The Rabidi Case: The Mysterious Actions of Beneficial Owner Denys Butko and Other Connections

The world of online gaming is often shrouded in complex structures and hidden ownership, making it difficult to track the true beneficiaries behind these operations. The case of the Rabidi Group is a prime example of this opacity. Rabidi, once a significant player in the online gambling industry with a Curacao license, has recently come under scrutiny after the group’s sudden disappearance following its bankruptcy in June 2023. Following FinTelegram reports, Denys Butko, the alleged beneficial owner recently deleted his LinkedIn profile.

The Background: Rabidi Group’s Rise and Fall

Founded in 2019, Rabidi Group quickly rose to prominence in the online gambling sector, operating at least 34 online casinos under Rabidi N.V., a Curacao-registered entity. However, the group’s operations have always been linked to Cyprus, where the real control seemed to be exerted. Rabidi N.V. appears to have been an empty shell with no significant assets or bank accounts, as confirmed by its liquidator. All financial transactions were reportedly processed through Cypriot payment agents, namely Tilaros Limited and Tranello Limited, both of which are registered at the same address in Nicosia, Cyprus.

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The trademark rights for the Rabidi casinos, as well as the ButOn trademark, are held by Tilaros Limited. This connection between Rabidi Group and Tilaros Limited points to a deeper relationship with the Cypriot ButOn Group, owned and headed by Denys Butko. The situation raises questions about the actual ownership and operational control of the Rabidi Group, suggesting it was potentially a part of Butko’s broader business network.

The Hypothesis: Rabidi Group as a Front for ButOn Group

Based on the available evidence, it is plausible to hypothesize that the Rabidi Group was, in fact, a subsidiary or an extension of Denys Butko‘s ButOn Group. The connections between Tilaros Limited, which holds the trademarks of Rabidi Casinos, and ButOn Group, coupled with the shared Cypriot address and overlapping management, strongly suggest that the operations of Rabidi were not independent but were instead integrated into the broader structure of the ButOn Group.

The fact that ButOn Group, through Estolia Limited, also holds online casino licenses and operates in Estonia further strengthens this hypothesis. The intertwining of entities and the rapid disappearance of both Rabidi Group and its beneficial owner from public view point to a deliberate effort to obscure the true nature of these operations, possibly to evade accountability following Rabidi N.V.’s bankruptcy.

The Implications: Bankruptcy and Anonymity

The insolvency of Rabidi N.V. and the subsequent actions taken by its administrators have uncovered a web of deceptive practices. The transfer of Rabidi’s assets to Adonio N.V. for €1.2 million, from which Rabidi allegedly received no payments, appears to have been a calculated move to defraud creditors. The involvement of companies like Starkeast Management N.V. and Wyze Management N.V., and the declaration that the transfer of domains, websites, and player databases was null and void, only adds to the suspicion of deliberate misconduct.

Following the bankruptcy, the continued operation of former Rabidi casinos under anonymous ownership and the deletion of Denys Butko’s LinkedIn profile suggest an attempt to erase connections and evade further scrutiny. Butko’s association with other entities in the iGaming sector, such as PartnersCasa and ReferOn, where he continues to exert influence, indicates that while Rabidi Group has been dissolved, its operations and influence may persist under different guises.

The Real Estate Connection

Until recently, Butko’s LinkedIn profile showed that he was also a director of the Cypriot real estate company Landrino. Dan Hammer, who lives in Limassol, is registered as a director there. Like Butko, he also works full-time in the iGaming sector and is a manager at Butos Limited d/b/a PartnersCasa (Partnerscasa.com) and ReferOn (ReferOn.com), the operator of an affiliate system for the iGaming sector. Gera Hammers from Israel presents himself on LinkedIn as the founder of PartnersCasa. According to his LinkedIn profile, he is also currently based in Cyprus.

Anyone who registers with PartnersCasa as an affiliate will receive a confirmation email from ReferOn. In this respect, the compelling conclusion is that the two schemes are linked.

Conclusion

The disappearance of the Rabidi Group and the actions of Denys Butko raise significant concerns about the transparency and accountability of online gambling operators. The evidence suggests that Rabidi Group was not a standalone entity but rather a part of Denys Butko’s ButOn Group, which has sought to distance itself from the fallout of Rabidi’s bankruptcy. As investigations continue, the need for greater regulatory oversight and the enforcement of financial accountability in the online gambling sector becomes ever more apparent.

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