1xBet denies reports of being declared bankrupt by Dutch Supreme Court

"The desolate landscape devoid of any hope and sponsorships."

Screengrab via Valve

1xBet, a bookmaker tied to many esports organizations, has responded after reportedly being declared bankrupt by the Dutch Supreme Court in the Netherlands. The news was originally reported by Josimar but is vehemently denied by 1xBet.

In June 2022, Josimar reported that 1xCorp, the alleged parent company of 1xBet, had been declared bankrupt by Curacao, a Dutch Caribbean Island. 1xCorp appealed that ruling to the Dutch Supreme Court but, on Jan. 20, Josimar reported the appeal had been rejected, citing the official website of The Netherlands Judiciary.

According to earlier reports, the bookmaker was also accused of not honoring winnings, slowing down or preventing withdrawals, and the misuse of funds on excessive advertising whilst struggling to make ends meet.

But 1xBet has now responded to the reports, claiming that they are a “mixture of fantasy” with “no basis in reality or fact.”

“1xBet has encountered no issues concerning its Curacao license, which remains in place and with which it is fully compliant,” 1xBet said. “Everything is business as usual.”

1xBet denies that 1XCorp, the Curacao company that was declared bankrupt, is the owner of 1xBet, saying: “This is false. 1xBet is headquartered in Cyprus with thousands of employees.”

In response to claims that 1xBet is a Russian bookmaker, it says: “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.”

While 1xBet has deep ties in the world of soccer, announcing major deals with Barcelona and Paris Saint-Germain, it also became one of the leading sponsors of esports organizations and events throughout 2022.

Team Spirit, OG, and Tundra Esports, teams known for their Dota 2 operations, all shook hands with the Russian bookmaker in 2022 for lucrative sponsorship deals. Throughout their partnerships, 1xBet directly sponsored some of the content these clubs released. In addition to esports clubs, the company worked with organizers like WePlay, while also putting together its own tournaments.

In 2021, 1xBet allegedly lost its license to operate in Russia. But the recent statement also denies that this was the case, saying: “1xBet cannot have lost its license there, because it did not have it in the first place. The action relates to another bookmaking business in Russia, which is neither owned or controlled by 1xBet.”

Editor’s note: This article was originally published with the headline “1xBet declares bankruptcy, leaving multiple top Dota 2 and soccer teams in the dust.” 1xBet has since denied all reports that the bookmaker has been declared bankrupt and has released a statement. The headline has been amended to “1xBet denies reports of being declared bankrupt by Dutch Supreme Court” and the article includes quotes from 1xBet’s official statement.