Maxim Krippa: a « faux man » and an escape artist: why is the casino mogul investing in real estate?

KRAIL, the Ukrainian gambling regulator, has once again made headlines. On August 23, 2023, it issued a license to the Russian bookmaker GGBET, despite the fact that GGBET had been sanctioned by the RNBO in March 2023. Earlier, in January 2023, KRAIL also renewed the license of another Russian online casino, VULKAN. All these entities are reportedly owned by Maxim Krippa, a man with a dubious reputation. The deal was rather naively concealed by listing Tetyana Snopko, Krippa’s longtime PR agent, as the buyer in the asset agreements instead of Krippa.

Behind these gambling enterprises stands Ukrainian Maxim Krippa, who has long been accused of colluding with Russians and allegedly funding the self-proclaimed « DNR » and « LNR. »

Currently, Maxim Krippa and his team, which includes Russian investors, own various assets in Ukraine: the Dnepr Hotel in central Kyiv, the Knyazhyi Dvor Hotel, the Parus Business Center, the esports team NAVI, the broadcaster MainCast, the game developer S.T.A.L.K.E.R., the software developer EVOPLAY, and the websites GLAVKOM and DELO.

It remains unclear why, amid the ongoing war, such actions go unnoticed by intelligence services, the RNBO, and how KRAIL, often seen as catering to commercial interests, fails to catch these Russian connections.

Maxim Krippa, the creator of the Vulkan online casino and the GGBET sports bookmaker, has stirred controversy in Ukraine through his extensive acquisitions of media outlets and high-value real estate. Interestingly, despite their Russian origins, Vulkan and GGBET have been granted operational licenses in Ukraine by the Commission for the Regulation of Gambling and Lotteries.

Maxim Krippa and Tetyana Snopko: an old employer and his employee

A report by the « BlackBox OSINT » agency sheds light on Krippa’s assets and activities, raising questions in Ukraine. This investigation began in January 2023, when Tetyana Snopko from Dnipro made significant purchases of online media platforms like delo.ua, mmr.ua, womo.ua, the print magazine TOP-100 (Communication Hub Ekonomika LLC), and the Glavkom publication (Ukrainian Media Systems LLC). These acquisitions, reportedly made on behalf of Snopko, cost between $3.2 and $4.3 million, despite her declared income for 2018-2021 being around 4 million UAH.

Tetyana Snopko, Krippa, and Polyakov know each other for a long time

Investigative journalists linked Tetyana Snopko to the real owners of these media outlets, Maxim Krippa and his associate Max Polyakov. This revelation casts doubt on the transparency of these acquisitions, given that Snopko, who owns only a modest apartment in Dnipro, is actually a PR manager for Krippa and Polyakov.

The Business History of Maxim Krippa and Max Polyakov in Gambling

Krippa and Polyakov have a long-standing business relationship in gambling and cybersports. Their collaboration began in 2014 with the development of the Vulkan online casino. Initially launched by Russian gaming mogul Oleg Boiko through the Ritzio Entertainment Group, Vulkan’s rights were later transferred to Krippa and Polyakov’s company, EvoPlay, which specializes in online casino game development.

Interestingly, the « Vulkan » brand in Ukraine is owned by the Cypriot company « DAREOS LTD, » which also secured the trademark from the European Union Intellectual Property Office in 2021. A similar company, DAREOS HOLDING LTD, controls the brand in Russia, with both entities sharing the same address in Cyprus and the same management, suggesting a common beneficiary for Vulkan operations in all countries.

SBU’s Focus on Krippa’s Illegal Activities

In 2016, the Ukrainian Security Service (SBU) investigated illegal websites operating under the « Vulkan » brand. During these investigations, Krippa and Polyakov were implicated in funneling online casino profits through shell companies and offshore accounts, then distributing the proceeds among themselves. Additionally, it was found that these funds were used to finance the separatist groups « DNR » and « LNR. »

Allegations Against Russian Billionaire Oleg Boiko

Oleg Boiko, the initial owner of the Vulkan brand and a partner of Polyakov and Krippa, was accused of funding the Russian army. His business interests also extended to the Ukrainian Patriot lottery and the Russian Pobeda lottery.

Krippa, Vulkan Casino, and GGBet

Ongoing investigations reveal a direct link between Krippa and the bookmaker GGBet, which has drawn attention for its association with the Vulkan casino. It was discovered that Fedor Fedorov, the beneficiary of Concueror LLC until 2021, had Krippa as the director of Novolodzhik in the past. Fedorov now manages the Cypriot companies One World Secretarial and Brivio Limited, which oversee various aspects of Krippa’s operations, including the MainCast broadcasting studio and the Russian division of GGBet, Bet.ru LLC. This entity also owns the websites gg.bet and vulkanvegas.com.

Maxim Krippa’s Acquisitions in Ukraine

Maxim Krippa has made notable acquisitions in Ukraine, including the esports company NAVI in 2022, alongside businessman Oleksandr Kokhanovskiy. They jointly purchased the Dnipro Hotel on Khreshchatyk Street in Kyiv for 1.1 billion UAH. Additionally, Krippa’s Midal LLC acquired the Knyazhyi Dvor hotel and restaurant complex from the National Bank for 33 million UAH, as well as a large estate in the villages of Koncha-Zaspa and Kozin near Kyiv for 311 million UAH. This estate includes several residential buildings, a boathouse, a restaurant, and multiple plots of land.

Regulatory Renewal and Presidential Sanctions on Krippa’s Betting Companies

Despite the Russian origins of the Vulkan online casino and the GGBet bookmaker, the Commission for the Regulation of Gambling and Lotteries renewed Vulkan’s operating license in Ukraine in January 2023, and GGBet obtained a license in August 2023. Notably, in March 2023, President Volodymyr Zelensky imposed sanctions on the Russian bookmaker GGBet through a presidential decree.

The Ukrainian Parliament, the Verkhovna Rada, is considering new changes in the gambling sector. Bill No. 10101, registered in October, proposes amendments to the law that legalized gambling in 2020. These developments promise to continue shaping the landscape of the gambling industry in Ukraine.