Leak Reveals Owners and Questions in 646 Licenses from the Curaçao Gaming Authority

The leak of files from the Curaçao Gaming Authority (CGA) revealed records related to 646 companies licensed on the island and documented internal doubts about who the ultimate beneficial owners are and the origin of funds. The documents were obtained in December 2025 by cybersecurity researcher Lilith Wittmann and analyzed by Follow the Money (FTM) along with international media partners; they contain license applications, internal assessments, passports, and financial statements.

These records include data associated with operators present in the Benelux and EU markets and capture questions from the CGA evaluators who, according to the material, advised granting licenses in several cases despite open uncertainties.

What Does the Curaçao Gaming Authority Leak Show?

The files provided to FTM encompass thousands of documents: applications for permits, identity proofs, corporate structures, and tax evidence. FTM established that the 646 licensed companies manage “thousands” of online gambling sites. Many records list a name as ultimate beneficial owner (UBO), but the CGA reviewers noted that a name on paper did not always clarify who made decisions or where the funds originated.

Concrete elements that appeared in the documents include:

• copies of passports and personal wealth statements submitted in 2024;

• internal risk analyses and due diligence notes from the CGA;

• records of payments, loans, and movements between related companies.

Highlighted Cases and Registered Figures

The file related to Prolific Trade N.V., the Curacao company behind Blaze.com, shows that Nick van Gorsel declared a personal wealth of €800 million in his 2024 application; Nicholas Beugg listed €500 million. These amounts are what the applicants communicated to the authority, not independent estimates.

In Novatech Solutions N.V., the entity behind Qbet, Joanna Tinaco Arenas is listed as UBO. The CGA reviewers questioned her actual role and the provenance of the declared wealth. Qbet was already subject to a sanctioning file in the Netherlands: the Kansspelautoriteit imposed a fine of €24,846,000 on Novatech in March 2026 for allowing gambling by Dutch residents without a national license; the company has appealed.

Regarding Stake, the documents register Mladen Vuckovic as the owner of Medium Rare N.V., the company associated with the portal. Internal auditors noted payments and loans from Medium Rare to companies or individuals publicly related to founders Ed Craven and Bijan Tehrani, and raised questions about whether Vuckovic was the sole real holder. Nevertheless, the license was granted.

In the case linked to 1xBet, the file indicates Ihor Hniedash as director and owner of Caecus N.V.; CGA analysts requested clarifications about possible connections with Russian businessmen mentioned in public reports, but the doubts were unresolved at the time of the license issuance.

Why It Matters for Regulators in Belgium and the Netherlands

A Curaçao license does not authorize the legal operation of online gaming in Belgium or the Netherlands. However, knowing who is listed in the CGA files is useful when national authorities investigate violations or attempt to enforce sanctions against foreign operators. The leak provides a documentary starting point to identify individuals and corporate structures involved in platforms accessible in those markets.

The complexity arises when providers operate through multiple companies, domains, and jurisdictions: identifying the real responsible party requires cross-referencing ownership data, financial flows, and management records. The file accessed by FTM corresponds to data as of December 2025; later changes in ownership or information provided by companies are not reflected in that file.

How the CGA Justified Issuing Licenses Despite Doubts

The Curaçao Gaming Authority acknowledged to FTM that some licenses were granted while questions about structures or owners persisted. The CGA explained that the industry on the island has functioned for decades and that the authority opted for a gradual approach to implementing its new regime: allowing entities to meet additional requirements over time rather than denying permits or immediately halting existing activities.

This approach, according to the leaked material, materialized in internal recommendations that conditioned the license on the submission of complementary information; in numerous files, however, there is no record that this complementary information has been conclusively provided.

"Granting a license before fully clarifying ownership places a great burden on subsequent follow-up," said an expert who reviewed part of the files for FTM, according to the documentation.

Practical Implications for Operators, Regulators, and Litigants

For authorities such as the Kansspelautoriteit and the Nederlandse Loterij, the leak offers documentary evidence that can guide civil investigations or sanctioning procedures. In the Qbet file, for example, the existence of registered names and corporate links in the CGA documents constitutes a reference point for claims or legal actions. However, the mere presence of a name in a file does not prove civil or criminal liability; it is evidence that must be supplemented with other evidential elements.

For providers and platforms, the leak underscores the need for transparency in governance and traceability of funds. For national regulators, it confirms that the verification of UBOs and the origin of funds remains a critical link in monitoring the cross-border market.

What Remains to Be Clarified

The documents analyzed by FTM date back to December 2025; the CGA does not deny that doubts have arisen in evaluation processes, but the authority maintains that its transition to the new regulatory framework justified a phased treatment. It remains to be seen what additional diligence the CGA has performed since then and whether the responses received have clarified the cited uncertainties.

Miguel Sandoval, Regulatory Correspondent.