Follow the money: From Midas to private foundations

In financial investigations, there’s an old adage: the money always tells the truth. That is especially relevant when examining how profits move through the corporate layers of the online gambling world.

Our latest findings at Malta Media provide a rare window into how certain iGaming groups shift funds from regulated operators through a series of layered entities, eventually landing in Malta-based private foundations. These setups may be legally constructed, but their lack of transparency raises fundamental questions about oversight, accountability and control.

At the centre of this structure sits Midas Entertainment B.V., a company licensed in Curaçao and closely connected to the operation of CasinoMidas.com, one of several white-label platforms serving European and international players. Midas Entertainment sits on the B2C side of the structure.

Our internal flow documents reveal that it funnels out significant amounts in dividends and service fees. These payments pass through Midas Solutions Ltd and eventually reach Midas Touch Private Foundation – a Malta-based entity.

The recipient of this flow, Midas Touch PF, is marked in internal corporate diagrams as the “final holding layer.” Its registered statutes suggest a wide scope for discretionary asset control, without any mandatory disclosure of end beneficiaries. It is administered in Malta but shielded behind layers of nominee directors and company service providers. No meaningful data about its activities or governance is available to the public.

From there, a parallel but connected route emerges. Another private foundation, La Valette PF, also based in Malta, appears to receive payments flowing from the B2B section of the same network. Dividends and service fees move from Triton Online Services Ltd (Israel) and Sliema Services Ltd (Malta) to Gijjan Holding Ltd and from there are sent upwards into La Valette PF.

Both foundations are listed as Ultimate Beneficial Owners (UBOs) of various intermediary companies, although their internal charters make independent verification nearly impossible.

To clarify the broader picture, here is a breakdown of the entities involved, including the natural persons linked as UBOs or structural controllers according to internal documentation and corporate registers:

Primary B2C Operator

Midas Entertainment B.V. (Curaçao)

• Declared UBO: Midas Touch PF, a Malta-based private foundation
• Controlling individuals: Elaine Behr and Herman Behr (joint owners of the HBM agency managing the licence and infrastructure in Curaçao)
• Operates CasinoMidas.com using the RTG platform under the Curaçao licence
• Distributed dividends and service fees to Midas Touch PF between 2021 and 2023

Primary B2B Operators

Triton Online Services Ltd (Israel)

• Declared UBO: Elaine Behr, representing the HBM Group
• Suspected Controlling Individual: Yaron S. (listed across multiple operational, compliance and financial roles)
• Provided B2B acquisition, customer services and payment processing functions within the broader Mansion Group ecosystem
• Interfaced directly with Sliema Services Ltd, Gijjan Holding Ltd and CasinoMidas.com as part of the B2B revenue flow chain

Sliema Services Ltd (Malta)

• Declared UBO: La Valette PF, a Malta-based private foundation
• Suspected Controlling Individual: Guy Gussarsky (signatory and authorised person across related consultancy firms)
• Provided acquisition, service and operational support to the B2C brand and underlying financial structure
• Routed funds via Gijjan Holding Ltd to La Valette PF

Financial Intermediary

Gijjan Holding Ltd

• Ultimate flow recipient: La Valette PF
• Appears in both service and dividend flows from B2B and consultancy layers
• Also linked to other infrastructure entities in Israel and Malta

Connected Private Foundations

Midas Touch PF

• Listed as UBO of Midas Entertainment B.V.
• Holds the financial proceeds and dividends from the Curaçao-based operator
• Administered via fiduciary channels in Malta, with no public UBO listing
• Controlled via internal resolutions, with Elaine Behr and Herman Behr deeply involved on the management and operational level

La Valette PF

• Listed as UBO of Triton Online Services Ltd and Sliema Services Ltd
• Financial flows suggest it is also used as a distribution vehicle for revenue from technical and B2B gambling operations
• Controlled through nominees and possibly linked to individuals such as Guy Gussarsky, though public confirmation is limited

B2C Infrastructure Holding

Convertonet Ltd, Mansion Gibraltar Ltd, Mansion Europe Holdings Ltd

• Listed UBO (per internal records): Putera – Kathleen Sampoerna
• These companies are not directly linked to the Midas flow structure, but feature in parallel as part of the broader Mansion Group architecture
• Shared resources, IT systems and bank signatories indicate strong operational proximity to the Midas structure

Our records indicate that payments moved between these entities. Documents labelled “Internal Dividend Flow Summary” describe detailed distribution percentages. Yet despite the scale of this activity, neither the tax treatment nor the AML review history of these payments can be independently verified. This creates a grey zone in which vast amounts of revenue pass from licensed operations into foundations with limited transparency.

