Fonbet

History

Fonbet was founded in Moscow in 1994 by chess grandmaster Anatoly Machulsky, with co-founder Vadim Sidorov. It began as a single land-based betting shop near Moscow's Ulitsa 1905 Goda metro station. In 1997, it launched a website offering analytics and statistics, followed by an online totalizator in 1998. Fonbet was among the first bookmakers in the post-Soviet space to introduce live betting in 2004. A controversial 2013 police raid, linked to alleged illegal online operations, was followed by a change of ownership that brought Maxim Kiryukhin – a lottery operator from Stavropol – into control as chairman. The company’s history has also been connected with the Troika Laundromat money-laundering scheme via the defunct Ukio Bankas, though no criminal charges have been proven against the company.

Business Model

Fonbet's revenue comes primarily from its sportsbook and online casino operations. The company operates a B2B division that develops and licenses betting software, including ready-made solutions and franchises for operators in Ukraine, Kazakhstan, Belarus, and Moldova. Its retail network of over 1,000 betting shops provides a physical presence across Russia and Kazakhstan. The online platform generates revenue through betting margins and casino house edges, with live streaming and in-play betting driving engagement. Fonbet also offers virtual sports and a loyalty programme called Fonbet Express.

Products and Platforms

Fonbet's product portfolio includes: a comprehensive sportsbook covering football, hockey, basketball, tennis, winter sports, chess, and esports; an online casino with slots, table games, and live dealer options; native mobile apps for iOS and Android; and B2B betting software for external operators. The company's land-based betting shops offer a wide range of betting options, and its virtual sports section features computer-simulated sporting events.

Market Position

Fonbet is the dominant player in the Russian betting market, with an estimated 6,000 employees and annual revenue of ₽610 billion as of 2024. Its main competitors include other Russian bookmakers like Winline and 1xBet. The company's aggressive sponsorship strategy has made it a household name in Russian sports, including partnerships with the Russian Football Union, the KHL, and the IIHF World Championships. Its regional sponsorship rights with AC Milan and Real Madrid help extend its brand visibility in Europe.

Licensing and Regulatory Footprint

Fonbet's Russian operations are licensed by the Federal Tax Service under licence No. 4 (2009). Its international site is licensed in Curaçao, allowing it to operate in markets where remote gambling is legal. The company is a member of the European Sports Security Association (ESSA) and partners with FIFA’s Early Warning System and the Tennis Integrity Unit to combat match-fixing. These memberships underscore its commitment to regulatory compliance and integrity.

Recent News and Controversies

In 2025, former CEO Sergey Anokhin was detained on bribery charges, and Konstantin Linev was appointed acting CEO. Despite this controversy, Fonbet continues to expand its sponsorship portfolio and maintain its market leadership. The company also briefly appeared on the Russian government’s list of systemically important companies during the COVID-19 pandemic in 2020 but subsequently declined state support.