MGA defends regulatory framework amid alleged €250 million gambling tax evasion

The Malta Gaming Authority has defended its regulatory framework following questions from The Shift about an investigation linking Maltese companies to Platincasino and an estimated €250 million in allegedly unpaid German gambling taxes.

In its response, the authority challenged the general description of cross-border activity by its licensees as “illegal gambling” and outlined its licensing and supervisory procedures. It did not directly address the alleged tax shortfall, the files reportedly obtained from its systems or any regulatory action concerning the companies identified in the investigation.

The investigation, published by journalist Lilith Wittmann alongside German public broadcaster NDR, Norway’s NRK, Sweden’s SVT and Dutch investigative outlet Follow the Money under the #casinosecrets banner, traces Platincasino’s ownership and operations through Malta and Curaçao.

According to Wittmann, documents extracted from the MGA’s systems identify Frankfurt entrepreneur Thomas Kalman as the sole ultimate beneficial owner of Red Rhino Limited, the Maltese company through which Platincasino held an MGA licence.

MGA challenges characterisation

“The MGA does not agree with the general characterisation of cross-border activity by MGA-licensed operators as ‘illegal gambling’,” the authority told The Shift.

It argued that operators functioning outside recognised regulatory frameworks should be distinguished from those offering services under an EU or European Economic Area licence, which are subject to consumer protection, anti-money laundering and responsible gambling requirements.

“Referring to both indiscriminately as ‘illegal gambling’ risks conflating fundamentally different circumstances,” it said.

The MGA acknowledged that gambling legislation is not harmonised across the EU, but said Malta maintains that its framework complies with EU treaty freedoms and principles established by the Court of Justice of the European Union.

On oversight, the authority said applicants undergo assessments covering their suitability, funding, business operations, technical systems and anti-money laundering controls, including scrutiny of shareholders and ultimate beneficial owners.

Licensees remain subject to risk-based supervision, it said, with enforcement powers including licence suspension or termination.

Where information links a licensee or associated person to suspected infringements, the MGA said it assesses the information and takes regulatory action “where warranted”, cooperating with law-enforcement authorities as appropriate. It did not specify whether it had taken such steps in this case.

The Maltese ownership structures

Wittmann identifies Lazy Ape Holding Limited as Red Rhino’s parent company and ARX Trustees Limited in its public ownership structure.

Registry extracts list ARX Trustees Limited, C 31448, as an active company incorporated on 20 May 2003, with a registered address at 188, 21st September Avenue, Naxxar. Its directors are Carlo M Vigna, Damien Fiott and Brian Farrugia.

Wittmann also links Kalman to Gibor Ventures Holding Ltd, a Maltese holding company with interests in at least 26 businesses, including casino services, music, property and a Malta-based mixed martial arts league.

Two companies within the reported network recorded substantial revenue increases between 2023 and 2024. YMDM Services Limited’s revenue rose from €54,000 to nearly €34 million, while PNH Services Ltd’s rose from zero to €6.7 million. Accounts cited by Wittmann attributed the income to affiliate marketing and casino support.

Registry extracts identify YMDM, C 87666, as an active company incorporated on 2 August 2018, registered at Forth Business Centre, Level 02, Suite 3, Testaferrata Street, Ta’ Xbiex.

Its sole shareholder is Gibor Ventures Holding Ltd, holding 1,200 fully paid ordinary shares of €1 each.

Gibor, C 94236, was incorporated on 11 December 2019 and is listed as active, with its registered address at 66, Wilga Street, St Julian’s. Its registered company email uses the chillingcheetah.com domain.

Gibor’s sole registered shareholder is BG Trustees & Corporate Services Ltd, C 107487, holding 1,200 fully paid ordinary shares of €1 each on behalf of Aeternitas Trust.

The trustee company is listed at Aragon House, Triq id-Dragunara, Paceville, St Julian’s. Its directors are Juanita Brockdorff, Louella Grech and Kevin Mario Farrugia.

The extracts document the shareholding chain but do not identify the trust’s beneficiaries. The connection to Kalman remains attributed to Wittmann’s investigation. The listed directorships do not establish beneficial ownership or involvement in the alleged tax evasion.

Connections after the sale

According to Wittmann, Kalman’s companies applied for a German gambling licence after the regulated market opened in July 2021 but did not obtain one.

In 2023, Platincasino’s brand, domains and player database were sold to Curaçao-based Latiform B.V. for €6 million, according to accounts cited in the investigation.

Wittmann questions how much changed beyond formal ownership, identifying continuing links with The Multiple, a business brand operating in Malta.

These include Platincasino’s customer-support login system, a Facebook page previously tagged as Red Rhino that now leads to The Multiple, and company-party videos featuring Kalman in 2024 and spring 2026.

The migration plan reportedly named two Malta-based employees of The Multiple, which also advertised for German-speaking casino-support staff. Wittmann says she found no Maltese registered company under that name and interprets it as a shared brand for several businesses.

The tax allegations

The estimated €250 million shortfall covers 2023–2025, following Platincasino’s move to Curaçao. It is the journalists’ calculation, not a court finding, and assumes 85% of players were German while estimating stakes from reported player losses.

Wittmann reports evidence that Red Rhino previously paid German gambling tax, including approximately €5.6 million for October 2022. She says she found no equivalent evidence of payments by Latiform.

Separately, German prosecutors estimated an alleged tax loss of approximately €77.6 million for 2024 alone. September raids resulted in a suspect’s arrest and an asset freeze of around €82 million.

Germany’s gambling regulator confirmed that the investigation concerned Platincasino. Prosecutors did not publicly name the suspects; Wittmann identified the arrested man as Kalman. His lawyer rejected the allegations as baseless.

Wittmann reports that Red Rhino still held a Maltese gambling licence in 2025, after Platincasino’s transfer. The MGA’s response did not clarify its oversight of that licence or address the specific tax allegations.

The German investigation remains ongoing, and the allegations have not been proven.