Canbet Closes Leaving Customers Out of Pocket

canbetPeter Lord, director of Australian sports betting operator Canbet, which has terminated its operations leaving customers from Australia, UK, India and Eastern Europe short changed,has said the operator is currently working on a solution to refund customers.

Australian news source  abc.net.au reports that the operator owes more than AUS $1 million to customers. Lord further stated that Canbet operations would not be revived, however management are seeking negotiations for the sale of Canbet assets. “As indicated to the customers that currently have withdrawal requests, we are making an all-out effort to ensure the necessary assets are liquidated to ensure they are paid.” 

The operator’s website is currently offline and Canbet management has stated that player funds have been delayed due to glitches in the operators betting system. Canbet has sent communications and updates to customers who may be waiting for funds. The operator has assured the UK Gambling Commission that all player funds will be refunded.

Canbet.com operated under a UK Gambling license, but the operator stands accused of breaking Australian sports betting regulations by accepting unauthorized wagers on Australian state owned horse racing tracks. Racing Victoria CEO Bernard Saundry told the ABC Australia “They are not licensed or approved, they cannot pay contributions to the industry and importantly, from an integrity point of view, we need as part of our approval process that we set for all of our wagering operators, that is to ensure we can access data as required so the integrity of racing, the integrity of sport in Australia, more broadly, is vital to the long-term health of the business.”

The UK Gambling Commission came under particular criticism over the way it handled the slow demise of Canbet in the UK, where it worked alongside the ailing operator for several months before it closed the doors. It also told gambling customers that it is another risk they take: “People using betting operators need to understand that they do so at their own risk. There is no guarantee as to the rate at which funds are repaid or against insolvency if an operator runs into financial difficulties, although some operators do take certain steps towards protecting customer funds.”

 

 

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