Following the investigation by The Times, 1XBET has decided to shut down its website.
Following a detailed investigation by The Sunday Times, 1XBET, a well-known sportsbook, has been forced to close down due to numerous violations of gambling regulations. The site, which is owned by a Russian company, was found to have been accepting bets on sporting events involving underage participants, who were under the age of 18. In addition to this, they were also found to be promoting a casino with explicit adult content and allowing bets on illegal cockfighting matches. This shocking revelation is likely to have severe consequences for the award-winning bookmaker, as it jeopardizes their partnerships with prominent global sports franchises such as FC Barcelona and English Premier League clubs Chelsea, Liverpool, and Tottenham Hotspur.
1XBET's activities in the UK have been deceptive, as they have been operating without proper authorization and falsely claiming to hold a license. Rather than having their own license, the online betting platform has been operating under the license of their white-label partner, FSB Technology (UK) Ltd. This unauthorized operation caught the attention of the UK Gambling Commission, prompting them to launch an investigation into the overall business practices of 1XBET.
UKGC Investigates Allegations Against 1XBET Sports Betting Platform
In response to the report by The Sunday Times, the UK Gambling Commission has swiftly taken action. They have accused the file-sharing platform 1XBET of violating piracy laws. The most scandalous accusation against the online gambling operator is the presence of nude croupiers on their website, which has earned it the nickname "pornhub casino". The gambling site wasted no time in providing an explanation, stating that this was likely due to the involvement of "third-party networks or partners". Furthermore, a spokesperson has assured that a thorough investigation will be carried out to address these allegations promptly.
The individuals who possess the exclusive licenses for the gambling corridor established in Curacao.
1xBet, a well-known name in the gambling industry, has recently faced scrutiny following an investigation conducted by the esteemed publication, the Times. In the report, it was revealed that 1xBet was identified as one of the four main license holders of a gambling corridor based in Curacao. Astonishingly, this investigation estimated that more than 12,000 online operators had been granted authorization through contracts with these four license holders, namely Cyberluck Curacao N.V., Gaming Curacao, Curacao Interactive Licensing N.V., and Antillephone NV. These license holders, in turn, approved sub-licenses to interested applicants, charging annual fees ranging between $35,000 and $45,000. The collective revenue generated by these licenses is said to amount to a staggering $120 million per year for each of the master license holders. In light of the investigation's findings, 1xBet promptly made the decision to suspend their website, demonstrating their commitment to transparency and integrity within the industry.
The Historical Background of the 1XBET Sports Betting Platform
Initially, the sportsbook operated out of Russia but eventually relocated to Cyprus and obtained licensing in Curacao. The casino's reputation soared as it established collaborations with renowned football clubs, expanding its reach to a worldwide clientele. Following its sudden shutdown, players expressed concern over their funds; nevertheless, FSB Tech, the platform provider for 1XBET, assured them that their account balances would remain intact until the investigation concluded. To stay informed about the future of this internet bookmaker, stay connected for the most up-to-date South African sports news available online.