Cyberluck is one of the five historic Curaçao master licensees, farmed out of its licensing activities to a third-party company.
It is trading as Curaçao eGaming. A bankruptcy report has revealed that Cyberluck hired a business called Data Global to actually do its master licensing duties.
This arrangement meant that a previously obscure entity played a key role. It oversaw huge swathes of the global offshore gaming industry, as reported by Casino Nieuws.
In October of the past year, an island court declared Cyberluck bankrupt. This occurred one month after its master license expired as part of the island’s LOK gambling reforms.
According to the report, the curator is investigating whether the Cyberluck board improperly fulfilled its tasks. The report also looks into whether this improper performance contributed significantly to Cyberluck’s bankruptcy.
Released on January 22, the report revealed a complex web of business arrangements. These arrangements ultimately led to the company’s downfall.
In December of the prior year, the Dutch Supreme Court made a significant ruling. It found that Cyberluck had violated its special duty of care towards players. The court found that Cyberluck failed to ensure the online casino complied with licensing conditions.
The bankruptcy report details how Cyberluck had outsourced its licensed operations to Data Global BV. This was done through an Operating Agreement that dates back to January 2019.
Allegedly, they made this arrangement due to Cyberluck’s inability to open a bank account in Curaçao.
Under the deal, they were supposed to pay Cyberluck a fixed fee of $240,000 annually. However, the report indicates they never paid this amount.
With losses mounting from $73,295 in 2021 to $415,252 last year, financial statements show the declining performance of the company.
The company’s total balance sheet decreased from $571,803 in 2021 to nothing by last year.
