Coldbet (Spinbetter)

History and Founding

SpinBetter was founded in 2019, though the exact founding location remains unspecified. The company is a wholly owned subsidiary of Sprut Group B.V., a Curaçao-registered entity. The brand is commonly referred to interchangeably with ColdBet, which serves as the umbrella for affiliate and B2B activities. The only publicly identified co-founder is Bogdan Ilchuk, whose LinkedIn profile confirms his role. The company maintains a lean organizational structure, with an estimated 51–200 employees, and keeps most executive leadership private.

Products and Platforms

SpinBetter offers a tripartite product suite: a sportsbook covering pre-match and live betting on football, tennis, basketball, hockey, and other sports; an esports betting section focused on major titles such as Dota 2, CS:GO, and League of Legends; and an online casino with more than 8,000 games including slots, table games, live dealer options, TV games, bingo, keno, roulette, craps, poker, and baccarat. The platform is accessible via a dedicated mobile app for Android (APK) and iOS, which unifies sports betting and casino play. Localization is a key strategy: the website and app are available in over 60 languages, and payment methods are tailored to regional markets. A sub-brand, ColdBet BD, specifically targets the Bangladesh market with a localized sports betting site.

Business Model and Affiliate Program

The company generates revenue through player wagering, with margins from sports betting odds and casino game house edges. Its affiliate program, ColdBet Partners, is central to customer acquisition. In 2025, ColdBet Partners announced a collaboration with AffPapa, an affiliate marketing network, to expand its reach. This partnership indicates an active push into iGaming affiliate channels. The company also operates as a B2B brand under the ColdBet name, though details on white-label or platform supply are not publicly detailed.

Regulatory and Market Position

SpinBetter operates under a Curaçao gaming license issued via its master license holder Sprut Group B.V. This regulatory framework places it among many international operators serving markets where local licensing may not be required. The brand’s market position is mid-tier, competing with larger operators such as 1xBet, Bet365, and others in emerging markets. Its strength lies in localization and a vast game library, but it lacks the public visibility of publicly traded competitors. User reviews on Trustpilot reflect typical industry sentiments: praised for game variety and bonuses, but criticized for slow withdrawal processing and inconsistent customer support.

Recent Developments and News

In early 2025, ColdBet Partners formed a partnership with AffPapa, highlighting its focus on affiliate marketing growth. The company has not announced any funding rounds, executive hires, or major M&A activity. Its presence in industry conferences, such as the list of attendees for NYC 2025 (published by next.io), suggests ongoing networking but no major public announcements. The brand continues to operate with a relatively low public profile, focusing on operational expansion through localized offerings.