Elbet
Elbet is a Serbian gaming studio founded in Belgrade in 2002, licensed by the Malta Gaming Authority since April 2024, building number games, virtual sports and virtual casino games audited by iTech Labs.
Its titles reach a small slice of licensed casinos in this catalogue, from Good-rated newcomers to a longer-running Kahnawake-licensed operator.
- Tobique Gaming Commission licence requires KYC and fund segregation
- Native Android and iOS apps built for mobile-first casino play
- 13,800+ games listed across more than 100 software providers
SpinsUp is a 2024 crypto-friendly casino licensed by the Tobique Gaming Commission, offering 13,800+ games and payouts within 72 hours.
- 9,000+ casino games
- 90+ account currencies
- Strong sportsbook features
22Bet is a multi-product gambling platform offering over 9,000 casino games alongside a full-featured sportsbook. With support for more than 90 account currencies, hundreds of payment methods, mobile apps, and regular promotions, it appeals to both casino players and sports bettors looking for flexibility and variety.
Crypto-focused casino with 12,000+ games, a mobile app, loyalty cashback, tournaments and a 17,000 USDT welcome package.
- Up to €1,000 plus 150 FS for newcomers
- Bonus funds carry zero wagering
- 15,000+ games sourced from 100+ providers
Hercules Casino is a 2026-launched, Anjouan-licensed site with 15,000+ games and a wager-free 300% welcome bonus up to €1,000+150 FS.
- Wager-free welcome package of up to 800€ total
- 13,000+ games from 100+ providers
- Payouts typically clear within 24 hours
Merlin Casino is an Anjouan-licensed multi-provider site with 13,000+ games, wager-free bonuses, and payouts typically within 24 hours.
- Dual licence: Tobique and Anjouan
- Welcome offer worth up to €5,000 & 300 free spins
- Native Android and iOS apps
Fortune Play is a 2024 casino licensed by Tobique and Anjouan, offering a €5,000 + 300 FS welcome package and 72-hour payouts.
- Welcome offer spans 4 deposits: up to €2,500 + 150 FS
- Native iOS and Android apps
- Daily cashback reaches up to 20%
Spinjo is a 2024-launched casino offering a 425% welcome bonus and 72-hour payouts, though independent reviews flag withdrawal complaints.
- Daily, weekly and monthly cashback
- 13,400 slots from 160+ game studios
- Generous 4-deposit welcome pack
PlayMojo is a Kahnawake-licensed casino launched in 2024 with about 13,400 slots, a four-deposit welcome package, and 72-hour payout targets.
Elbet Casinos — Games, Fairness and Where to Play
Elbet is a Serbian game-technology studio founded in Belgrade in 2002, according to the company's own site, now licensed by the Malta Gaming Authority under licence MGA/B2B/997/2023, issued 08 April 2024. The catalogue spans over 14 titles across virtual games, slots, lotteries, sports betting, bingo, instant games, number games, virtual sports and virtual casino games, and elbet.com lists more than 250 operators across three continents, including four state lotteries. Elbet games appear at eight casinos in this catalogue, ranging from newer Anjouan-licensed brands to a Kahnawake-licensed operator.
Who Is Elbet
Elbet was established in Belgrade, Serbia in 2002, according to the company's own site, initially building software and hardware for the gaming industry before expanding into online games in 2020, per the same source. The studio operates as Elbet Limited, registered in Malta under company registration number C102672, and holds licence MGA/B2B/997/2023 from the Malta Gaming Authority, issued 08 April 2024. It also holds a Class 2 Licence (Nr. 881) for the Romanian market, issued 26.04.2017, alongside licenses from the Ministry of Finance Gaming Authority (Serbia), the Estonian Tax and Customs Board, Kansspelautoriteit (Netherlands), Spillemyndigheden's Certification Programme (Denmark), and the Directorate General for the Regulation of Gambling (DGOJ, Spain).
Across the 520 game studios tracked in this catalogue, Elbet ranks 226th by the number of casinos carrying its games. Hacksaw leads that comparison group with 130 casinos, while niche names such as Jili appear in just 1, and Delulu Gaming and Playnetic each sit at 8 — Elbet's spread across eight casinos in the catalogue places it closer to the narrower end of that scale rather than among the widest-distributed studios.
Elbet Signature Games and Mechanics
Elbet's own site groups its portfolio into three lines: number games, virtual sports and virtual casino games. Fast Coin, Fast Balls and Lucky Balls sit in the number-games line, built around drawn or generated number outcomes rather than spinning reels. Dog Racing, Horse Racing and Virtual Football represent the virtual sports line, simulating race and match results at fixed intervals rather than live events. Video Roulette extends the virtual casino games line, and Rocketman runs as one of the studio's instant-format titles. The 2020 move into online games, noted on the company's own site, sits alongside its older land-based and virtual-sports lines rather than replacing them.
Elbet RTP, Volatility and Fairness
Elbet's game RTPs range from 89% to 97.5%, with variance and volatility adjustable per title. RTP is a theoretical figure calculated over a very large number of rounds; it says nothing about what a single session returns, and a game near the top of that range can still produce a losing session. Volatility describes how winnings are distributed across rounds, not whether a game is running hot — a distinction covered further below.
