PSG Battles Ex-Sponsor Cbet in Curaçao Bankruptcy Dispute

Paris Saint-Germain has taken legal action against its former sponsor, crypto casino Cbet, in Curaçao.

The bankruptcy claim arises amid unpaid penalties and Cbet’s ongoing use of PSG branding post-contract.

Dive into the high-stakes legal drama reshaping crypto casinos and the future of gaming sponsorships.

Discover how this case exposes deeper challenges in gaming regulation and licensing.

PSG Files Bankruptcy Claim Against Ex-Sponsor Cbet in Curaçao Court

Key Points

1. PSG files bankruptcy claim against Cbet’s parent company, AK Global NV, in Curaçao’s Joint Court of Justice.
2. Cbet still uses PSG branding post-contract despite licensing lapses and unpaid penalties.
3. The case underscores scrutiny on Curaçao’s gaming reforms and crypto casino operations.

PSG Takes Legal Action Against Former Sponsor Cbet

Paris Saint-Germain FC (PSG), one of Europe’s leading football clubs, has filed a bankruptcy claim against its former regional sponsor, crypto casino Cbet. The claim, targeting Cbet’s parent company AK Global NV, is set to be heard on January 22 in the Curaçao Joint Court of Justice.

This legal battle follows the expiration of PSG’s sponsorship deal with Cbet in December 2023. Despite the contract concluding, Cbet continues to display PSG branding on its gambling site and social media platforms, raising questions about its operations and transparency.

Cbet Faces Mounting Legal Challenges

In addition to the PSG dispute, Cbet has failed to pay a €5 million enforcement penalty imposed by Spain’s DGOJ gaming regulator. Its troubles compound as Curaçao’s ongoing gaming reforms led to the expiration of its master license through Gaming Services Provider in August 2024.

Currently, Cbet operates without any valid gambling license, with no regulatory permits displayed on its platform. This places the operator under growing scrutiny, particularly in jurisdictions like France and the UK, where the site remains accessible without geoblocking.

Crypto Casino Controversies: A Growing Trend

Cbet’s case mirrors another recent high-profile incident involving BC.Game, a crypto casino and Leicester City FC shirt sponsor. Declared bankrupt earlier this month, BC.Game faced unpaid liabilities, including player claims and penalties from the Spanish government.

The fallout saw BC.Game close its UK-licensed site and prompted the Curaçao Gaming Control Board (GCB) to consider revoking its provisional license. Similar to Cbet, BC.Game has sought new licensing on the South Pacific island of Vanuatu, highlighting a trend among crypto casinos struggling with regulatory pressures.

Impact on Curaçao’s Gaming Reputation

These cases shine a spotlight on Curaçao’s ongoing gaming reforms and the provisional licensing system. Critics argue that the current framework lacks sufficient oversight, enabling operators like Cbet to continue operations despite non-compliance.

Curaçao’s gaming regulator has strongly denied allegations of misconduct, emphasizing its commitment to transparency and legal probity. However, the repeated controversies surrounding crypto casinos have put the island’s regulatory system under significant pressure.

PSG’s bankruptcy claim against Cbet marks another chapter in the evolving challenges faced by crypto casinos. The case underscores the importance of regulatory compliance and the growing scrutiny on sponsorship deals within the gaming industry.

For Curaçao, these legal battles could either reinforce its commitment to reform or further expose gaps in its licensing framework. As gaming regulations tighten globally, the industry must adapt to ensure accountability, transparency, and trust in its operations.

PSG’s pursuit of justice highlights the stakes involved when brands and operators fail to align on ethical and legal standards, signaling a need for stronger governance in the dynamic world of gaming sponsorships.