The Court of First Instance in Curaçao declared AK Global NV, the holding company of online betting platform Cbet, bankrupt on January 23, 2025. The judgment followed a bankruptcy claim filed by Paris Saint-Germain (PSG) in November 2024, citing unpaid invoices from their sponsorship agreement.
Documents obtained reveal that the court determined AK Global NV had failed to pay its liabilities, stating, “The defendant has left several debts unpaid and [there are] facts and circumstances that demonstrate that the defendant is in a state of having ceased to pay.”
Despite being summoned, no legal representation for AK Global NV appeared in court. On the same day as the judgment, AK Global NV’s company registration was officially terminated by the Curaçao Chamber of Commerce & Industry.
PSG’s legal action stems from its short-lived sponsorship deal with Cbet, which began in December 2022. The partnership, focused on the Latin American market, was meant to run for one season. However, sources claim unresolved financial issues persisted beyond the contract’s conclusion. PSG representatives reportedly confronted Cbet officials at a trade show in Brazil in an effort to recover unpaid funds.
In a statement at the time of the deal, PSG’s Director of Partnerships, Marc Armstrong, described Cbet as “an ambitious player in online betting, one of the most trusted companies in the world in this sector.”
This trust appears to have eroded as financial disputes escalated, culminating in the bankruptcy case.
Shifting Corporate Strategies and Licensing
Following the bankruptcy declaration, Cbet has updated its operational structure. The company’s website now lists its holding company as AK Global Ltd, registered in Belize with company number 000034783. Additionally, Cbet claims to operate under a gambling license issued by the Government of the Autonomous Island of Anjouan, Union of Comoros.
Interestingly, government records in Anjouan indicate that Cbet.gg operates under a different company name, Bermuda Triangle Ltd, which does not match the Belize-based AK Global Ltd mentioned on the website. This discrepancy raises further questions about the company’s transparency and compliance.
Broader Implications in the Gambling Industry
The situation with Cbet mirrors another high-profile bankruptcy case involving crypto casino BC.Game, which was declared bankrupt by a Curaçao court in 2024. Like Cbet, BC.Game transitioned to an Anjouan license following the loss of its Curaçao gambling license. These cases underscore growing concerns within the online gambling industry, including issues of financial accountability and the credibility of jurisdictions issuing gambling licenses.
Economic and Legal Impact
Cbet’s legal and operational troubles highlight the complexities of international sports sponsorships, particularly in an industry like online gambling that often operates across multiple jurisdictions. For PSG, the dispute reinforces the need for thorough vetting and due diligence when selecting sponsorship partners.
Meanwhile, the ongoing shift from Curaçao to alternative licensing regions such as Anjouan raises questions about regulatory oversight and the potential for misuse within the global gambling sector.
