1xBet fiercely denies reports that bookmaker has been declared bankrupt
Cyprus-based franchise operator slams lengthy article on Josimar website as “fantasy” and “based on no reality or fact”
1xBet has firmly hit back at an article published on investigative football journalism website Josimar in which it reported that the operator had been declared bankrupt by a court in Curaçao.
The 2,000-word piece, which appeared on 20 January and described 1xBet as a “Russian bookmaker”, reported that the bankruptcy followed a case brought by the Foundation for the Representation of Victims of Online Gaming (SBGOK).
The article said SBGOK is acting on behalf of customers claiming to be owed 1.6 million Netherlands Antilles Guilders, or approximately €830,000, in winnings.
Josimar also stated that 1xBet had lost its licence to operate in Russia and that three exiled Russians living in Cyprus are “widely believed to be behind the company’s operations and wanted by the Russian state”.
However, 1xBet, which holds licences in several jurisdictions, including Curaçao, has come out fighting, accusing the website of publishing a story filled with inaccuracies.
“Josimar has occasionally covered 1xBet in the past and its coverage has been filled with factual inaccuracies and this recent article is no exception,” a statement provided to EGR read.
“The article can only be described as a mixture of fantasy and a littering of random statements with no basis in reality or fact.”
The operator also branded the bankruptcy claims as “complete nonsense” and denied that it was a “Russian bookmaker” or that 1XCorp was the owner of the operation, as was reported by Josimar.
“This is false. 1xBet is a global gambling brand, headquartered in Cyprus with operations across Latin America, Europe, Africa and Asia, working via a franchise model. Its products and services are blocked in Russia and Belarus.”
1xBet added: “As for the Russian market, 1xBet can’t have lost its licence there because it did not have it initially. The action relates to another bookmaking business in Russia, which is neither owned nor controlled by 1xBet.”
The bookmaker also rubbished claims in the article that it had “secured licences” to operate in Ukraine and that these had “been revoked”.
1xBet said: “Several Ukrainian companies expressed an interest in using a 1xBet licence on a franchise basis but 1xBet never had any licences in the country.”
As for the SBGOK case, 1xBet responded: “The 1xBet brand, via a global franchise model, has millions of customers, placing tens of millions of bets on sports around the world.
“1xBet pays out all legitimate winnings in full and without delay. There are a very small number of occasions where either 1xBet or its franchise businesses identify suspicious bets and/or irregular betting patterns either through manual or automated monitoring systems.”
The bookmaker said this is “common practice” within the gambling industry.
The statement continued: “In the event we believe winnings are not legitimate and terms and conditions have been broken, we reserve the right to withhold payment of winnings, pending further investigation, and will likely make requests for further information from the relevant account holders.
“In the event our investigation concludes that there has been a breach of our terms and conditions, winnings are withheld, as per the terms of our contract. These contested winnings are what is being pursued in Curacao.”
As for its Curaçao licence, the company said it had “encountered no issues” and that it “remains valid”.