What the Casino Secrets investigation reports about the SOFTSWISS-associated grouping
The investigation’s own article publishes aggregate financial figures for a grouping of Curaçao-licensed companies it associates with SOFTSWISS, and those figures are publisher aggregates rather than audited consolidated accounts. The Casino Secrets: SOFTSWISS article, published 22 September 2026, gives aggregate revenue of EUR 1,982,616,826 for 2024 and EUR 2,061,727,065 for 2025, aggregate GGR (gross gaming revenue, the amount kept after paying out winnings) of EUR 1,642,293,367 for 2024 and EUR 1,753,480,311 for 2025, an aggregate net result of −EUR 180,755,411 for 2025, and an operator-payment line of EUR 365,075,547 for 2025. The publisher interprets the destination of that payment line; it is not independently audited.
| Measure (as published) | 2024 | 2025 |
|---|
| Aggregate revenue, per the investigation’s SOFTSWISS article | EUR 1,982,616,826 | EUR 2,061,727,065 |
| Aggregate GGR, per the same article | EUR 1,642,293,367 | EUR 1,753,480,311 |
| Aggregate net result, per the same article | not stated in the reviewed figures | −EUR 180,755,411 |
| Operator-payment line, per the same article | not stated in the reviewed figures | EUR 365,075,547 |
On the two published revenue aggregates, our arithmetic gives growth of 3.99% from 2024 to 2025 (inputs: EUR 1,982,616,826 and EUR 2,061,727,065). That calculation says nothing about German revenue, market split or consolidated ownership. The aggregate GGR must not be described as German player losses: the article’s own country scope is multiple markets, with no verified country split.
For 2025 the same article publishes rounded revenue per company: Dama N.V. about EUR 1.235bn, Hollycorn N.V. EUR 348m, Just Entertainment B.V. EUR 265m, Latiform B.V. EUR 131m, Stable Tech N.V. EUR 71m, Scores55 Tech N.V. EUR 23m and Topchik N.V. EUR 20m. Revenue and GGR are different measures and are not comparable line by line.
Separately, the NDR published research notes and responses report at least 388 sites said to target German players in the investigation’s snapshot. That is the publisher’s classification, which we have not independently replicated, and a site count is not a brand count — the same caveat that applies to the 362 distinct domains listed on the Just Entertainment B.V. certificate discussed in part 1.
On Latiform B.V., the Casino Secrets: Platincasino article publishes modelled German gambling tax of EUR 14,987,401.59 for 2023, EUR 109,021,782.97 for 2024 and EUR 103,748,037.16 for 2025, alongside published company GGR of EUR 121,000,869 for 2024 and EUR 115,147,655 for 2025 and an assumed German share of 85%. These are journalist estimates built on an assumption about customer mix, not tax assessments and not proven unpaid tax. Our arithmetic on the three annual estimates gives EUR 227,757,221.72, which is EUR 22,242,778.28 below the article’s approximate EUR 250m narrative figure — an unresolved discrepancy inside the reporting. The operator side of that case is covered in more detail on our page about the Platincasino operator and Curaçao licence.
Where the published numbers disagree
The clearest conflict concerns Dama N.V.: the NDR notes quote revenue of EUR 1,645,499,958 for 2025 as labelled, while the investigation’s SOFTSWISS article gives about EUR 1.235bn for the same year. We do not treat either as the verified company figure; the scope and accounting period behind each is not reconciled in the reviewed sources.
A second gap is one of scope: the article refers to nine licensed companies while displaying seven company revenue figures, and neither the geographic split nor any consolidation basis is established. A third is naming: the CGA register dated 21 September 2026 uses Scores55 Tech N.V., while the article uses spelling and legal-suffix variants, so the match is provisional pending a corporate extract.
What SOFTSWISS and the Curaçao Gaming Authority say
Both SOFTSWISS and the regulator dispute the grouping framing, and their responses appear in the NDR notes. SOFTSWISS denies operating end-user casinos and states that shared software does not establish ownership or control, according to the NDR published research notes and responses. The same notes report that the Curaçao Gaming Authority says it has no regulatory SoftSwiss-network classification and that shared technology does not make entities one network.
