Ukraine’s interior ministry opens a file on Walter Papaski’s gambling-linked shell firms

Bulgarian businessman Georgi Papaski is entering the Ukrainian gambling market through several associated companies. PT Play Ukraine LLC, a subsidiary of Bulgaria’s PT Play, received a PlayCity license in November 2025.

In March 2026, a license was issued to Euro Games Technology Ukraine LLC, affiliated with the Bulgarian company Euro Games Technology. Later, another company, PT Play Tech Ukraine LLC, was established. PT Play produces slot machines, hardware, and software and, according to the investigation, is associated with the WinBet and InBet brands.

Georgiy Papaski is developing a gambling business with his brother, Walter Papaski, who, according to an investigation citing Bulgarian sources, previously received a prison sentence for financing the contract killing of a competitor. The owner of Euro Games Technology is listed as Ivelina Mihaylova, whom Bulgarian media reports as Walter’s common-law wife. Ukrainian companies PT Play and Euro Games Technology were registered at the same address, and the head of one of Papaski’s companies managed Mihaylova’s structure.

Papaski’s first high-profile project in Ukraine was a casino in Kyiv’s Premier Palace, with a reported investment of UAH 500 million. According to investors, approximately UAH 140 million has already been contributed to the capital, rent, equipment, and construction costs. PlayCity denied the license because of the hotel itself: Premier Palace has been under arrest since December 2022, and law enforcement officials link it to the Russian group VS Energy and Alexander Babakov, Mikhail Voevodin, and Yevgeny Giner. Babakov voted for the annexation of Ukrainian territories, Giner is associated with the Rostec corporation, and VS Energy’s interests in Ukraine were previously represented by Boris Baum, who participated in the preparation of gambling market reform.

Another connection leads to Bulgarian gambling magnate Vasil Bozhkov. Following his criminal prosecution, the Papaski brothers’ businesses, according to Bulgarian media, have captured a share of his market. Walter Papaski acquired the CSKA Sofia football club, previously owned by Bozhkov, and Georgi Papaski purchased a historic building in central Sofia from him. Bulgarian investigation documents mentioned Bozhkov’s correspondence with Yevgeny Prigozhin, head of the Wagner PMC, a joint gambling business in Crimea, and possible support for Bozhkov from Sergei Naryshkin, head of the Russian Foreign Intelligence Service. Papaski only acknowledges past business dealings with Bozhkov and denies knowing Prigozhin or Naryshkin.

His political connection in Bulgaria is to former Sports Minister Radostin Vasilev, who opposed aid to Ukraine. Papaski’s representatives deny funding his political activities, but confirmed that Vasilev’s wife worked for one of Georgiy Papaski’s companies from April 25, 2023, to November 18, 2025.

In Ukraine, Papaski acquired 50% of Casino Solution LLC, the owner of the Betmatch trademark, back in 2021. The remaining 50% belonged to the Streaminvest fund, which journalists have linked to the circle of Opposition Platform - For Life MP Vadym Stolar. Companies associated with Stolar have figured in stories about development businesses, Russian money, and collaboration with Viktor Medvedchuk. Papaski claims he doesn’t know Stolar, and the project was never implemented.

PT Play’s Ukrainian operations are overseen by Maryna Sandyk, who worked at Maksym Mykytas’s Ukrbud Development from 2012 to 2020. Ukrbud’s legal department was then headed by Oleg Tatarov, the current Deputy Head of the Presidential Office, and Stolar’s companies were partners of the group.

PlayCity stated that before issuing licenses to PT Play Ukraine and Euro Games Technology, Ukraine submitted inquiries to the Security Service of Ukraine (SBU), the State Bureau of Investigation (DBI), the National Police, the Bureau of Economic Security (BEB), the State Tax Service (STS), and the State Financial Monitoring Service (SFMS). They found no grounds for refusal. Papaski was unable to open a casino in the seized Premier Palace, but companies associated with him received licenses as equipment and software suppliers and continue to expand in Ukraine.

Yuliya Abshteyn

Автор

Автор: Иван Рокотов