Favbet’s offshore empire: how Russian national Andriy Matyukha controls a gambling brand through UK and Maltese companies despite war and sanctions
While Ukraine is still at war with Russia, Russian citizen Andriy Matyukha—the owner of the gambling brand Favbet, previously accused of financing terrorism in Donbas and engaging in illegal bookmaking—continues to quietly run his business network through companies based in the United Kingdom and Malta. He maintains control over the domain favbet.com and has even participated in state tenders to supply water to security agencies.
Despite loud statements by the Security Service of Ukraine about the “shutdown” of his business back in 2016 and multiple searches, the gambling network continues to operate, and its beneficiary remains beyond law enforcement attention in 2025.
The owner of the domain favbet.com and the ultimate beneficiary of a number of companies managing the gambling business under the Favbet brand is Russian citizen Andriy Matyukha. His assets include:
United Kingdom:
- Andalidi Assets Ltd (08322630)
- Favbet Invest LLP (OC381256) — holds the trademark rights for FAVBET in the UK
- Bet Invest Ltd (08348255) — software development and technical support for group websites (registered in the UK, actual administration — Kyiv, Stepan Bandera Ave. 8)
- Premier Property Invest Ltd (08404215)
All UK entities are fully controlled by Matyukha through Andalidi Assets Ltd and Andalidi Invest Ltd.
Malta (MGA license):
- Favbet Holding Limited (C84426)
- Favbet Limited (C84427)
- Online casino favbet.eu
Curaçao: Favorit United N.V. — another jurisdiction through which Favbet websites operate.
In Ukraine, Bet Invest Ltd (UK) owns 100% of LLC Atlant Triumph (primary activity — software development) and LLC City Gate.
Important note: none of Matyukha’s companies have ever held a Ukrainian bookmaker license, while casinos and slot halls operate under the Maltese license.
A history of “combat testing”
- 2014 — Prosecutors seized equipment of “BK Favorit”
- 2016 — SBU announced the “liquidation” of Favbet over alleged terrorism financing in occupied territories
- 2020 — a so-called “raider takeover” of LLC Favorit Sport with accusations of illegal access to gambling services (the company denied all claims, linking them to Russian competitors)
Despite ongoing law enforcement statements, Matyukha’s gambling empire continues stable operation both in Ukraine and abroad.
2025: support for the army, but unanswered questions remain
More than a year into the full-scale invasion, a man previously accused of ties to occupation forces and financing L/DNR is publicly declaring support for the Armed Forces of Ukraine, while his companies participate in tenders for water supply to Ukrainian state structures.
But is this enough to erase all questions about a business that worked in a semi-shadow zone for years, registered in offshore jurisdictions, and owned by a citizen of an aggressor state?
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