Public-Interest Documentation · Updated March 2026
The money has an owner, and the owner has a registry entry.
Whale.io takes cryptocurrency deposits from players worldwide, then blocks accounts and withholds balances at the point of withdrawal. This dossier traces the platform through its licensed operator, its offshore holding structure, and its Estonian parent company — to the people named as its beneficial owners in official government registries. Every corporate fact below is drawn from public records that anyone can verify.
This is a documentation and restitution project. It publishes corporate records, licensing data and player testimony in the public interest. It does not publish national identity numbers, residential addresses or private contact details of any individual.
The Restitution Claim
€1.3 million in withheld player funds, formally claimed
A restitution demand has been submitted to the operator on behalf of the documented victim group. It asks for one thing: the return of money that players deposited and won, and that the platform holds without any legal basis for keeping it.
What is being demanded
Return of the withheld balances of the represented players, in full, to the wallets from which they were funded. Nothing more.
- The funds were deposited by the players and are their property.
- No player has received a documented, evidenced justification for confiscation.
- The operator’s own dispute process has resolved none of the 64+ documented cases.
- The platform’s Anjouan licence provides no dispute-resolution body to appeal to.
If the funds are returned, this record is amended to say so
This dossier documents an ongoing refusal to pay. Any case that is settled will be marked as resolved on this page, with the same prominence as the original entry. Accurate and current is the only standard being applied here.
Chain of Control
From the website to the beneficial owner
Each step in this chain is recorded in a government registry or an official licence document. The chain is not inferred — it is filed.
Strength of each link
| Connection | Source of record | Basis |
|---|---|---|
| whale.io → YGF Entertainment B.V. | Curaçao Commerce Registry #5141-4906-2532-7127 | Operator of record on the licence itself |
| whale.io → Whale Operations Ltd | Seychelles Registry 222756; site licence footer | Named owner; holds Anjouan gaming licence |
| YGF → Moon Technologies B.V. | Curaçao registry; shared registered address | Same address, same infrastructure, same management |
| Platform → Yolo Group | Hub88 CDN delivery; Yolo portfolio listings | Games served from Yolo Group’s own content network |
| Yolo Group → YOLO TECH OÜ | Estonian Business Registry #14609414 | Official government record |
| YOLO TECH OÜ → T. J. Heath (70.5%) | Estonian UBO Registry (ariregister.rik.ee) | Declared beneficial ownership on file |
Declared shareholders of YOLO TECH OÜ
| Shareholder | Role in group | Stake |
|---|---|---|
| Timothy John HeathFounder & Ultimate Beneficial Owner | Founder, Yolo Group; General Partner, Yolo Investments | 70.50% |
| Reio Piller | Former CTO; supervisory board since 2024; board seats across the group | 18.00% |
| Treasury | Company-held | 4.00% |
| Maarja Pärt | Former CEO; board member; liquidator of Yolo Investments OÜ | 3.50% |
| Mikk Kard | Director since 2018 | 2.00% |
| Raido Purga | Director; named in ICIJ Pandora Papers (Lexington Security Group Inc, BVI) | 1.00% |
| Tauri Tiitsaar | Director, Bitcasino | 1.00% |
Shareholdings and board roles above are published in the Estonian Business Registry, which is a public record. Only professional roles and declared holdings are reproduced here.
Offshore exposure — ICIJ Pandora Papers
Luckbox Enterprises Ltd (BVI, IBC 1578347, incorporated 30 March 2010) is recorded in the ICIJ Pandora Papers with Timothy John Heath as beneficial owner, incorporated via Fidelity Corporate Services. Lexington Security Group Inc (BVI) is recorded against Raido Purga. Both are searchable in the ICIJ Offshore Leaks Database.
Corporate Structure
35 entities across six jurisdictions
A Seychelles operating company holds the licence. Five Guernsey companies hold the Estonian operating businesses. A Malta vehicle holds a further stake. The revenue is earned offshore and the staff, buildings and tax liabilities sit in Estonia.
Operating & licensing entities
| Entity | Registration | Jurisdiction | Role |
|---|---|---|---|
| YGF Entertainment B.V. | 5141-4906-2532-7127 | Curaçao | whale.io operator of recordKorporaalweg 10, Willemstad |
| Whale Operations Ltd | 222756 | Seychelles | whale.io owner; Anjouan licence holderSuite 3, Global Village, Jivan’s Complex, Mahé |
| Moon Technologies B.V. | 152185 | Curaçao | bitcasino.io operator · licence OGL/2023/111/0069 |
| Yolo Limited | OC1122 | Malta | Group company · 93 Mill Street, Qormi |
| Vereeni Investments Ltd | C 82096 | Malta | Holds 43.41% of Stacey OÜ |
| YOLO LTD | — | Belize | Shareholder of Mirai International Ltd (Malta) |
Guernsey holding layer — 0% tax on non-local income
| Holding company | Registration | Owns |
|---|---|---|
| Yolo Group Limited | 70166 | Yolo Tech OÜ (100%) → Heathmont OÜ |
| Bombay Holding Ltd | 70665 | Bombay Group OÜ (100%) |
| Yolo SPV Ltd | 70160 | Kirkcong Property OÜ (100%) |
| OT Group Ltd | 75286 | Live88 Studios OÜ (100%) |
| Unicorn LAB Ltd | 72161 | Heathmont Travel OÜ (100%) |
Estonian operating companies — principal entities
| Company | Reg. code | Beneficial owner | Notes |
|---|---|---|---|
| YOLO TECH OÜfka Heathmont Group OÜ | 14609414 | T. J. Heath 70.5% | Parent holding company · €407K turnover 2024 annual report not filed |
| Heathmont OÜ | 11063972 | T. J. Heath (via Yolo Tech) | 345 employees · €22.7M quarterly turnover · incorporated 2004 555 → 345 staff in Q4 €1.1M tax debt cleared |
