Curaçao Master Licensee Cyberluck Declared Bankrupt

Ngaking previous rulings into consideration, the court declared Cyberluck bankrupt on October 18Image Source: Shutterstock.com

Cyberluck continues to face serious trouble in Curaçao and is once again under fire by the Foundation for the Protection of the Interests of Victims of Online Gambling.

The Court Declared the Operator Bankrupt

The Court of First Instance of Curaçao has declared online gambling operator Cyberluck bankrupt. The company was one of the four holders of gaming master licenses who could issue sub-licenses to other operators.

Cyberluck’s position as a master licensee prior to the reforms in the gambling hub, however, was not sufficient to prevent the company from accumulating huge debts. The company, which trades as Curaçao eGaming, was found liable for money owed by its licensees.

For example, a ruling in March 2023 ordered Cyberluck to send $71,880 to a winnerwho had never received their money. The player in question was playing with GLD Group BV, one of Cyberluck’s sub-licensees.

After Cyberluck was found liable for its sub-licensees’ debts, the Foundation for the Protection of the Interests of Victims of Online Gambling (SBGOK) intervened and filed the bankruptcy case on September 26.  

Ngaking the previous rulings into consideration, the court declared Cyberluck bankrupt. The ruling was published on October 18.

Cyberluck Is Embroiled in Trouble

SBGOK is led by local journalist Nardy Crammand is dedicated to supporting claims against locally-licensed operators. As a result, this wasn’t the first time the foundation took Cyberluck to court either. Previously, the SBGOK implied that some of the other claims against Cyberluck are for over a million dollars, which the latter company was unable to pay.

Cramm has always been outspoken against the master licenses and the system as a whole, insisting that it was illegal. The matter was eventually ngaken to the Dutch Supreme Court but the foundation ultimately lost.    

Cyberluck’s master license expired on October 1, marking Curaçao’s shift to a new regulatory framework. The so-called LOK legislation initiated the replacement of the master licenses with regular licenses. The launch of the fresh regulatory framework attracted hundreds of license applicants, overwhelming the Curaçao Gaming Control Board.

In August, the regulator noted that it is able to process roughly 10 license applications a week.