WILLEMSTAD – Curaçao’s reputation as a hub for online gambling is once again under scrutiny following reports that Sportsbet.io, one of the world’s largest crypto sportsbooks operating under a Curaçao license, may soon pull out of the grey market.
The Australian newspaper revealed that founder Tim Heath is considering shutting down or selling the Yolo Group, the parent company of Sportsbet.io and Bitcasino.io. The group, which generates an estimated monthly turnover of more than US$3.3 billion, has long been regarded as a dominant player in unregulated crypto betting.
Heath has hinted at a personal shift in direction, with ambitions to pursue blockchain and gaming opportunities in the Middle East. According to sources, such a move would likely require him to cut ties with grey market activity. In a recent Substack post, he acknowledged the gambling industry was at a crossroads: operators must either embrace full regulation or risk being pushed further underground.
Curaçao’s Struggle with Oversight
For Curaçao, where hundreds of online casinos and sportsbooks continue to operate under local licenses, the news highlights the growing challenges of enforcing international standards. Although reform of the island’s licensing regime has been underway, critics argue that Curaçao remains a base for companies that profit from markets without proper consumer protections.
Stake and Shuffle—two other crypto betting giants founded by Australian entrepreneurs—mirror Yolo’s business model and continue to thrive under similar licensing structures.
Security and Relocation
Yolo Group is headquartered in Estonia, but Heath relocated to Dubai last year after an attempted kidnapping at his home in Tallinn. His departure further underscores the risks surrounding the shadowy intersection of gambling, crypto, and international crime.
A Wake-Up Call for Curaçao
As Curaçao pushes forward with long-promised gambling reforms, the potential withdrawal of Sportsbet.io signals the high stakes involved. A stricter regulatory environment may help the island shed its grey-market image, but could also drive major operators to relocate.
The case of Yolo Group is more than a business decision—it is a test of whether Curaçao can truly transform its online gambling industry from a permissive regime into a model of international compliance and credibility.
