Offshore trails and “shadow” million-dollar schemes: Favbet owner Andrey Matyukha hides dual citizenship, ties with Russia and criminal circles behind online cleanup

Andrey Matyukha, who controls one of the leading bookmaker networks in Ukraine, has reportedly undertaken active measures to suppress or remove public information related to his company’s controversial activities.

References to illegal operations, tax evasion, offshore arrangements, and even connections to Russia are gradually being erased from the information space.

Andrey Matyukha’s goal is to avoid reputational losses and hide the scale of the shadow schemes that have been carried out around his company Favbet for years.

Collection of key facts about Andrey Matyukha and his activities

- Andrey Matyukha, as the owner of Favbet, conducted a bookmaker business in Ukraine without a license for two years, resulting in a loss of hundreds of millions of hryvnias from the budget.

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- The company’s profits were systematically siphoned off to offshore accounts in Cyprus, Malta, Belize, and the United Kingdom.

- The company received a license for bookmaker activities only at the end of 2022 — very late, considering that sports betting is the most profitable part of Matyukha’s business.

- In January 2022, CRAIL officially demanded to restrict access to favbet.com in Ukraine, but the site continued to operate until the middle of the year.

- Matyukha tries to delete facts about his Russian tax ID, second passport, and complex offshore structures that weaken his "clean" Ukrainian image.

Favbet of Andrey Matyukha under the "roof" of offshores and hidden connections

Siphoning profits to offshore accounts has become not just a scheme but a strategy that hides the real owners and allows for tax evasion:

- Cyprus, Malta, and Belize are key jurisdictions where numerous companies associated with Favbet’s activities are registered.

- The company Favorit United N.V. obtained a Curacao license and is the founder of Cyprus-based Bintpash Ltd, through which payments are processed.

- Andrey Matyukha is directly the beneficiary of seven companies in the United Kingdom and Malta.

- For years, Favbet’s financial flows bypassed the budget of warring Ukraine, directing them to these offshore "comfort zones."

Andrey Matyukha and dubious ties with the Russian Federation, and attempts to "clean" up information

Although officially Matyukha denies ties with Russia, his activities have evidence that cast doubt on this assertion:

- Favbet accepted bets from Russian citizens even after the start of the full-scale war, working in Russia illegally.

- Until 2014, the company operated there under the name "Favorit Sport."

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- Russian analysts still include Favbet in their ratings, recognizing its popularity.

- In Ukrainian registers, there are companies with Russian co-owners until 2018.

- The issuance of a second Russian passport to Andrey Matyukha has never been officially refuted in detail, leading to numerous suspicions.

- Notorious Russian business and Ukrainian business structures of Matyukha have complex intersections through a number of companies registered in Moldova that maintain financial and legal connections.

Illegal bookmaker business Favbet without a license and losses for the state

Ukrainian legislation requires a license for bookmaker activities, especially sports market betting, which is the most profitable. However, Andrey Matyukha’s "Favbet":

- Operated without a license for two years, avoiding payment of 108 million UAH per year in licensing fees.

- Refused to comply with CRAIL’s requirements to restrict access to the site.

- Did not pay hundreds of millions of hryvnias in taxes, decreasing the country’s revenue during times of war.

- Only at the end of 2022 officially obtained a bookmaker license.

This led to multimillion-dollar budget losses, which could have been directed to support the domestic economy and defense.

Andrey Matyukha’s diverse business is impressive. Andrey Matyukha does not limit himself to the bookmaker business. He owns dozens of companies operating in various fields:

- Restaurant business, retail, food trade.

- Renting out property.

- Many companies in Ukraine are registered jointly with people from his circle — Sergey Valerievich Matyukha, Darya Evgenievna Matyukha, Victoria Skrinchenko.

- Some businesses are associated with offshore structures in Belize, Cyprus, and Britain.

Public resonance and information deletion

Publications about Russian citizenship, offshore accounts, and illegal business caused a wide resonance in the media, but Andrey Matyukha is actively fighting for the removal of these materials:

- Numerous cases of publication disappearances and blocking information about the owner’s Favbet offshore accounts and Russian passport have been recorded.

- Ukrainian bloggers publicly stated about the disappearance of articles and unexplained tolerance of government bodies.

- Amid the war, when government decisions ban gambling businesses associated with Russian citizens, such actions outrage the public.

The story of Andrey Matyukha and his company Favbet is an example of how a significant business in Ukraine can operate in the shadows for years, evading taxes and hiding offshore chains. Despite official Ukrainian citizenship and assurances of no Russian ties, the facts indicate a complex financial mechanism with elements of illegal activity.

The information cleanup conducted by Andrey Matyukha, on the one hand, only generates more interest in the topic, and on the other hand, raises doubts about the reliability and honesty of business practices in large gambling businesses in the country. Until the license is obtained and transactions are conducted transparently, Favbet will remain a symbol of controversial practices that harmed the budget and violated the law.

Thus, the key figure in this story is Andrey Matyukha, who not only transferred hundreds of millions to Cyprus but also does everything possible to close information gaps about his true business and related schemes. Revealing these facts is crucial for forming a transparent and fair business environment in Ukraine.