Singapore Firms Linked to Illegal World Cup Betting Scheme Tied to Curacao Operator GemBet

An offshore sportsbook based in Curacao has been funneling illegal World Cup bets from Singapore through a trio of locally registered shell companies, according to an investigation by The Straits Times. The platform, GemBet, is using PayNow transfers tied to a manpower contracting firm, a cleaning services company, and a wholesale trading business to collect deposits and payouts from Singaporean bettors, all while marketing itself as a legitimate home-grown betting operation.

The scheme highlights a persistent problem for regulators worldwide during major tournaments: offshore operators disguising themselves as local, licensed services to dodge scrutiny while tournament betting volume spikes. Singapore has already ramped up enforcement this World Cup cycle, and the GemBet findings show how far unlicensed operators will go to make illegal wagering look routine to everyday bettors.

A Shell Game Built on PayNow

Investigators found that all three Singapore-registered companies tied to GemBet’s payment network were incorporated only this year — one in March, one in April, and one in May — and each is registered to a Housing Board residential unit rather than a commercial address. When The Straits Times visited the addresses, occupants either didn’t recognize the business names attached to their homes or described tenuous connections, such as a relative’s name being used to register a firm while that relative served as a full-time national serviceman.

Punters who click on GemBet’s Singapore-specific web addresses are routed to the operator’s main site, where they create a digital wallet and can fund it via cryptocurrency or PayNow. Choosing PayNow directs users to wire funds through one of the three shell companies rather than to GemBet directly, a structure that obscures the money trail while letting the platform present itself as processing payments through ordinary local businesses.

An Operator Hiding Behind a Local Front

GemBet claims on its website and social channels that it was founded in Singapore in 2020 before relocating to Malaysia in 2022, and touts affiliations with European football, including a stated partnership with La Liga club Athletic Bilbao and Luka Modric appearing as a brand ambassador. In reality, the operation is run by Grand Complications NV, an entity incorporated in Curacao that has registered more than 1,900 domain variations of the GemBet name — including one activated just a day before the World Cup’s June 11 opening match. A subsidiary called Rockman Enterprises, based in Cyprus, reportedly handles the platform’s payment processing.

When a Straits Times reporter posed as a prospective bettor through GemBet’s live chat, a customer service representative insisted the platform was legal for users in Singapore and described the local PayNow-linked businesses as “legitimate” affiliates, but declined to explain the relationship further or disclose how much money originates from Singapore-based bettors before the created account was suspended. Traffic-monitoring data cited in the report showed GemBet drew close to 50,000 global visits in June alone.

Singapore’s Crackdown Continues

All gambling in Singapore is illegal unless licensed or exempted under the Gambling Control Act, with Singapore Pools standing as the only authorized operator for sports betting and lotteries. Individuals caught wagering with unlicensed platforms like GemBet face fines up to $10,000 SGD and up to six months in jail, while those found operating or assisting such platforms risk fines up to $500,000 SGD and seven years imprisonment, rising to $700,000 SGD and 10 years for repeat offenders.

Authorities have already made significant moves this tournament cycle, with 17 people arrested and more than $720,000 SGD seized in an islandwide operation targeting unlawful remote gambling. Singapore’s Ministry of Home Affairs has also stepped up enforcement broadly from June 11 through July 19, working alongside the Gambling Regulatory Authority to block illegal gambling websites and freeze associated bank accounts. The GemBet case underscores how bettors chasing convenient access to World Cup odds can unknowingly funnel money through unregulated channels with real legal exposure — a reminder of why sticking to licensed, regulated sportsbooks remains the safer path, particularly for bettors in jurisdictions where legal sports betting options are clearly defined and enforced.