| Bombay Group OÜ | 16132057 | T. J. Heath (via Bombay Holding, Guernsey) | Casino & hospitality · €3.4M turnover Tax debt €401,507 82+ staff cut Mar 2026 |
| Bombay Club and Resort OÜfka Kopikas Entertainment OÜ | 14045680 | T. J. Heath (indirect) | 164 employees · 7 gambling licences · €1M capital Tax debt €251,228 |
| Live88 Studios OÜfka Bombay Studios | 14951650 | T. J. Heath (via OT Group, Guernsey) | In-house game studio · 23 employees · €1.8M turnover |
| Burman Hotel OÜfka Bombay Hotels | 16165223 | T. J. Heath (indirect) | 27 employees Tax debt €25,834 |
| Kirkcong Property OÜ | 14475936 | T. J. Heath (via Yolo SPV, Guernsey) | Real estate · owns the Suur-Patarei 13 headquarters building |
| Piangil OÜfka Phyros Invest OÜ | 11533886 | T. J. Heath 100% (direct) | Personal property holding · 15 registered property units · 15.93% of Stacey OÜ |
| Stacey OÜ | 11057486 | Heath + Piller + Rei (indirect) | Wind power & data hosting · €19.2M net assetsVereeni (MT) 43.41% · CSW 35.92% · Piangil 15.93% · Rei & Co 4.73% |
| CSW Holding OÜfka Crypto Software OÜ | 12606506 | Reio Piller 100% | Controls Ghost Performance, Reimar, RPT, Hypno, Stacey |
| Greenbit Mining OÜ | 16561203 | via Stacey OÜ (100%) | Financial services |
| Hypno Investments OÜ | 16834747 | Piller 34% / Heath 34% / Lamp 33% | CSW Holding 34%, Piangil 33%, Cala Digi 33% |
| RedDigital OÜ | 14628699 | T. J. Heath (via Yolo Tech) | Media representation · €357K turnover |
| Heathmont Travel OÜ | 14790371 | T. J. Heath (via Unicorn LAB, Guernsey) | Travel reservations · €67K turnover |
| MP Holdings OÜ | 14473788 | Maarja Pärt 100% | Consulting, real estate · €361K turnover |
| Sofa Lounge OÜ | 16360605 | Travis W. Beswick 100% | Registered at the same Suur-Patarei 13 address |
| OÜ Rei & Company | 11587155 | Karl Rei 100% | €0 turnover · 4.73% of Stacey OÜ Tax debt €301 |
| Yolo Investments OÜfka Lightning Ventures OÜ | 14972698 | Deleted | In liquidation → registry entry deleted 02.09.2025Liquidator: Maarja Pärt, from 11.11.2024 |
| Yolo Charity MTÜfka Heathmont Charity | 80567838 | Non-profit association | Board: Pärt (2019), Põldar (2021) |
| Entwinery OÜ | 12988560 | Piller 50% / Purga 50% | Incorporated 2016 |
| Ghost Performance OÜ | 17293265 | via CSW Holding 100% | Incorporated Jul 2025 |
| Reimar Solutions OÜ | 17380490 | via CSW Holding 100% | Web search portals · incorporated Nov 2025 |
| RPT Holding OÜ | 17416680 | via CSW Holding 95.27% | Holds 51% of Imaginal Microsystems · incorporated Jan 2026 |
| Imaginal Microsystems OÜ | 17417218 | RPT Holding 51% / Coreon 49% | R&D · incorporated Jan 2026 |
One address, six companies
Suur-Patarei tn 13, Tallinn is the registered office of Heathmont OÜ, YOLO TECH OÜ, Bombay Group OÜ, Stacey OÜ, Live88 Studios OÜ and Sofa Lounge OÜ. The building itself is owned by Kirkcong Property OÜ, another entity in the same group. This is a single coordinated operation, not a set of independent businesses.
A shell-company address in Curaçao
Korporaalweg 10, Willemstad — the registered address of whale.io’s operator YGF Entertainment B.V. — is shared with River Entertainment B.V., Medium Rare N.V. (fecobet.com) and Long Island N.V. (CrazyWins). Multiple unrelated gambling operators at one address is a recognised indicator of structures built to obscure beneficial ownership.
The five-layer offshore structure
Revenue is earned by a Seychelles company on a Comoros licence, held through Guernsey companies that pay no tax on non-local income, with a Malta vehicle holding a further stake — while the employees, the buildings and the tax liabilities all sit in Estonia.
Timothy John Heath — Australian national, Estonian UBO registry
├── Piangil OÜ (100% direct) ── 15 properties
│ └── 15.93% of Stacey OÜ
│
├── via Guernsey — 0% tax on non-local income
│ ├── Yolo Group Limited (70166)
│ │ └── Yolo Tech OÜ (100%) ──► Heathmont OÜ — 345 employees
│ ├── Bombay Holding Ltd (70665)
│ │ └── Bombay Group OÜ (100%) ──► tax debt €401,507
│ │ └── Bombay Club and Resort OÜ (100%) ──► tax debt €251,228
│ ├── Yolo SPV Ltd (70160)
│ │ └── Kirkcong Property OÜ (100%) ── owns the headquarters building
│ ├── OT Group Ltd (75286)
│ │ └── Live88 Studios OÜ (100%) ── in-house game studio
│ └── Unicorn LAB Ltd (72161)
│ └── Heathmont Travel OÜ (100%)
│
├── via Malta — favourable regime
│ └── Vereeni Investments Ltd (C 82096)
│ └── 43.41% of Stacey OÜ ── 13 properties
│
├── via Seychelles — 0% tax on foreign income
│ └── Whale Operations Ltd (222756)
│ └── whale.io operations ── Anjouan licence, no oversight
│
└── via British Virgin Islands — ICIJ Pandora Papers
└── Luckbox Enterprises Ltd (IBC 1578347, inc. 30-MAR-2010)
| Jurisdiction | Tax treatment | Entities | Function in the structure |
|---|---|---|---|
| Comoros (Anjouan) | No oversight | Licence issuer | Cheapest gambling licence available; zero player protection |
| Seychelles | 0% on foreign income | Whale Operations Ltd | Operating entity — receives the gambling revenue offshore |
| Guernsey | 0% on non-local income | 5 entities | Holding layer owning the Estonian operating businesses |
| Malta | Favourable regime | Vereeni Investments, Yolo Limited | Investment vehicle — 43.41% of Stacey OÜ |
| British Virgin Islands | 0% | Luckbox Enterprises, Lexington Security Group | Pandora Papers entities, incorporated via Fidelity Corporate Services |
| Estonia | 0% on retained earnings | 25 entities | Where the staff, the premises, the property and the tax debts are |
Renaming as a pattern
Kopikas Entertainment OÜ → Bombay Club and Resort OÜ. Bombay Hotels → Burman Hotel OÜ. Bombay Studios → Live88 Studios OÜ. Crypto Software OÜ → CSW Holding OÜ. Heathmont Group OÜ → YOLO TECH OÜ. Phyros Invest OÜ → Piangil OÜ. Lightning Ventures OÜ → Yolo Investments OÜ → deleted. The registry codes stay the same; only the names change.