On tax, the published response in those notes states that the identified companies paid several hundred million euros of German gambling taxes under protest. That response is not independently verified, but it directly cuts against treating any modelled figure as an established unpaid debt.
Claim versus evidence
| Claim | Who says it | Evidence type | Status as of 29 September 2026 |
|---|
| Seven named companies hold Curaçao Gaming Authority licences with register status “Indefinite” | CGA register dated 21 September 2026 | Official record | Confirmed record (dated snapshot) |
| The companies form a SOFTSWISS-associated network | Casino Secrets: SOFTSWISS article | Published reporting | Disputed by SOFTSWISS and by the CGA |
| Aggregate 2025 revenue EUR 2,061,727,065; 2024 EUR 1,982,616,826 | Casino Secrets: SOFTSWISS article | Published reporting (publisher aggregate) | Reported; scope and country split unresolved |
| Revenue growth of 3.99%, 2024 to 2025 | Curaçao Leak Research Desk | Our arithmetic on the two published aggregates | Confirmed arithmetic on reported inputs |
| Dama N.V. 2025 revenue EUR 1,645,499,958 versus about EUR 1.235bn | NDR notes versus the SOFTSWISS article | Published reporting (two sources) | Unresolved conflict |
| German gambling tax of EUR 14,987,401.59 (2023), EUR 109,021,782.97 (2024), EUR 103,748,037.16 (2025) for Latiform B.V. | Casino Secrets: Platincasino article | Published reporting (journalist model, 85% German share assumed) | Estimated, not assessed or decided |
| Companies paid several hundred million euros of German gambling tax under protest | Published response in NDR notes | Published reporting (response) | Reported; not independently verified |
| Topchik N.V. is a B2B licensee | CGA register dated 21 September 2026 | Official record, cross-checked against the article’s financial list | Confirmed record; inclusion in a consumer casino list not supported |
| At least 388 sites targeting German players | NDR notes | Published reporting | Reported; classification not replicated by us |
An investigation, an estimate or a tax model is not a conviction and not a final penalty.
What is still unresolved
- Whether the reported grouping reflects common ownership and control, or only shared technology and suppliers.
- The geographic split of the reported revenue and GGR, which no reviewed source establishes.
- Which Dama N.V. revenue figure reflects which scope and accounting period.
- Why the article names nine licensed companies but shows seven company revenue figures.
- Whether Scores55 Tech N.V. in the CGA register and the article’s name variants are the same legal entity.
- Whether the observed Dama N.V. and Hollycorn N.V. certificates, each listing a single domain, correspond to the wider historical inventory described in the reporting; certificate snapshots do not reproduce it.
Why these records matter
For people in the United Kingdom checking a casino, the practical point is narrow: a Curaçao licence entry, even one recorded as “Indefinite” on 21 September 2026, is not an authorisation to serve customers in any other country, and a certificate display is a separate observation from the dated register. Anyone worried about their own or someone else’s gambling can contact a gambling support service in their own country.
For industry and compliance readers, the records show why licence-holder identity, domain lists and financial aggregates must be cited separately. Domain counts include mirrors, a B2B register classification is not a consumer-facing operator, and a publisher aggregate is not a consolidated group account.
For regulators and journalists, the unreconciled Dama N.V. figures, the EUR 22,242,778.28 gap inside the Platincasino tax model and the nine-versus-seven company scope question are the citable weak points in the published material, alongside the regulator’s statement that it maintains no network classification.
How to check the records yourself
- Open the CGA online gaming licence register dated 21 September 2026 and search for the company name; note the licence number, the B2C or B2B marking and the status wording with its record date.
- Open the matching certificate — for example Dama N.V., Just Entertainment B.V., Hollycorn N.V. or Latiform B.V. — and record the certificate status and approved domain list separately from the register entry.
- Count domains yourself and group obvious name families; treat mirrors as mirrors, not as separate brands.
- Compare the reported figures in the Casino Secrets: SOFTSWISS article and the NDR published research notes and responses side by side, keeping each measure type, period and currency intact.
- Read the operator and regulator responses in the NDR notes next to the claim they answer, rather than separately.
- Re-check the register on a later date before relying on any status, and see our explainer on how certificate and register records differ.
Records cited here were checked on 29 September 2026 and rechecked on 30 September 2026.
