Casbit Group Declared Bankrupt Over Player Debts

The Casbit Group, previously the operator of Lalabet and JungliWin online casinos, has been declared bankrupt by the Court of Curaçao. The company’s financial troubles stem from numerous unpaid debts, including €619,500 owed to Dutch gamblers who were unable to claim their winnings. After ceasing operations in Curaçao earlier this year, the group’s casinos are now under the management of a Costa Rican company.

The bankruptcy filing, initiated in August and ruled on December 5, was supported by the Stichting Belangbehartiging Gedupeerden Online Kansspelen (SBGOK), an organization representing players with disputes against Curaçao-licensed casinos. Among the claimants is a Dutch gambler who remains unpaid for winnings exceeding €237,000, according to Curacao Chronicle.

The Court’s decision relied on the Bankruptcy Ordinance of 1931, which permits insolvency declarations for entities unable to meet their financial obligations. The ruling emphasizes that Casbit Group’s refusal to settle player claims warranted the bankruptcy judgment.

Legal Challenges and Dutch Market Controversies

The Casbit Group’s operations have drawn significant attention in the Netherlands. Its casinos, Lalabet and JungliWin, appeared among trending Google searches in the country, reflecting their popularity among Dutch players. The Dutch Gambling Authority (Kansspelautoriteit) had previously imposed fines on the group for targeting Dutch consumers without proper compliance.

SBGOK played a pivotal role in advocating for affected players. This foundation, which represents individuals impacted by offshore casinos, has a history of pursuing bankruptcy claims against similar entities. The organization’s involvement highlights ongoing tensions between Curaçao-licensed operators and Dutch gamblers.

Transition to New Management

Amid growing scrutiny and financial challenges, the Casbit Group dissolved its operations in Curaçao, as confirmed by the Curaçao Chamber of Commerce. Ownership of Lalabet and JungliWin has since transferred to SkyGrow Group Limitada, based in Costa Rica.

This move represents a significant shift for the casinos, now managed under new leadership while continuing to serve international markets. The transition also marks the end of Casbit Group’s presence in Curaçao, as the company grapples with the aftermath of its bankruptcy and unresolved claims.

Broader Implications for Curaçao’s Gambling Sector

The Casbit Group’s bankruptcy adds to a series of disputes involving Curaçao’s online gambling framework. Recent reforms, such as the National Ordinance for Games of Chance (LOK), aim to overhaul the island’s licensing system. These changes include eliminating the sub-licensing model that has faced criticism for lack of oversight, as highlighted in separate legal battles involving Cyberluck Curaçao NV.

For affected players, such rulings and reforms signify progress toward accountability and better protections within the online gaming industry. However, cases like this underscore the challenges of enforcing regulations across international jurisdictions.

With new management in place and operations relocated, the future of Lalabet and JungliWin now rests on their ability to rebuild trust and maintain compliance under Costa Rican oversight. Meanwhile, the bankruptcy of Casbit Group marks a decisive chapter in Curaçao’s evolving gambling landscape.