Asset Register
52 registered properties, all in Estonia
Verified through the Estonian Land Board (Maa-amet) and cross-referenced with the Land Register (Kinnistusraamat). Cadastral numbers are given so that any entry can be retrieved and checked independently. This matters for one reason: an offshore operator with no reachable assets is a dead end for recovery, and this group has 52 of them sitting in an EU member state.
| Holding entity | Beneficial owner | Properties | Locations |
|---|---|---|---|
| Piangil OÜ11533886 | T. J. Heath 100% | 15 | Old Town (Rataskaevu), Pirita waterfront, Põhja-Tallinn, Harku vald |
| Stacey OÜ11057486 | Heath + Piller + Rei | 13 | Saaremaa island — rural, agricultural, wind energy |
| CSW Holding OÜ12606506 | R. Piller 100% | 12 | Saare tee, Loo alevik — a single residential development |
| MP Holdings OÜ14473788 | M. Pärt 100% | 4 | Noblessneri waterfront, Old Town, Pelgulinn |
| Kirkcong Property OÜ14475936 | T. J. Heath (via Guernsey) | 4 | Põhja-Tallinn — includes the group headquarters |
| Bombay Group OÜ16132057 | T. J. Heath (indirect) | 3 | Rataskaevu tn — casino, hotel, commercial |
| OÜ Rei & Company11587155 | K. Rei 100% | 1 | Kristiine — residential apartment |
| Total | — | 52 | All within Estonia |
One street in Tallinn Old Town
Five properties on Rataskaevu Street form a consolidated block in one of Estonia’s most valuable historic areas — the casino, the hotel, and the commercial buildings between them.
| Address | Cadastral no. | Owner entity | What is there |
|---|---|---|---|
| Rataskaevu tn 5 | 78401:101:0037 | Bombay Group OÜ | Bombay Club — physical casino and restaurant |
| Rataskaevu tn 6 / Pikk jalg 3 | 78401:101:0960 | Piangil OÜ | Commercial property, adjacent to the casino |
| Rataskaevu tn 7 / Dunkri tn 8 | 78401:101:1600 | Bombay Group OÜ | Burman Hotel |
| Rataskaevu tn 9 | 78401:101:4170 | Piangil OÜ | Residential building |
| Rataskaevu tn 22 / Lühike jalg 4 | 78401:101:1140 | Bombay Group OÜ | Old Town commercial property |
Piangil OÜ — 15 properties
| Cadastral no. | Address | District |
|---|---|---|
| 78401:101:0960 | Pikk jalg 3 / Rataskaevu tn 6 | Kesklinn (Old Town) |
| 78401:101:4170 | Rataskaevu tn 9 | Kesklinn (Old Town) |
| 78401:111:0027 | Tartu mnt 50a | Kesklinn |
| 78402:201:0320 | Tuulenurga tn 10 | Pirita (waterfront) |
| 78402:201:0330 | Tuulenurga tn 8 | Pirita (waterfront) |
| 78402:201:0340 | Tuulenurga tn 6 | Pirita (waterfront) |
| 78408:801:0305 | Põhja pst 5 | Põhja-Tallinn |
| 78408:801:3700 | Jahu tn 1 | Põhja-Tallinn |
| 19801:002:2222 | Reinu, Tiskre küla | Harku vald |
| 19801:002:0114 | Rajakalda, Tiskre küla | Harku vald |
| 19801:002:0844 | Kallasmaa, Tiskre küla | Harku vald |
| 19801:002:0846 | Kaarle, Tiskre küla | Harku vald |
The Land Register records 15 property units; 12 cadastral numbers resolved via the Land Board API. Three further registered properties were not extractable from registry pagination.
CSW Holding OÜ — an entire street in Jõelähtme vald
| Cadastral no. | Address | Cadastral no. | Address |
|---|---|---|---|
| 24504:006:0775 | Saare tee 4, Loo alevik | 24504:006:0782 | Saare tee 9, Loo alevik |
| 24504:006:0776 | Saare tee 4a, Loo alevik | 24504:006:0783 | Saare tee 10, Loo alevik |
| 24504:006:0777 | Saare tee 6, Loo alevik | 24504:006:0784 | Saare tee 10a, Loo alevik |
| 24504:006:0780 | Saare tee 7, Loo alevik | 24504:006:0786 | Saare tee 11, Loo alevik |
| 24504:006:0781 | Saare tee 7a, Loo alevik | 24504:006:0785 | Saare tee 11a, Loo alevik |
| 24504:006:0778 | Saare tee 8, Loo alevik | 24504:006:0788 | Saare tee 13a, Loo alevik |
| 24504:006:0779 | Saare tee 8a, Loo alevik | 24504:006:0789 | Saare tee 15, Loo alevik |
| — | — | 24504:006:0790 | Saare tee 15a, Loo alevik |
15 cadastral plots across 12 property units, every one of them on the same street.
