Largest sports betting 1xBET from Curaçao still bankrupt

THE HAGUE - The largest online sports betting company 1xBet/1xCorp is likely to be declared bankrupt anyway. This can be deduced from the conclusion of the Attorney General at the Supreme Court.  

 

1xBET, owned by 1xCorp, was declared bankrupt in absentia by the Court of First Instance in 2021, but was successfully challenged. The Foundation for the Advocacy of Victims of Online Games of Chance, SGBOK, subsequently appealed and was ultimately successful.  

 

1xCorp then appealed in cassation, but the judgment on appeal stands: the bankruptcy petition based on a claim by SGBOK of more than one and a half million guilders and various support claims were still lawful. Formally, the Supreme Court has yet to rule, but it generally follows the conclusion of the Attorney General.  

 

Largest betting company  

 

1xCorp N.V., originally from Russia, operates 1xBet and numerous other online sports betting and casinos. The company has an unlawful and unregulated sublicense in Curaçao from Cyberluck and is the largest sports betting company in the world, with over 1800 gambling sites worldwide.  

 

Until recently, management was carried out by trust offices Carmanco and Global Related Services. Both Cyberluck (Curaçao Egaming) and these boards are held liable for the bankruptcy by the trustee.  

 

SGBOK  

 

SGBOK has filed for bankruptcy of 1XCorp in 2021. A large number of gambling players were duped when gambling online on the website 1XCorp, they didn't get paid. SGBOK litigated for them.  

 

On appeal, the foundation was able to convince the judge that it was indeed a creditor and that there were others who had claims against the gambling company.  

 

The Attorney General does not see in cassation why the verdict should be overturned. For example, more debts had indeed remained unpaid, such as preferential claims from the Tax Authorities and SVB of more than two million guilders, followed by eighteen duped players with a claim of almost one and a half million guilders.  

 

Declaring bankruptcy requires that the debtor, 1xCorp, has ceased to pay, i.e. does not pay its debts, for which, according to the Attorney General, it is sufficient that it does not pay one due claim.  

 

The fact that 1xCorp selectively pays other debts or still has sufficient cash in hand does not therefore stand in the way of a declaration of bankruptcy. 




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