Back in October 2013 Canbet, at one time one of the industries most popular sportsbook, came under fire for a accumulation of complaints from bettors that expressed grievances of late payments to accounts. While some players eventually reported receiving payment there were still numerous others that had not.
In 2009, the sportsbook changed ownership twice, first change came with Yin Khing Investments Ltd, then in 2012 it was reported that Canbet was acquired by the Interactive Gaming & Sports Group (IASGroup).
A statement by Canbet was released in 2012 to address the late payment issues, “As you have previously reported, the iGAS Group tookover the license of Canbet in 2012 and since that time, we have worked hard in revamping the brand and re-engaging with many of Canbet’s former customers. This has also coincided with many numerous IT development changes and updates, and will soon see the launch of a completely reinvigerated Canbet Sportsbook. As we have reported to our customers, we have had an issue with our payment processing platform which has resulted in some cases, unusual long delays in acceptance of their deposits or remittance of their withdrawals,” wrote the Director. Rest assured, we are working diligently to resolve this problem as quickly as possible. You will find that many of our customers have been paid and those that haven’t are in the process. We also intend to compensate them for any inconvenience that they have encountered during this time.“
Canbet licensed with the UK Gambling Commission, has not only been accused of the not paying punters but recently the sportsbook has also been under suspicion of taking unauthorized wagers on a range of sports including horse racing across three states.
UK-based professional gambler Dale Smith spoke with an ABC news correspondent stating, “They had a UK licence, so they were licensed by the UK Gambling Commission so I just thought everything would be fine. But what I wasn’t aware of was they didn’t ring-fence their players’ balances, their money, so that’s obviously the problem we’re faced with today.”
This morning news is circulating that the “Financially-stricken bookie is set to be sold by Australian owners.” From what is also known of the laws in the UK, since Canbet is registered in the UK, it is not legally required to keep punters’ funds separate from other revenue.
Visits to the Canbet online presence displays that “Canbet is currently undergoing an upgrade! In order to keep your gaming experience at the highest of standards, we are upgrading our system. We apologise for…” while clicking over to the link will produce a server connection time out.
If you have any experiences or grievances with the current situation from Canbet we encourage you to share your experiences and join in on the conversation below.