Stacey OÜ — 13 properties on Saaremaa island
| Cadastral no. | Address | Cadastral no. | Address |
|---|---|---|---|
| 40101:001:0371 | Tiigi, Sikassaare küla | 40104:001:0210 | Sooääre, Kuke küla |
| 40101:001:0369 | Põllu, Sikassaare küla | 40104:001:0211 | Laratsipõllu, Kuke küla |
| 40101:001:0370 | Põlluääre, Sikassaare küla | 40103:001:0430 | Mihkli, Tahula küla |
| 40101:001:0372 | Sarapupõllu, Sikassaare küla | 40101:002:0202 | Madisepõllu, Vaivere küla |
| 40101:001:0380 | Uuevärava, Sikassaare küla | 40104:002:0230 | Küüne-Selbergi, Tõre küla |
| 40103:003:0420 | Künka, Ratla küla | 40103:002:0170 | Mihklipõllu, Paimala küla |
| 40103:003:0421 | Kongi, Ratla küla | 40103:002:0171 | Mihklipõllu, Paimala küla |
Kirkcong Property OÜ — the headquarters
| Cadastral no. | Address | Significance |
|---|---|---|
| 78408:801:0171 | Suur-Patarei tn 13 | Group headquarters — six companies registered here |
| 78408:801:0170 | Maleva tn 4 | Põhja-Tallinn, adjacent to the HQ |
| 78408:801:0350 | Maleva tn 4b | Põhja-Tallinn, adjacent to the HQ |
| 78408:801:0041 | Jahu tn 4 | Põhja-Tallinn |
| 78408:801:0320 | Neeme tn 30 | Põhja-Tallinn |
| 78408:801:0321 | Neeme tn 30a | Põhja-Tallinn |
MP Holdings OÜ — Noblessneri waterfront
| Cadastral no. | Address | District |
|---|---|---|
| 78408:801:0328 | Staapli tn 12 | Põhja-Tallinn (Noblessneri waterfront) |
| 78408:801:0329 | Staapli tn 8 | Põhja-Tallinn (Noblessneri waterfront) |
| 78408:801:0331 | Staapli tn 3 | Põhja-Tallinn (Noblessneri waterfront) |
| 78408:801:0334 | Staapli tn 4 | Põhja-Tallinn (Noblessneri waterfront) |
| 78408:801:0348 | Staapli tänav T2 | Põhja-Tallinn (road / infrastructure) |
| 78401:101:4360 | Lai tn 30a | Kesklinn (Old Town) |
| 78401:001:0036 | Paldiski mnt 34 | Põhja-Tallinn (Pelgulinn) |
Why the asset register matters for recovery
A claim against a Seychelles company on a Comoros licence is, in practice, unenforceable. A claim against Estonian companies holding 52 registered properties, employing 701 people and filing €120M in annual revenue is a different matter entirely — those assets sit inside the EU, in a jurisdiction with a functioning land register and enforceable court judgments. That is the reason this section exists.
Financial Record
€120M a year in revenue, and €678,870 owed to the tax authority
The figures below come from mandatory quarterly filings in the Estonian Business Registry. They are government-verified and publicly retrievable by anyone with the registry code.
Q4 2025 — quarterly filings by entity
| Company | Employees | Turnover (€) | State taxes (€) | Workforce taxes (€) |
|---|---|---|---|---|
| Heathmont OÜ | 345 | 22,714,240 | 3,779,444 | 4,101,050 |
| Bombay Group OÜ | 154 | 3,429,070 | 1,137,933 | 908,579 |
| Bombay Club & Resort OÜ | 164 | 231,233 | 1,147,137 | 791,170 |
| Live88 Studios OÜ | 23 | 1,825,173 | 451,325 | 471,870 |
| Stacey OÜ | 7 | 463,435 | — | 31,832 |
| Kirkcong Property OÜ | 3 | 437,754 | 118,293 | 48,891 |
| CSW Holding OÜ | 2 | 415,202 | — | 1,677 |
| Yolo Tech OÜ | 0 | 407,040 | 2,328 | — |
| Piangil OÜ | 2 | 12,145 | 7,943 | 3,127 |
| Sofa Lounge OÜ | 0 | 12,903 | 789 | — |
| OÜ Rei & Company | 1 | 0 | 1,211 | 1,035 |
| Total | 701 | 29,948,195 | 6,646,403 | 6,359,231 |
Annualised from Q4 2025: approximately €120 million in group revenue.
€678,870 owed
Four entities carry active tax debt, all recorded as beginning on the same date — 10.03.2026. Bombay Group €401,507; Bombay Club & Resort €251,228; Burman Hotel €25,834; Rei & Company €301.
€400K+ is social tax
The largest component of the debt is social tax — employees’ pension and health contributions, deducted from salaries but not forwarded to the Estonian Tax Authority. The money left the payslips. It did not reach the workers’ accounts.
−38% headcount in one quarter
Heathmont OÜ fell from 555 employees in Q3 2025 to 345 in Q4 2025 — 210 people in a single quarter, while the group’s social tax obligations went unpaid.
Tax debt, broken down by component
| Entity | Income tax | Social tax | Unemployment | Withheld income tax | Total (€) |
|---|---|---|---|---|---|
| Bombay Group OÜ16132057 · from 10.03.2026 | 9,929.84 | 246,207.44 | 14,381.95 | 130,987.60 | 401,506.83 |
| Bombay Club and Resort OÜ14045680 · from 10.03.2026 | 3,122.20 | 153,783.18 | 10,835.08 | 83,487.24 | 251,227.70 |
| Burman Hotel OÜ16165223 | — | — | — | — | 25,834.00 |
| OÜ Rei & Company11587155 · from 10.03.2026 | 65.51 | 212.73 | — | 23.03 | 301.27 |
| Total active debt | 13,117.55 | 400,203.35 | 25,217.03 | 214,497.87 | 678,869.80 |
| Heathmont OÜ11063972 · cleared 11.03.2026 | — | — | — | — | 1,114,996 Paid |
Read the social tax column
€400,203 of the €678,870 is social tax — employees’ pension and health insurance contributions, deducted from their salaries and then not forwarded to the Estonian Tax Authority. A further €214,498 is income tax withheld from those same salaries and likewise not remitted. Together that is €614,701 taken out of workers’ pay that never reached the state.
All four debts are recorded as commencing on the same day, 10.03.2026. Heathmont OÜ cleared €1.1M one day later, on 11.03.2026, while the hospitality entities did not — the debt was moved within the group rather than paid. The beneficial owner’s declared net worth during this period was AUD 2.46 billion.