Game fairness for Elbet's content is documented through named certificates: Game Certificates TRS-J0036-I0029-E0001, TRS-J0036-I0030-E0001 and TRS-J0036-I0058, plus Equipment Certificate TRS-J0036-I0059, according to elbet.com. iTech Labs is named among the studio's certifications.
Elbet's game content carries four named certificates — TRS-J0036-I0029-E0001, TRS-J0036-I0030-E0001, TRS-J0036-I0058 and Equipment Certificate TRS-J0036-I0059 — separate from its Malta Gaming Authority operating licence. The certificates cover game and equipment testing; the licence covers the right to operate.
Where to Play Elbet Games
The casino list above this text gathers operators whose game libraries include Elbet titles. Eight casinos carry Elbet games in this catalogue, and licences among them lean toward Anjouan, held by 7 of the 8 (88%), against 32% catalogue-wide; Tobique, Kahnawake and Curaçao licences account for the rest. Casinos with a checked licence are listed more broadly in the licensed casinos hub.
Trust levels vary within this small set: SpinsUp, Fortune Play and Merlin Casino carry a Good trust level in our reviews, while PlayMojo, Spinjo and Hercules Casino sit at Average. Crypto payment support is less common here than across the wider catalogue: 5 of the 8 casinos carrying Elbet games accept crypto (63%), against 87% catalogue-wide — worth checking before assuming a crypto deposit route is available. Payment options at several of these casinos include methods such as Neteller and Payz among the accepted options.
- Provider presence — confirm the specific casino's lobby actually lists Elbet titles before assuming access.
- Licence — Anjouan, Tobique, Kahnawake and Curaçao sit on different regulatory footing; check which one covers the casino you pick.
- Region — elbet.com lists availability across a named set of markets, including Serbia, Romania, Estonia, the Netherlands, Denmark, Spain, Bulgaria, North Macedonia, Malta, Italy, Latvia, the Czech Republic, South Africa, Croatia, and Ireland; confirm your own country separately at the casino, not from the studio's list.
- Demo access — test a title without a deposit where the casino offers a demo mode, before wagering real funds.
Common Misconceptions About Elbet Games
- "A slot runs hot or cold" — outcomes are generated independently round to round; a recent win or loss streak has no bearing on the next spin.
- "A published RTP guarantees a return" — a range of 89% to 97.5% is a long-run average across a very large number of rounds, not a promise for any single session.
- "Adjustable volatility means the operator sets the odds" — Elbet's own materials describe variance and volatility as configurable per title at the game-design stage, not something a casino tunes after launch.
- "All Elbet titles play the same" — the portfolio splits across number games, virtual sports and virtual casino games, each with a different mechanic rather than one shared template.
How Elbet Casinos Differ
Interface language coverage separates these casinos more clearly than licence or trust level within this set.
| Casino | Interface Languages |
|---|---|
| 22bit | 57 |
| 22bet | 57 |
| Merlin Casino | 8 |
| Hercules Casino | 8 |
| Fortune Play | 7 |
| Spinjo | 5 |
Interface language count is a localisation detail, not a market-access measure — a casino can support many languages while still restricting some countries, or run a handful of languages and still accept a wide list of countries. 22bit and 22bet cover 57 interface languages each, well above Merlin Casino and Hercules Casino at 8, and Fortune Play and Spinjo at 7 and 5 — worth checking if you play outside English, but not a signal of fairness or licence quality on its own.
Verdict on Elbet
"Elbet's number games and virtual sports give a licensed alternative to reel-based slots, fit for a player who checks the casino's own licence and trust level as carefully as the game's format."
Elbet suits a player comparing virtual sports and number-game formats against reel-based slots, provided the account sits at a casino whose licence and trust level match the player's own risk tolerance. The studio's fairness certificates and Malta Gaming Authority licence cover Elbet's own games; they say nothing about the casino wrapped around them, which is why the licence and trust level of the operator still need checking separately, casino by casino.
Gambling is entertainment, not a way to make money or fix finances. Set deposit and time limits, take regular breaks, and use self-exclusion tools if play stops feeling like fun. Licensed operators provide these tools — using them is a sign of control, not weakness. Learn more on Responsible Gambling →
Update history
- Sep 28, 2026 — Covered studio background, notable game lines, RTP/fairness certificates and casino-by-casino comparison
- Sep 15, 2026 — Updated: attribution wording removed
- Aug 19, 2026 — Covered studio licensing, RTP range, iTech Labs audits and casinos offering Elbet games
Elbet – FAQ
In which casinos can I play Elbet games?
Elbet games appear at casinos including SpinsUp, Fortune Play and Merlin Casino in this catalogue's selection, with Anjouan the most common licence among the eight casinos carrying them.
Are Elbet games audited for fairness?
Elbet's game content carries named certificates (TRS-J0036-I0029-E0001, TRS-J0036-I0030-E0001, TRS-J0036-I0058 and Equipment Certificate TRS-J0036-I0059), and iTech Labs is named among the studio's certifications.
What types of games does Elbet offer?
The portfolio groups into number games, virtual sports and virtual casino games, alongside titles added since the studio expanded into online games in 2020.
Does Elbet hold a gambling licence?
Elbet Limited holds licence MGA/B2B/997/2023 from the Malta Gaming Authority, issued 08 April 2024, plus a Romanian Class 2 Licence (Nr. 881) issued in 2017.
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