According to a GAMRS report co-authored by DealMeOut CEO Jordan Lea, Curaçao-based operator Santeda International BV and its Mystake, Cosmobet, Velobet, Goldenbet, and Rolletto brands are at the heart of a black-market gambling network that generates over GBP 2 billion (around $2.70 billion) annually.
GAMRS stands for the Gambling Industry Accreditation, Monitoring & Registration Service, and it is an independent organization that works with gambling operators, regulators, and public authorities to help keep licensed gambling markets free from illegal influence and unsafe suppliers.
What Did GAMERS’ Report Find about Santenda and Related Brands?
As part of the report, GAMRS collected testimonies from 96 customers who had gambled with Santeda brands. These respondents reported losing a combined total of GBP 241,152 (about $322,500) solely on the Mystake platform. GAMRS estimated Mystake’s annual turnover at GBP 1.2 billion (roughly $1.6 billion), roughly a third of Santeda’s overall revenue, with UK players accounting for 64.8% of the platform’s global traffic.
Between August and October 2025, Mystake recorded 3.4 million visits, averaging approximately 1.1 million visits per month. UK users also demonstrated the highest engagement, with an average session lasting 22 minutes and 27 seconds and 14.93 pages per visit.
One individual reported that after losing their father, their gambling had spiraled out of control. They stated that, although they had signed up with Gamstop, they began receiving offers from Mystake and Goldenbet casinos. Over the course of three days, they spent GBP 49,300 (around $66,000), even taking out two large loans. The individual added that Mystake showed no concern; despite being informed of their gambling addiction, the platform continued sending repeated offers to lure them back. They said this experience had devastated their life.
GAMRS Explains Why This Might Be Happening
According to GAMRS, unlike regulated firms operating within licensed markets, Santeda pays minimal tax in the offshore jurisdictions where it operates. This enables the organization to reinvest substantial sums into aggressive consumer acquisition and retention strategies.
GAMRS assessed that migration to the black market is being accelerated by increasingly restrictive regulation in licensed markets. While regulatory measures aimed at reducing gambling harm are both necessary, current approaches are unintentionally strengthening the illegal market, the organization says. The report further explained that as gambling taxation rises across regulated markets, driven by sustained lobbying and political pressure groups, licensed operators are increasingly compelled to reconsider their investment in marketing, bonuses, rewards, and player incentives.
Recently, the UK government has been discussing the Autumn Budget, which foresees a significant increase in the taxes of gambling operators in the country. However, many have criticized this decision, including the British Gaming and Betting Council, which said the tax hike could make the legal gaming industry less competitive, resulting in a potential user drain to the more dangerous black market.
GAMRS seems to have a similar opinion on the matter, as according to the organization, black market operators face no such constraints and are already capitalizing on this imbalance.
It warned that further fiscal or regulatory pressure on the licensed sector will inevitably accelerate consumer migration toward illegal operators, who offer significantly more attractive incentives, fewer restrictions, and no consumer protections.
GAMRS emphasized that regulators and governments must now confront the likelihood that the current well-intentioned policies may, in fact, be amplifying the very harm they are intended to prevent.