In connection with a recent media report which appeared on a small sports website
featuring inaccurate data about 1xBet, we believe it is appropriate to provide official
information that fully corresponds to the true state of affairs.
1xBet is a leading global bookmaker brand that has licenses in several international
markets, including Curacao, which is home to many global gaming and betting
companies. 1xBet has encountered no issues concerning its Curacao license, which
remains valid. 1xBet and its franchises continue to fulfill their obligations to
customers and partners.
1xBet urges those interested media members to use our company’s official data and
carefully verify the sources of information.
On 20 January 2023, an article appeared on Josimar, a less visited sports website,
alleging that 1xBet was “declared bankrupt”. Josimar has occasionally covered 1xBet
in the past and its coverage has been filled with factual inaccuracies this recent
article is no exception. The article can only be described as a mixture of fantasy and
a littering of random statements with no basis in reality or fact.
However, in this case, we are talking about the reputation of our brand and we would
like to refute the “information” given in the article.
It states that 1xBet “was declared bankrupt this week”. This is, of course, complete
nonsense. 1xBet is one of the fastest-growing and biggest gambling brands in the
world.
It states that 1XCorp, a Curacao company, is the “owner” of 1xBet. This is false.
1xBet is headquartered in Cyprus with thousands of employees.
It states that 1xBet is a “Russian bookmaker”. 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.
It states the bankruptcy of 1XCorp relates to an action brought by the Foundation for
Representation of Victims of Online Gaming (SBGOK), which supposedly
“represents customers claiming to be owned “roughly 830,000 euros” in winnings. It
states a similar case exists in Russia, including a suggestion that “1xBet has lost its
license to operate in Russia.” We would like to take these allegations in turn, as
believe they require context.
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. This is
common practice within the gambling industry. 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.
1XCorp does not own 1xBet. This is a Curacao company that once owned various
gaming platforms and businesses.
As for the Russian market, 1xBet can’t have lost its license 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 article states that 1xBet had “secured licenses” to operate in Ukraine and the
license had “been revoked”. It’s not true. 1xBet had made a US$1m donation to the
Red Cross relief effort in Ukraine, one of the biggest in the industry. As for the
suggestion, it loses its license in Ukraine, this is, once again, untrue. Several
Ukrainian companies expressed an interest in using a 1xBet license on a franchise
basis but 1xBet never had any licenses in the country.