Curaçao likely to declare 1xBet bankrupt

By Mark
Published 02/12/2022
Curaçao likely to declare 1xBet bankrupt

With Curaçao determined to revamp its Gambling Licence system, a legal battle over the alleged bankruptcy of 1xBet has now erupted.

This follows the decision taken last week by Curaçao’s Attorney General who advised the Supreme Court to officially declare 1xBet’s bankruptcy.

Meanwhile, 1xBet, which has a history of legal issues, is facing accusations that range from taking bets on children’s sports in the UK in 2019, to trying to extract data from Ukrainians during the ongoing war, after having been granted a licence to operate in the country.

The decision that granted 1xBet its licence, was later reversed.

While Curaçao’s Supreme Court has yet to rule in favour or against declaring 1xBet’s bankruptcy, according to local media reports, this Court generally follows the advice of the Attorney General.

1xBet, founded in 2007, briefly sponsored English Premier League football teams Chelsea FC and Liverpool FC in 2019, before having to close down in the UK following the Sunday Times’ investigation.

In August 2022, 1xBet secured a sponsorship agreement with French football club Paris Saint-Germain (PSG) and became the club’s official regional partner in Africa and Asia.

Curaçao’s gambling licence reforms

In October 2022, the Curaçao Gambling Control Board announced its plans to reform its iGaming licensing system by the start of 2023.

While the details of the new system are still being worked out, Curaçao’s Gambling Control Board confirmed that this will include a supervisory regime.

Curaçao's Gambling Control Board
The Curaçao Gambling Control Board is the regulator for Curaçao’s casino industry.

While the job of this new supervisory entity would be to oversee and issue licenses to interested applicants, the new framework will also impact crypto casinos and their payment methods.

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