Also of interest is the overlap between control personnel. While today’s focus is on corporate flows, it’s notable that the individuals connected to these entities frequently reappear in our ongoing investigation into banking authorisation rights. Key names such as Guy Gussarsky, Adi Roglit, Lior Haner and others also appear as signatories or strategic advisors across multiple companies connected to both the Mansion and Midas structures.

Why this matters

Private foundations in Malta have long existed at the edges of corporate regulation. While they serve legitimate uses for asset protection or charitable purposes, their opacity creates an ideal environment for masking ownership, avoiding disclosure or reducing taxable exposure across borders. When combined with BVI shell companies, Israeli service providers and Curaçao-based licences, they contribute to a system that, although formally legal, is functionally invisible.

Regulators like the Malta Financial Services Authority, EU AML Authority and Financial Action Task Force (FATF) have increasingly warned against such patterns. The core concern isn’t just tax evasion. It’s that operational control and profit allocation may be entirely decoupled from the entities holding legal licences and facing regulatory scrutiny.

This report forms part of our ongoing month-long exposé into cross-border gaming infrastructure, financial layering and strategic obfuscation across Europe, Gibraltar, Curaçao and Malta. New articles, visualisations and confidential documents are being released daily.

If you’ve worked within or around any of these companies or structures, we invite you to submit information anonymously via our secure platform: https://malta-media.com/whistleblower/

Legal Notice

Malta-Media does not allege misconduct by the UBOs of Midas Touch PF or La Valette PF, nor by the named companies in this report. This publication is based on documents and diagrams provided by internal sources, believed to be authentic at the time of review.

All entities and individuals mentioned are invited to respond or provide clarifying information. Malta-Media will publish any such statements in full.

FAQs

What is the core issue highlighted in this investigation?
The article exposes how iGaming profits are funneled through opaque corporate structures and Malta-based private foundations, raising concerns about transparency and regulatory oversight.

Who operates CasinoMidas.com?
CasinoMidas.com is operated by Midas Entertainment B.V., a company licensed in Curaçao and part of a wider financial network that includes Malta-based entities.

What role does Midas Touch PF play in this structure?
Midas Touch PF is a Malta-based private foundation that receives dividends and service fees from Midas Entertainment B.V. and acts as the final financial holding layer.

What is La Valette PF and how is it connected?
La Valette PF is another Malta-based private foundation linked to B2B operators like Triton Online Services Ltd and Sliema Services Ltd. It serves as a destination for financial flows from these entities.

Are these financial flows illegal?
While the structures appear to be legally constructed, the report raises concerns about their opacity, lack of accountability, and possible regulatory blind spots.

Who are the key individuals mentioned in the report?
Key names include Elaine and Herman Behr (linked to Midas Touch PF), Yaron S. (Triton Online Services Ltd), and Guy Gussarsky (Sliema Services Ltd and La Valette PF).

How does Gijjan Holding Ltd fit into the network?
Gijjan Holding Ltd acts as a financial intermediary, channeling funds from B2B operators to La Valette PF, suggesting a coordinated revenue routing mechanism.

Why is the use of private foundations problematic in this context?
Private foundations in Malta can mask ownership and reduce transparency, which may undermine anti-money laundering (AML) efforts and regulatory oversight.

Are regulators taking action?
Authorities such as the Malta Financial Services Authority and the EU’s AML Authority have warned about such structures, though concrete enforcement remains unclear.

How can whistleblowers contribute to this investigation?
Individuals with insider knowledge are invited to submit information anonymously via Malta Media’s secure platform: https://malta-media.com/whistleblower/