The Bombay Club anomaly
Bombay Club & Resort OÜ reports 164 employees against €231,233 in quarterly turnover — about €470 per employee per month in revenue, which does not describe a functioning business. The same entity pays €1,147,137 in state taxes and €791,170 in workforce taxes: tax payments exceeding reported revenue by a factor of 8.3. Money is moving through the entity without appearing as its turnover.
A revenue discrepancy worth noting
Casino Guru estimates whale.io’s revenue at “exceeding $1M/year.” The Estonian registry shows the group generating €120M+ annually. The gap indicates that the great majority of platform revenue is booked offshore — in Seychelles and Guernsey — where it is invisible to casino review platforms and to the regulators players would turn to.
Regulatory Status
Licensed where no regulator can reach it
Whale.io operates on an Anjouan licence — the cheapest gaming authorisation available anywhere, issued by an autonomous island in the Comoros. It carries no player protection, no dispute resolution, no audits and no enforcement mechanism.
Current licence
| Authority | Anjouan, Union of Comoros |
| Licence no. | ALSI-202503012-FI1 |
| Holder | Whale Operations Ltd (Seychelles 222756) |
| Player protection | None |
| Dispute resolution | None |
| Audits / enforcement | None |
What the group does not hold
| UK Gambling Commission | Not registered |
| Malta Gaming Authority | Never obtained |
| Curaçao (Antillephone #8048/JAZ) | No longer active |
| Estonian online licence | Physical casino only |
| Mobile apps (Google / Apple) | None published |
Listing discrepancy
AskGamblers lists whale.io under the Curaçao Gaming Control Board, while the site itself displays an Anjouan licence. The operator appears to have lost or abandoned its Curaçao licence and moved to a jurisdiction with no oversight, without updating the listing that players consult before depositing.
Blocked or unlicensed in these markets
United Kingdom · Australia · Netherlands · France · Germany · Belgium · Sweden
Estonia’s own Finance Ministry has publicly identified gambling operators as the country’s single largest money-laundering risk category (ERR News).
Player Evidence
The same five steps, 64 times over
Individually these read as customer service failures. Collected together, they describe a procedure. Every case below was published by the player on a public review or complaint platform.
The documented sequence
Deposit
The player funds the account in cryptocurrency — USDT, BTC or TON. Registration requires no identity verification.
Play
The player accumulates a balance, through winnings or unspent deposits, and requests a withdrawal.
Block
The account is suspended at the moment of the withdrawal request — frequently without notification. Confirmed in cases from Russia, Indonesia and Kazakhstan.
KYC demand
Identity verification is demanded for the first time, with a 24–72 hour deadline. One player was given 24 hours while hospitalised. Verification passed once is often followed by a fresh demand.
Seizure
Funds are confiscated citing “failure to comply” or an unspecified terms violation. Support becomes unresponsive or scripted. No appeal body exists under the Anjouan licence.
Highest-value documented cases
| Player | Country | Amount | Platform | Status | Circumstances |
|---|---|---|---|---|---|
| Alice MonaBattleRoyaleEdge70158 | Portugal | $440,000 | Trustpilot | Unresolved | Four-year player; KYC demanded only at withdrawal; 72h verification became a week of silence |
| Agasha | Poland | $70,000 | Trustpilot | Unresolved | $1.1M lifetime turnover; token balance reset to zero after a bingo malfunction |
| koko331 | Israel | $36,128 | Casino Guru / AskGamblers | Active complaint | Four-year player; full KYC submitted (passport, selfie, video, address, bank and wallet proof); 9+ days past the 72h deadline |
| londonturk61 | United Kingdom | $30,000+ | Trustpilot | Unresolved | Account suspended with no notification; automated replies only |
| Jetka99 | — | $3,770 | BitcoinTalk | Unresolved | 24-hour passport and selfie deadline issued while the player was hospitalised, then blocked |
| Eduard V. (VIP) | Russia | $3,000+ | Trustpilot | Unresolved | $3M lifetime play; reports bet results altered retroactively; scripted support response |
| Austria player | Austria | ~1,700 USDT | Casino Guru | No response | Account closed after a tournament win, citing TOS §15 |
| Kazakhstan player | Kazakhstan | 1,000 USDT | Casino Guru | No response | Deposit taken and the account blocked the same day — zero games played |
| Allah Harabaxir | Azerbaijan | $560 | Trustpilot | Unresolved | Access suspended without explanation |
| Russia player | Russia | $366 | Casino Guru | Closed | $200 deposit grew to $366; locked out on withdrawal |
A further 54 documented cases are recorded across Trustpilot, Casino Guru, AskGamblers and BitcoinTalk, spanning Russia, India, Canada, Indonesia, Norway, Ukraine, the Philippines, Colombia and the UK. Aliases shown are the public usernames the players themselves posted under.
Casino Guru
1,244 black points. Safety index 6.7/10. Eleven formal complaints on file. The platform’s stated warning: “high value of denied payouts relative to size.” Customer support rated slow or bad.
AskGamblers
Listed as “Whale Casino,” rated 6.8/10. One active complaint for $36,128 withheld 9+ days after complete KYC. Operator response time: 0 hours — no reply filed.
Trustpilot
861 reviews, 73% five-star. One reviewer states plainly that the platform “pay[s] each user to leave a review as part of onboarding.” 17% are one-star — roughly 146 negative reviews, answered at a 100% rate with AI-assisted replies.
