Betway backer revealed
Philanthropist has stake in controversial gambling firm
Tell us who’s behind ‘grooming’ betting giant, MPs demand
From the Mail, January 20
A MILLIONAIRE South African philanthropist was last night revealed as one of the secretive backers of online gambling giant Betway.
Martin Moshal, 49, admitted he was an investor in the controversial company after a Daily Mail investigation into its offshore ownership structure.
Betway is facing outrage over secret documents that reveal VIP managers ‘groom’ addicts by using manipulative messages and cash bonuses to keep them hooked.
In one case, a gambler stole £370,000 from his employer to fund his addiction after receiving hundreds of messages from Betway staff. Betway refunded the money in a tacit admission of guilt. Although licensed to operate in the UK, Betway’s real owners are hidden behind shell companies in Malta, Guernsey and the British Virgin Islands.
Now the Mail has established that ‘tech genius’ Mr Moshal is a beneficiary of a trust registered in the Isle of Man which is a shareholder of Betway. The venture capitalist, who is said to share his time between South Africa and London, where he and his wife Ilana once owned a seven- bedroom mansion in Hampstead now worth £7.8 million, admitted he had shares in Betway via a trust.
Despite referencing his business success in speeches, the tycoon has been reluctant to discuss the exact source of his wealth.
On the website for the Moshal Foundation, which provides scholarship programmes, he simply describes being ‘involved in several technology and real estate investments, as well as start-ups’.
But the Mail can also reveal how Mr Moshal became known as one of the ‘most influential figures in online gaming’, a global industry valued at more than £340 billion that is viewed by critics as an unregulated ‘Wild West’.
His influential role in transforming old-fashioned bookmaking is detailed in dozens of patents for the technology behind online gaming. They include jackpot wagering systems, virtual slot machine games, bonus promotions to ‘induce’ players, mobile devices for payment and an array of ‘multi-player’ online games.
Mr Moshal was born in Durban, and studied finance and computer science at the University of Cape Town, graduating in 1992. His gaming empire was started in a small flat in Durban, where he began rolling out inventions through the Microgaming company, which he remains a major shareholder of. By the mid2000s, Microgaming was said to supply more than a third of the online gaming market and clients estimated it was bringing in more than £400 million of revenue annually.
Mr Moshal first became involved with Betway after its website was created in 2002, when he helped set up its poker and casino platform.
In the past five years, he bought his first stake in the company, and has since increased his investment.
He denied any involvement in the day-to-day running of the business, but he retains a relationship with its senior managers. Mr Moshal’s spokesman acknowledged that he was an ‘important figure in the early days of the industry’ but said his ‘importance has declined’.
MP Carolyn Harris, chairman of the all-party parliamentary group on gambling, called on the Gambling Commission to reveal the firm’s other owners.
She said: ‘It makes me furious that other secretive multimillionaires who control Betway remain unaccountable to MPs, its customers and the general public.’
Betway said: ‘Betway Group is a Guernsey company and holds gaming licences in the UK. As a responsible, licensed operator, all of our regulators (in all jurisdictions) are provided with the details of our ownership, as is required by law.’