In connection with a recent media report which appeared on a small sports website featuring inaccurate data about 1xBet, the company believes it is appropriate to provide official information that fully corresponds to the true state of affairs. Telecom Asia Sport is sharing the official 1xBet statement.
1xBet is a leading global bookmaker brand that has licenses in several international markets, including Curaçao, which is home to many global gaming and betting companies. 1xBet has encountered no issues concerning its Curaçao 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 Curaçao 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 Curaçao.
1XCorp does not own 1xBet. This is a Curaçao 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.