Recurring complaint patterns
| Pattern | Description | Documented occurrences |
|---|---|---|
| Support unresponsive | Complaints met with automated or scripted replies only; no human resolution | 10+ |
| KYC demanded after a win | Verification required only once a large withdrawal is requested, never at registration | 5+ |
| Account closed after a win | Accounts closed citing terms violations following tournament or game wins | 4+ |
| Rigged-game allegations | Bet results reported as altered after placement; outcomes recalculated as refunds | 4+ |
| Infinite KYC loop | Additional documents requested repeatedly; verification never completes | 3+ |
| Reward / cashback denial | Earned rewards not credited despite meeting the stated requirements | 3+ |
| Deposit seizure | Deposit accepted, account blocked immediately, no gameplay occurred | 2+ |
| Token balance reset | Whale token balances zeroed after “technical malfunctions,” no compensation | 2+ |
| Ban for complaining | Players removed from the official Telegram channel for persistent support requests | 1+ |
The eleven formal complaints on file
Filed through Casino Guru and AskGamblers — independent mediation services that publish their case records. The operator has accumulated 1,244 black points on Casino Guru, an industry reputation measure. Note how many are marked “no reaction.”
| # | Complaint | Country | At risk | Status | Pattern |
|---|---|---|---|---|---|
| 1 | Player’s verification is delayed | Israel | $36,128 | Active | Large withdrawal triggers KYC block |
| 2 | Unresolved issues with rewards and payouts | Switzerland | Multiple | Player stopped | Systematic payout and reward denial |
| 3 | Player’s account has been closed | Austria | ~1,700 USDT | No reaction | Closed after a tournament win |
| 4 | Account permanently closed | Indonesia | Unspecified | Player stopped | Closed after a withdrawal attempt |
| 5 | Unable to claim cashback | Brazil | ~$160 | Insufficient evidence | Cashback system failure |
| 6 | Account closed without explanation | Kazakhstan | 1,000 USDT | No reaction | Deposit seized the same day |
| 7 | Account closed without explanation | Russia | Unspecified | Casino won | Closed after a withdrawal request |
| 8 | Winnings haven’t been received | Luxembourg | — | Resolved | Player error — wrong wallet |
| 9 | Account has been closed | Russia | $366 | Closed | Win plus withdrawal attempt equals closure |
| 10 | Account has been closed | Russia | 383 USDT | Unresolved | Multi-accounting alleged without evidence |
| 11 | Withdrawal pending 9+ days after full KYC | — | $36,128 | Unresolved | All documents submitted; support “unprofessional and dismissive” |
One complaint out of eleven is marked resolved — and that one was a player error, not an act by the operator.
Resolution rate: 0%
Across all 64+ documented cases, not one player has recovered their funds through the platform’s own dispute process. The Anjouan licence provides no external body to escalate to. This is the structural problem the licence choice creates.
Technical Evidence
Thirteen independently verifiable links
Corporate records establish who owns what. These technical findings establish that whale.io runs on Yolo Group infrastructure. Each one can be checked by any reader with a browser and public tooling — no privileged access required.
01 Games are delivered from Yolo Group’s own CDN ▼
Every casino game thumbnail on whale.io is served from cdn.hub88.io. Hub88 is a Yolo Group company, listed on the group’s own investment portfolio as a “casino and sportsbook content aggregator.” A platform serving its entire game catalogue from another company’s private CDN is operating inside that company’s infrastructure.
| Evidence | Value |
|---|---|
| Game thumbnail CDN | cdn.hub88.io |
| Pragmatic Play assets | cdn.hub88.io/pragmatic/… |
| Red Tiger Gaming assets | cdn.hub88.io/redtiger/… |
| Hub88 ownership | Yolo Group portfolio company |
02 Shared Google Cloud project for marketing and lootbox assets ▼
Public Google Cloud Storage buckets under a single GCP project confirm centrally managed infrastructure.
| Bucket | whale-lootbox-images |
| Bucket | whale-marketing |
| GCP project number | 952432173351 |
| Region | EU (multi-region) |
| Created | 2025-01-24 |
03 SSL certificate exposes an eight-domain affiliate network ▼
The origin server’s TLS certificate lists eight subject-alternative names, all resolving to a single origin at OVH France. Together they describe a complete affiliate funnel: recruitment, creative delivery, tracking, and per-conversion payout.
| Domain in certificate | Function |
|---|---|
| dashboard.whalepartners.io | Affiliate management panel |
| offers.whalepartners.io | Campaign and offer delivery |
| banners.whalepartners.io | Ad creative serving |
| static.whalepartners.io | Partner asset delivery |
| smart.whalepartners.io | Smart tracking links |
| postback.whalepartners.io | Partner conversion callbacks |
| postback.whale.io | Conversion tracking per referral |
| offers.whale.io | Internal offers system |
Certificate CN: offers.whalepartners.io. All eight resolve to 5.196.45.229 (OVH SAS, Roubaix, France).
04 A shared codebase on GitHub ▼
The github.com/coingaming organisation hosts 249 public repositories, including the Moon Design System — the shared UI framework used across whale.io, bitcasino.io and sportsbet.io. The most active contributor is a Yolo Group shareholder and former CTO. Three brands presented as separate businesses are built from one repository set.
05 The same people control 23+ Estonian entities ▼
Board composition across the Estonian companies repeats a handful of names. This is what a single coordinated operation looks like in a registry.
| Individual | Entities held | Pattern |
|---|---|---|
| Reio Piller | Heathmont, YOLO TECH, Bombay Group, Kirkcong Property, CSW Holding, Greenbit Mining | Board member or sole owner across 6+ companies |
| Maarja Pärt | Heathmont, Bombay Group, Yolo Investments (liquidator), RedDigital, Heathmont Travel | Board member, CEO, then liquidator |
| Timothy John Heath | YOLO TECH (70.5%), Bombay Group (UBO), Greenbit Mining (UBO), Piangil (100%), Luckbox Enterprises (BVI) | Ultimate beneficial owner |
| Raido Purga | YOLO TECH (1% + director), Lexington Security Group (BVI) | Director plus offshore entity |
| Dajana Tiitsaar | Bombay Group, Bombay Club and Resort, Burman Hotel | COO / board member |
06 A hidden redirect domain: whalegames.gg ▼
The affiliate system on the origin server redirects to whalegames.gg, carrying click IDs prefixed WIO — Whale IO — along with publisher IDs and named offers. A second domain, run by the same operation, routing affiliate traffic.
