Turkish Cypriot Businessman Named in Illegal Betting Investigation
According to multiple reports in Cyprus and Turkey, a Turkish Cypriot Businessman has been named as a central figure in a sprawling illegal betting investigation after authorities seized an 80 terabyte digital archive containing personal and banking data linked to approximately 13.8 million individuals connected to illegal betting activities. Turkish prosecutors launched the probe into what investigators describe as an extensive financial operation spanning multiple jurisdictions, including Malta, Bulgaria, Dubai, and northern Cyprus. As a matter of fact, the alleged illegal gambling ecosystem generated estimated monthly revenues of up to $3 billion. Investigators believe the financial structure was at the heart of this multi-national betting network, with connections emerging to previously leaked financial documents and a murdered casino operator.
Istanbul Prosecutors Launch Investigation Into Global Betting Network
Istanbul prosecutors initiated proceedings under President Recep Tayyip Erdoğan’s 2025-2026 Action Plan for Combating Illegal Betting and Virtual Gambling, a state-wide program targeting offshore bookmakers and their financial infrastructure. MASAK, Turkey’s Financial Crimes Investigation Board, received orders to examine nearly 14 million pieces of user data. Intelligence units deepened surveillance of consumer payments, betting databases, and digital transaction trails linked to illegal operators.
More than three million Turkish ID numbers have been connected to gambling-related activity. Enforcement operations produced arrests across 35 provinces, with 108 people accused of helping illegal betting networks operate inside the country. Authorities blocked over 5,000 gambling-related websites and seized digital evidence tied to the alleged scheme.
Investigators examined more than 14,000 deposit accounts and 52,000 withdrawal accounts suspected of moving money through offshore gambling channels. Justice Minister Akın Gürlek assumed oversight of the campaign, steering enforcement powers linked to penal code changes and judicial reforms. Prosecutors gained broader authority to freeze bank accounts, seize assets, and pursue criminal cases tied to gambling transactions.
Turkish authorities seized over $31.77 million in assets from groups allegedly running illegal betting sites. In December 2022, prosecutors indicted more than 240 people on illegal gambling and money laundering charges.
Turkish Cypriot Businessman Named as Central Figure
Turkish & Cypriot media reports identified British Turkish Cypriot businessman Burak Basel as the alleged central figure behind the global illegal betting network, with estimated monthly revenues reaching GBP 2.38 billion. Basel presents himself internationally as a successful FinTech investor through Basel Holding, gaining appearances in American financial publications and receiving recognition as Entrepreneur of the Year in the north.
Basel maintained business operations across the United Kingdom, Malta, the United Arab Emirates, and northern Cyprus. He co-owned Sliema eatery Food for Fit and payment firm Paymix. Records revealed Basel held shares in Universal Software Solutions NV, the license holder for BeteBet and KolayBet labels, two betting website families blacklisted in Cyprus, Latvia, and Turkey.
The Turkish Cypriot businessman started his entrepreneurial journey in 1996 by developing CRM software for the tourism industry. Basel Holding operated as an investment holding company providing high-tech solutions across multiple industries.
