The Rabidi case: mysterious actions of the beneficial owner Denis Butko and other connections

The world of online gaming is often shrouded in complex structures and hidden ownership, making it difficult to track down the true beneficiaries behind these transactions. The case of the Rabidi Group is a prime example of such opacity.

Rabidi, once a significant player in the Curacao-licensed online gambling industry, has recently come under scrutiny following the sudden disappearance of the group following its bankruptcy in June 2023. According to FinTelegram, Deniz Butko , the alleged beneficial owner, recently deleted his LinkedIn profile.

Background: The Rise and Fall of the Rabidi Group

Founded in 2019, Rabidi Group has quickly gained prominence in the online gambling sector, operating at least 34 online casinos under the management of Rabidi NV , registered in Curacao. However, the group's activities have always been linked to Cyprus, where real control appears to have been exercised. Rabidi NV appears to have been an empty shell with no significant assets or bank accounts, as confirmed by its liquidator. All financial transactions were reportedly carried out through Cypriot payment agents, namely Tilaros Limited and Tranello Limited, registered at the same address in Nicosia, Cyprus.

Rabidi casino trademark , as well as to the ButOn trademark, belong to Tilaros Limited . This connection between the Rabidi Group and Tilaros Limited indicates a deeper relationship with the Cypriot ButOn Group , owned and headed by Denis Butko . The situation calls into question the actual ownership and operational control of the Rabidi Group , suggesting that it may have been part of Butko's wider business network.

Hypothesis: Rabidi Group as a cover for ButOn Group

Based on the available evidence, it can be hypothesized that the Rabidi Group was in fact a subsidiary or continuation Denis Butko's ButOn Group . The links between Tilaros Limited the Rabidi Casinos trademarks , and ButOn Group , as well as the shared Cypriot address and overlapping management, strongly suggest that Rabidi's were not independent, but were integrated into the wider ButOn Group .

The fact that ButOn Group through Estolia Limited, also owns online casino licenses and operates in Estonia further strengthens this hypothesis. The intertwining of entities and the rapid disappearance from public view of both the Rabidi Group and its beneficial owner indicate a deliberate attempt to conceal the true nature of these transactions, perhaps in order to avoid liability following the bankruptcy of Rabidi NV

Consequences: Bankruptcy and anonymity

The bankruptcy of Rabidi NV and the subsequent actions of its administrators revealed a whole network of fraudulent activities. Rabidi's assets to Adonio NV for €1.2 million, from which Rabidi allegedly received no payment, appears to have been designed to defraud creditors. The involvement of companies such as Starkeast Management NV and Wyze Management NV , and the statement that the transfer of domains, websites and player databases are not legally binding, only increases suspicions of deliberate misconduct.

After bankruptcy, the former Rabidi continue to operate under an anonymous owner, and the deletion of Denis Butko's LinkedIn profile suggests an attempt to erase connections and avoid further scrutiny. Butko's connections to other entities in the iGaming sector, such as PartnersCasa and ReferOn , where he continues to exert influence, indicate that although the Rabidi Group has been liquidated, its activities and influence may continue under different guises.

Real estate connection

Until recently, Butko's LinkedIn profile showed that he was also a director of Cypriot real estate Landrino Dan Hammer , based in Limassol, is registered there as a director. 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 ), an affiliate system operator for the iGaming sector. Hera Hammers from Israel introduces herself 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 regard, a strong conclusion can be drawn that these two patterns are related.

Conclusion

The disappearance of the Rabidi Group and the actions of Denis Butko raise serious concerns about the transparency and accountability of online gambling operators. The findings indicate that Rabidi Group was not an independent company, but rather was part of Denis Butko’s ButOn Group , who tried to distance himself from the consequences of Rabidi’s . As investigations continue, the need for increased regulatory oversight and financial accountability in the online gambling sector becomes increasingly clear.

Rabidi Key Data

Trade names	Rabidi
Business activity	Online casinos and gambling operators
Status	Bankrupt
Domains	https://rabidinv.com (offline) https://interpavaltd.com (offline)
Legal entities	Rabidi NV (bankrupt legacy operator) Valia Nominees Limited Interpava Limited Allyant Group BV (company formation) Tilaros Limited (payment agent and brand owner) Tranello Limited (payment agent) Sentoka Limited ( MateAffiliates ) Adonio NV (Curacao) Starkeast Management NV (Curacao) Wyze Management NV (Curacao)
Associated organizations	ButOn ( www.buton.com ) Estolio Limited Landrino Limited Butos Limited
Jurisdictions	Curacao, Cyprus, Estonia, Gibraltar
Authorization	Curacao, Antillephone NV sublicense License No. 8048/JAZ
Payment organizers	My EU Pay , BitSpider , InPay
Associated persons	Denys Butko (Ultimate Beneficial Owner) – LinkedIn Hanna Chuprys Iryna Liubochko Olga Musina Natalia Tsiourkina Dan Hammer ( LinkedIn ) Gera Hammer ( LinkedIn )
Similar brands	GREATwin , Casinoly , Boomerang Casino FEZbet , FunID , Wazamba SlotsPalace , PlayZilla , Sportaza ExciteWin , OhMySpins , 5Gringos 7Signs , PowBet , House of Spades LuckyElektra , Neon54 , Dolly Casino ZetCasino , Nomini , SpinRollz

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