07 Real-money lootboxes up to $350 a box ▼
Whale.io sells 13 randomised reward boxes for cryptocurrency — a gambling mechanic banned in Belgium and the Netherlands and regulated across the EU and UK. It is offered here under an Anjouan licence with no oversight whatsoever.
| Lootbox | Price (USDT) |
|---|---|
| $KINGY Swag | $1.50 |
| Free Spins | $3.00 |
| Provider boxes (Endorphina, Hacksaw, Nolimit City, Novomatic) | $20.00 |
| Bonus Buy | $37.00 |
| Mega Bonus Buy | $350.00 |
08 Terms and conditions excluded from web archiving ▼
The Wayback Machine holds 125 captures of whale.io between August 2018 and March 2026 — but no captures of the terms and conditions pages. Archiving of the T&C is blocked. The consequence is that no player can prove what the terms said on the day they deposited, which is precisely the document invoked when funds are confiscated for an alleged terms violation.
09 A platform handling millions, without basic security ▼
| Finding | Standard practice |
|---|---|
| Raw PostgreSQL error messages returned to users on invalid input | Database errors are never exposed to clients |
| User input stored unsanitised — raw HTML and script tags accepted in profile fields | All input sanitised server-side |
| Prometheus metrics public at socket.whale.io/metrics, unauthenticated | Monitoring endpoints restricted to internal networks |
| Origin server IP public (5.196.45.229), no WAF | Origin IPs hidden behind CDN/WAF |
| Missing X-Frame-Options, CSP, X-Content-Type-Options, Referrer-Policy | OWASP-standard headers on all properties |
10 Full technology stack — one operation, one architecture ▼
| Frontend | SvelteKit (SSR + SPA), 71 discovered routes including /dev and /sportsbook-test |
| Backend API | Fastify (Node.js) at api.whale.io, PostgreSQL, HS256 JWT |
| Real-time | Centrifugo 6.6.2 OSS, Go 1.25.7, 4-node cluster, Redis pub/sub |
| Edge | Cloudflare (104.20.45.131, 172.66.150.47); origin at OVH France |
| Analytics / support | Google Analytics, Amplitude, Intercom, Telegram mini-app |
| Dual: Mailgun EU + Google Workspace |
11 Domain and registration record ▼
| Registered | 29 April 2014 via MarkMonitor Inc. · expires 29 April 2031 |
| First web archive | 5 August 2018 |
| Nameservers | angelina.ns.cloudflare.com / nitin.ns.cloudflare.com |
| DNSSEC | Enabled |
| Domain locks | All six lock flags set (update / transfer / delete, client and server) |
| VirusTotal | 1 of 94 vendors flags the domain as malicious (Webroot), last analysed 6 March 2026 |
12 Public statements confirming the structure ▼
| Source | Confirms | Date |
|---|---|---|
| ERR.ee (Estonian public broadcasting) | Tim Heath as Coingaming Group founder with 70.5% ownership | Oct 2021 |
| Yolo Group Substack | Strategic pivot to regulated markets; winding down Sportsbet.io and Bitcasino.io brands | Sep 2025 |
| CEOWorld Magazine | Heath as General Partner, Yolo Investments, founder of the group | Sep 2024 |
| Forbes Australia | Rich List 2025 — $2.46bn AUD net worth | 2025 |
| ERR News | 280 employees cut from Yolo Entertainment, Tallinn | Sep 2025 |
13 One brand replacing another, same operation ▼
The group has traded successively as Coingaming, Sportsbet.io, Bitcasino.io, Yolo Group, Heathmont and now whale.io, with a planned consolidation into “Yolo.com.” Every major sports sponsorship — Arsenal, Southampton, Watford, Newcastle United, São Paulo FC, Flamengo — has ended or gone unrenewed, Arsenal specifically declining to renew in 2024, after an estimated $50–100M in sponsorship spending.
Brand History
Six names, one operation, and every sponsorship gone
The group has spent an estimated $50–100 million putting its brands on Premier League shirts. Every one of those partnerships has now ended or gone unrenewed — and the brands themselves keep changing while the registry codes behind them stay the same.
Sports sponsorships — all terminated
| Club | League | Type | Period | Brand | Status |
|---|---|---|---|---|---|
| Arsenal FC | Premier League | Sleeve sponsor | 2022–2024 | Sportsbet.io | Not renewed |
| Southampton FC | Premier League | Shirt sponsor | 2019–2022 | Sportsbet.io | Ended |
| Watford FC | Premier League | Partner | 2019–2020 | Sportsbet.io | Ended |
| Newcastle United | Premier League | Betting partner | Historical | Sportsbet.io | Ended |
| Aston Villa | Premier League | Partner | Historical | — | Ended |
| São Paulo FC | Brasileirão | Shirt sponsor | 2022–2024 | Sportsbet.io | Ended |
| Flamengo | Brasileirão | Partner | 2021–2022 | Sportsbet.io | Ended |
| Estimated spend | Amount |
|---|---|
| Arsenal FC (sleeve) | $25M+ |
| Southampton FC (3 seasons) | $15–20M |
| Brazilian clubs | $5–10M |
| Other Premier League | $5–10M |
| Total estimated | $50–100M+ |
What the withdrawal means
Arsenal specifically declined to renew in 2024. A pattern of clubs and leagues ending gambling partnerships across the board points to reputational or regulatory pressure — and it left the group operating through whale.io, a brand with no sponsorship visibility and no Tier-1 licence anywhere.
The brand portfolio — same operation, different names
| Brand | Type | Status |
|---|---|---|
| whale.io | Crypto casino and sportsbook | Active — current primary brand |
| sportsbet.io | Sports betting | Active — legacy, reported for sale |
| bitcasino.io | Online casino | Active — sister brand, reported for sale |
| livecasino.io | Live casino | Active — sister brand |
| Live88 | In-house game studio | Live88 Studios OÜ (fka Bombay Studios) |
| 155.io | Game provider | Listed on the whale.io platform |
| whalegames.gg | Affiliate traffic routing | Undisclosed — found via redirect |
The naming sequence
Coingaming → Sportsbet.io → Bitcasino.io → Yolo Group → Heathmont → whale.io, with a planned consolidation into “Yolo.com.” At company level the same thing happens: Kopikas Entertainment becomes Bombay Club and Resort; Bombay Hotels becomes Burman Hotel; Crypto Software becomes CSW Holding; Heathmont Group becomes YOLO TECH. In every case the registry code is unchanged. The entity that took the deposits is the entity that exists today, under a different name.
