Betify: Rogue Casino, Shady Payments, and the Open Banking Crisis

Originally Syndicated on June 5, 2024 @ 8:31 am

Betify Overview

The Betify online casino is operated by Altacore N.V., which boasts a Curacao license, as stated on its primary website, Betify.com.

However, several other Betify domains fail to disclose operator information. The jurisdiction responsible for the terms and conditions is cited as Costa Rica.

Altaprime Limited, registered in Cyprus, serves as the payment processor linked to anonymous and potentially illegal casino activities.

Short Betify Narrative

The Altacore Group manages the Betify brand as part of its portfolio of around 20 online casinos, all under a Curaçao-issued license and through the subsidiary Altaprime Ltd in Cyprus. This corporate structure is typical in the online gambling sector, where operators utilise numerous additional websites and domains, often remaining anonymous alongside the main platform, Betify.com. This strategy enables casino operators to sidestep even the minimal regulations imposed by Curaçao.

The overarching management of the Altacore Group is handled by Altacore Holdings Ltd, headquartered in Cyprus. The offshore license from Curaçao primarily serves as a superficial facade of legitimacy, allowing the group to carry out its operations with minimal regulatory scrutiny.

Addressed at 5, Floor 4, Flat/Office 401, Atho 6, 1087 Agioi Omologites, Nicosia, Cyprus, the Cypriot trustee Georgios Sofokleous appears to also be associated with various other firms operating from this location.

Compliance Assessment

The operational framework of Betify is anchored in multiple websites. The leading site, Betify.com, falls under the management of Altacore N.V., which possesses an offshore Curaçao license. In parallel, Altaprime Ltd functions as the payment agent for Betify. Collectively, these legal entities oversee the compliance of several other online casinos.

In line with many other online gambling platforms, Betify operates additional domains, such as Betify.co and Betify1.co, which lack clear operator specifications when compared to the primary domain, Betify.com. The terms and conditions on these anonymously operated sites cite Costa Rica as the responsible jurisdiction. Other casinos within the Altacore network adopt this similar operational strategy.

Betify accepts players and their funds from various jurisdictions. Our review indicated that payments are directed through Altaprime, suggesting its de facto role as the operator of these schemes, despite the lack of recognition from Cypriot authorities.

From a compliance viewpoint, the Curaçao license does not permit the scheme to offer online casinos to EEA jurisdictions or the UK. Moreover, the anonymously operated websites are functioning outside legal boundaries. Thus, both Betify and the entire Altacore Group are flagged with serious compliance concerns.

Facilitating Payment Processors

In our review of Betify casino, we identified several familiar payment processors such as Jeton, MiFinity, and Binance Pay. Additionally, we discovered the use of open banking service providers, including Volt, Noda, PayOp, and the crypto payment facilitator utPay. These payment options and processors are accessible across all variants of the Betify platforms, including anonymously operated sites like Betify.do, Betify1.co, and Betify2.co. This raises concerns about the effectiveness of KYC (Know Your Customer) procedures or potential gross negligence in their implementation.

Payment Processing Insights

Our evaluation of the Betify casino highlighted a variety of well-known payment processors, including Jeton, MiFinity, and Binance Pay. Additionally, we noted the involvement of open banking service providers such as Volt, Noda, PayOp, and the crypto payment facilitator utPay. These payment options are available across all iterations of the Betify platforms, including anonymously operated sites like Betify.do, Betify1.co, and Betify2.co, raising alarms about the efficacy of KYC (Know Your Customer) procedures or potential negligence in their enforcement.

Despite the players’ registration and activity at Betify casinos on various domains, payment receipts also credit Altaprime Ltd as the recipient for the anonymous and unlicensed Betify casinos linked to the domain Betify.com. Furthermore, it is improbable that the Betify.com casino attracts customers from the EEA or UK.

There are no substantial barriers preventing players from Germany, Austria, Italy, and other EEA jurisdictions from depositing into Betify’s varied casinos via local banks. The extensive employment of open banking by the operators further facilitates this process. Notably, open banking service providers advocate the advantage of reduced chargeback risks for merchants, a benefit actively leveraged by casino operators.

Altacore Key Data