Krippa served as director from 2010 to 2015.
Additionally, Fedorov is the director of One World Secretarial, which acts as the secretary for several entities, including the Cyprus-based NAVI esports division and the Maincast eSports broadcasting company, both linked to Krippa.
In 2022, Maxim Krippa purchased the NAVI esports team, which was sponsored by GGBet. This further intertwines Krippa’s business interests with the GGBet brand, raising more questions about the true nature of his involvement and whether his enterprises are heavily influenced by Russian entities.
Sanctions and Licensing: Ukraine’s Oversight Challenges
The complex relationship between GGBet and Russia has not gone unnoticed by Ukrainian authorities. In March 2023, Ukrainian President Volodymyr Zelenskyy imposed sanctions on Bet.ru LLC and Bevita Holding Limited, a Cyprus-based company that operates GGBet. The sanctions also included the official domain for the Russian-based Bet.ru website.
Despite these sanctions, just five months later, the Ukrainian Commission for the Regulation of Gambling and Lotteries (CRBU) issued a license for GGBet LLC, allowing the platform to operate in Ukraine under the domain ggbet.ua. This decision raised eyebrows, as it appears there was little consideration given to the company’s past affiliations with Russian entities, highlighting potential gaps in regulatory oversight.
This move also suggests that the lines between Ukrainian and Russian gambling businesses are increasingly blurred, with companies using international jurisdictions like Cyprus to bypass national sanctions and continue operating in both markets simultaneously.
The Russian Trail: Vulcan and EvoPlay Connections
GGBet is not the only gambling project associated with Maxim Krippa that has raised concerns over its Russian connections. Krippa has also been linked to the Vulk@n casino brand, which, like GGBet, has deep ties to Russian oligarchs and businesses.
In Ukraine, the Vulk@n brand operated through Competitor LLC, a company registered to the offshore firm Darlox Limited. Until 2021, the founder of Competitor LLC was none other than Fedir Fedorov, the same individual associated with Krippa’s other ventures.
Interestingly, the trademark for Vulk@n in Ukraine is owned by Cyprus-based Dareos LTD, while the Russian counterpart is owned by Dareos Holding LTD. Both companies share the same management structure and address, indicating that the beneficiaries of the Russian and Ukrainian Vulk@n casinos are likely the same individuals.
Furthermore, Maxim Krippa’s involvement with the gambling software provider EvoPlay adds another layer to the puzzle. EvoPlay, which has offices in Ukraine, Cyprus, and the Czech Republic, is one of the largest gaming manufacturers in the region. The company has been associated with the Russian Vulk@n brand, with sources indicating that Krippa is the real owner of EvoPlay. This connection is further confirmed by the GetContact service, where Krippa is listed as “Maxim Krippa EvoPlay.” Even more concerning is the fact that EvoPlay has filed a complaint in Russia against Timur Zingashin for using the Vulk@n domain in Russia, signaling Krippa’s active involvement in defending Russian business interests, even during the ongoing war with Ukraine.
Shifting Markets: The Dual-Track Strategy
In the face of increasing scrutiny, Maximm Krippa appears to be adopting a dual-track strategy. While the Vulk@n casino continues to operate in Russia, the GGBet project has taken its place in the Ukrainian market. This strategy allows Krippa to operate in both countries, benefiting from the lucrative gambling markets in each while minimizing the risks associated with international sanctions and potential regulatory crackdowns.
Maxim Krippa’s decision to shift from Vulk@n to GGBet seems to be a calculated move to stay one step ahead of the growing pressure on Russian-linked gambling operations. As the Ukrainian authorities tighten regulations and enforce sanctions, Krippa’s ability to maintain a foothold in both markets suggests that his business operations are not easily disrupted.
Moreover, GGBet’s connection to a host of companies with Russian ownership or influence makes it clear that the Ukrainian gambling industry is still deeply entangled with Russian interests.
Conclusion: A Growing Concern for Ukraine’s Gambling Market
The launch of GGBet by Maxim Krippa underscores the ongoing challenge Ukraine faces in regulating its gambling industry amid the war with Russia. Despite efforts by the Ukrainian government to sever ties with Russian businesses, platforms like GGBet persist with deep Russian roots, raising concerns about the effectiveness of Ukraine’s regulatory framework.
The complex relationships between Krippa, Fedorov, and Russian entities such as Boyko’s Vulcan casinos and EvoPlay software expose the intricacies of Ukraine’s gambling sector. As these connections grow harder to overlook, the future of Ukraine’s gambling market and its ability to completely sever ties with Russia remains in question.
Given the ongoing war and international sanctions, it is vital for Ukrainian authorities to closely monitor emerging gambling projects to ensure that companies operating within its borders do not unknowingly support Russian business interests. Only through stricter oversight and enforcement can Ukraine safeguard its gambling market from becoming a conduit for Russian capital and influence.