Current Position
A group selling its assets while refusing to pay its players
The context matters for anyone weighing whether to act now. Reported by Estonian public broadcasting and industry press.
Pandora Papers publication
Timothy John Heath and Raido Purga appear in the ICIJ Pandora Papers, with BVI entities incorporated via Fidelity Corporate Services.
ICIJ Offshore Leaks Database · ERR NewsYolo Fund reaches its €100M target
The group’s venture arm continues raising while player withdrawals go unpaid. Fund AUM reported at €700M+ across 72+ portfolio companies as of January 2026.
SBCNews280 employees cut in Estonia
Yolo Group announces a consolidation under a single brand and a focus “solely on regulated markets.” 600+ employees remain.
ERR NewsHeathmont OÜ headcount falls 38%
From 555 to 345 employees in a single quarter, with €400K+ in workers’ social tax contributions deducted but unpaid.
Estonian Business RegistrySportsbet.io and Bitcasino.io in late-stage sale
Betsson AB (Stockholm-listed) reported as frontrunner at below €50 million — for platforms generating roughly €100M EBITDA annually two years earlier. Under half of one year’s peak earnings.
SBCNews, citing The AustralianBombay Group cuts over half its staff
82+ of 164 employees let go. A board member confirms daily casino gaming was “economically unjustified.” The €100M casino complex is effectively failing.
ERR News€678,870 in tax debt recorded
Four entities enter active debt with the Estonian Tax Authority on the same date — the majority of it employees’ pension and health contributions.
Estonian Tax and Customs BoardRelocation and restructuring
The founder has relocated from Tallinn to Dubai and is pursuing two GCGRA B2B vendor licences in the UAE, while the remaining brands consolidate.
ERR News · Yolo Group SubstackWhy this window matters to victims
Assets are being sold, entities are being wound down, and a holding company has already been struck from the register. Recovery claims are hardest to enforce after a corporate group has finished restructuring. Players with outstanding balances who have not yet filed a formal complaint should do so now — the steps are set out below.
For Affected Players
What to do if whale.io is holding your money
Each of these steps creates an independent record. Filing in several places at once is what makes a pattern visible to regulators, and what makes a group claim possible.
Preserve your evidence first
Screenshot your balance, transaction history, every support conversation, the KYC documents you submitted and the dates you submitted them. Export your deposit transaction hashes from your wallet. Do this before anything else — accounts have been closed mid-dispute.
Add your case to this record
The victim group is the leverage. A single $3,000 claim is ignored; 64 documented claims totalling $8.87M is a regulatory matter.
File with Casino Guru and AskGamblers
Both run free mediation services and publish complaint records. Casino Guru already holds 11 formal complaints and 1,244 black points against this operator; AskGamblers has an active unanswered $36,128 case. Each filing adds to a public, citable record.
Report to the licensing authorities
File against the Anjouan licence (ALSI-202503012-FI1, Whale Operations Ltd) and against the Curaçao Gaming Control Board in respect of YGF Entertainment B.V. (#5141-4906-2532-7127). Enforcement is weak in both jurisdictions — the purpose is the documented filing, which supports later legal action.
Report to Estonian authorities
The parent company and beneficial owner are Estonian-registered. Estonia’s Financial Intelligence Unit (Rahapesu Andmebüroo) accepts reports concerning gambling operators, a sector the country’s own Finance Ministry has named its largest money-laundering risk. The Politsei- ja Piirivalveamet accepts fraud reports.
Take legal advice on a group claim
Individual claims against offshore entities are rarely economic. A consolidated claim against identified Estonian entities with known assets — 52 registered properties and €120M in annual turnover — is a materially different proposition. Seek a lawyer experienced in cross-border gambling disputes.
If your funds were taken in cryptocurrency
Keep your deposit transaction hashes. Blockchain transfers are permanently traceable, and the receiving addresses can be followed through exchanges by investigators and law enforcement. Crypto makes recovery harder for an individual, but it makes the paper trail permanent.
Verification
Sources
Everything on this page is traceable to a public record. Registry codes are provided throughout so that any reader can retrieve the underlying filing and check it independently.
Government registries
- Estonian Business Registry (ariregister.rik.ee) — 22 company filings
- Estonian UBO Registry — beneficial ownership declarations
- Estonian Tax and Customs Board — active tax debt records
- Estonian Land Board (Maa-amet) — property register
- Curaçao Commerce Registry
- Seychelles Company Registry
- Guernsey Registry
- Malta Business Registry
- UK Companies House
Investigative databases
- ICIJ Offshore Leaks Database — Pandora Papers
- OpenSanctions (checked; no listings found)
- OFAC SDN List (checked; no listings found)
- Internet Archive Wayback Machine — 125 captures
- VirusTotal domain analysis
Player complaint platforms
- Trustpilot — 861 reviews
- Casino Guru — 11 formal complaints, 1,244 black points
- AskGamblers — active unresolved complaint
- BitcoinTalk forums
Press and public statements
- ERR News — Estonian Public Broadcasting
- Eesti Ekspress
- SBCNews
- Forbes Australia — Rich List
- CEOWorld Magazine
- Yolo Group Substack — official statements
Technical verification
- TLS certificate transparency logs
- Public DNS and WHOIS records
- Publicly accessible Google Cloud Storage metadata
- github.com/coingaming — 249 public repositories
- Live HTTP response and header inspection
Editorial standards. This dossier publishes corporate records, licensing data, official financial filings and player testimony in the public interest. Individuals are named in their professional capacities and in connection with ownership stakes and directorships that they have themselves declared to public registries.
What is deliberately excluded. This site does not publish national identity numbers, dates of birth, residential addresses, private telephone numbers, personal email addresses, personal social media accounts or any information about family members of any individual. Such information appears in no part of this record, and requests to add it will be declined.
Corrections. Factual corrections are welcomed and will be made promptly where supported by evidence. Any player claim that is settled will be marked resolved on this page. Individuals and companies named here are entitled to a right of reply, which will be published alongside the relevant section.