Georgi Papazki re-enters Ukraine's gambling market through new company

Bulgarian entrepreneur Georgi Papazki continues to expand his presence in the Ukrainian gambling market. Despite previous setbacks, he has managed to link himself to the newly established company Betvam Ukraine.

New structure and beneficial owner

The charter capital of Betvam Ukraine is UAH 30.5 million. The formal founder is the Bulgarian company BV Entertainment Bulgaria. However, according to journalistic investigations, Papazki is identified as the ultimate beneficial owner through a series of intermediary structures.

Context: Premier Palace and Russian links

The businessman previously attempted to open a casino at the Premier Palace hotel in Kyiv. This establishment had links to VS Energy, a company associated by Ukrainian law enforcement agencies with the so-called Luzhkov group. This group includes Alexander Babakov, Evgeny Giner, and Mikhail Voyevodin. All three individuals are subject to sanctions from Ukraine, the European Union, and the US.

In 2025, the regulator PlayCity refused to issue a casino licence to Niko5, a company linked to Papazki. Among the reasons cited were the seizure of the hotel complex and suspicious links with Russian business.

Plans for the online segment

Following the licence refusal, Papazki did not leave the Ukrainian gambling sector. In September, Yuriy Tyshchenko was appointed head of Betvam Ukraine. He also manages Casino Solutions, where Papazki is also listed as the ultimate beneficial owner.

According to journalists, the new company is actively recruiting IT specialists. This may indicate intentions to develop an online casino within Ukraine.

Businessman's reaction

Previously, Georgi Papazki denied any links with Russian business. However, media have repeatedly documented his contacts with Bulgarian industry representatives who were also linked to Russia.