Cbet’s parent company was dissolved after Paris-Saint Germain (PSG) succeeded in litigation to declare its ex-sponsor bankrupt in Curaçao court.
The Court of the First Instance in Curaçao declared Cbet’s holding company, AK Global NV, bankrupt on 23 January after ruling it had failed to pay its liabilities, according to a document seen by NEXT.io.
It follows PSG, which previously signed a Latin American regional sponsorship agreement with Cbet, filing the bankruptcy claim in November 2024, first reported by local media the following month.
The judgement said: “From the facts stated in the application and from the hearing in chambers, it has been shown in summary that the defendant has left several debts unpaid and of facts and circumstances that demonstrate that the defendant is in a state of having ceased to pay.”
Curaçao bankruptcy law allows businesses to be declared bankrupt if the court rules they have failed to pay liabilities, which can be unrelated to their actual financial resources.
NEXT.io sources claim PSG representatives had previously approached Cbet at their stand in a Brazilian trade show, looking for the company’s owner regarding unpaid invoices.
Despite being ordered to do so by the court, no lawyer appeared on behalf of AK Global NV.
The Ligue 1 football club previously penned a Latin American regional sponsorship deal with Cbet in December 2022 in a one-season contract deal.
PSG’s director of partnerships Marc Armstrong said at the time: “We are delighted to welcome Cbet as a regional partner of Paris Saint-Germain.
“Cbet is an ambitious player in online betting, one of the most trusted companies in the world in this sector.”
The Commercial Register of the Curaçao Chamber of Commerce & Industry shows AK Global NV’s company registration was terminated on the day of the judgement.
Cbet’s website now shows its holding company is AK Global Ltd, a Belize-based company with the registration number 000034783.
Meanwhile, the brand states on its webiste it now holds a gambling licence issued by the Government of the Autonomous Island of Anjouan, Union of Comoros.
According to the Anjouan government’s website, cbet.gg is operating under the company Bermuda Triangle Ltd, which does not match what is listed on its website.
The incident happens after crypto casino BC.Game was also declared bankrupt by an Curaçao court in 2024, which resulted in the company losing its gambling licence.
BC.Game announced in a statement last year it is now also operating under an Anjouan licence.
NEXT.io has contacted Cbet for comment.