Paris Saint-Germain FC (PSG), a prominent French soccer club, has taken legal action against its former gambling sponsor, Cbet, in Curaçao. The club had signed a partnership deal with Cbet, a crypto casino, to be its official Latin American gambling partner in December 2022. Despite the expiration of the deal, Cbet continues to claim partnership with PSG on its social media and website.
The bankruptcy claim was filed against Cbet’s parent company, AK Global NV, and is scheduled to be heard on January 22 in the Curaçao Joint Court of Justice. Cbet has encountered various issues in multiple jurisdictions where it operates, including receiving fines in several territories. The most significant fine was a €5 million penalty imposed by the Spanish gaming regulator, which Cbet failed to pay.
Furthermore, Cbet no longer holds a valid license and does not display one on its website. This information emerged following bankruptcy proceedings and regulatory reforms in Curaçao, which mandated all operators to re-apply for licenses under new regulations. The revelation about Cbet’s lack of a license adds to the controversy surrounding the licensing system in Curaçao, which was recently criticized for being a platform for fraud, corruption, and money laundering by a local opposition politician.
This situation mirrors a previous incident involving BC.Game, a gambling operator and sponsor of Leicester City, which was compelled to shut down its UK-facing platform and received a notice of impending license withdrawal.
The legal dispute between PSG and Cbet underscores the importance of transparency and compliance in the gambling industry. It also highlights the potential risks associated with partnerships between sports clubs and gambling entities. PSG’s decision to pursue legal action against Cbet demonstrates its commitment to upholding ethical standards and protecting its reputation.
As the case unfolds in the Curaçao court system, the outcome will likely have significant implications for both PSG and Cbet. It serves as a cautionary tale for other sports clubs and gambling sponsors to conduct thorough due diligence and ensure regulatory compliance in their partnerships. Ultimately, the resolution of this dispute will shape the future landscape of sports sponsorship and the gambling industry.