MGA leaves questions unanswered over alleged €250 million gambling tax evasion

The Malta Gaming Authority has not answered questions from The Shift about an investigation linking Maltese companies to Platincasino and an estimated €250 million in allegedly unpaid German gambling taxes.

The Shift sought the regulator’s reaction, particularly to claims concerning files reportedly obtained from its systems. No response had been received at the time of publication.

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.

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

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

Their positions identify them as directors of the trustee company, rather than establishing beneficial ownership of Red Rhino.

The Maltese corporate network

Wittmann’s investigation 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. According to accounts cited by Wittmann, the income came from affiliate marketing and casino support.

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

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

Gibor, registration number 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’s listed address is Aragon House, Triq id-Dragunara, Paceville, St Julian’s. Its directors are Juanita Brockdorff, Louella Grech and Kevin Mario Farrugia.

These extracts document the shareholding chain from YMDM through Gibor to the trustee acting for Aeternitas Trust. They do not identify the trust’s beneficiaries. The connection to Kalman remains attributed to Wittmann’s investigation, and the directors’ listed roles do not establish involvement in the alleged tax evasion.

Continuing 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, pointing to continuing links with The Multiple, a business brand operating in Malta.

She reports that Platincasino’s customer-support staff log in through The Multiple Group’s system, that a Facebook page previously tagged as Red Rhino now leads to The Multiple, and that Kalman appears in company-party videos from 2024 and spring 2026.

The database migration plan reportedly also named two Malta-based employees of The Multiple. Its recruitment advertisements sought German-speaking casino-support staff.

Wittmann says she found no Maltese registered company under The Multiple’s name and interprets it as a shared brand for businesses within Kalman’s network.

The tax allegations

The estimated €250 million tax shortfall covers 2023–2025, following Platincasino’s move to Curaçao. It is the journalists’ calculation, rather than a court finding, and assumes that 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 subsequently 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 also reports that Red Rhino still held a Maltese gambling licence in 2025, after Platincasino’s transfer to Curaçao, raising further questions about the MGA’s oversight and its response to the operation’s German activities.

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