Canbet Sportsbook players continue to search for answers eight months after the shop suspended all transactions. Sportsbook Review reported on December 31st that Canbet put a stop to deposits
after payment problems snowballed out of control. The move was received as a dosage of cold water to players who held out hope that they would be paid; just a week earlier, Canbet management advised SBR that outstanding payouts were to be processed in the next week. As the total owed to players grew to over a quarter million dollars and signs of insolvency followed Canbet's directors, Sportsbook Review blacklisted
the online sportsbook. SBR analysts spent hours discussing the state of Canbet with Co-Director Peter Lord, who was optimistic that a deal could be made and players would end up paid. A report went up in mid-February recapping that Canbet Sportsbook was for sale
. A week after this publication hit the SBR news feed, the total owed by players who filed SBR complaints reached $800,000. Canbet was and remains unwilling to disclose the exact amount owed, but SBR has since confirmed more than $1.2 million owed by players who have filed sportsbook complaints alone. This number grew exponentially since the initial report
of 10 slow-pay complaints during week 5 of the NFL
Season. Canbet, being in business since 1999, is likely to owe at least a few times this sum.
Source of Canbet's financial issues
Canbet has claimed that third party technical companies were largely to blame for the financial problems. Players allegedly were allowed to receive thousands of bonuses which were undeserved, as well as to receive payouts which were not earned. Canbet specifically absolved their own in-house technical employees of fault, but would not elaborate further as to exactly how long these technical issues went on for. Many players have shifted the blame from Canbet onto the shoulders of the UK Gambling Commission. The Commission released an unpopular statement which attempted to explain its position on the mess; the statement has since been taken down. Players went as far as to create a petition against the Gambling Commission and Canbet.
Players from all backgrounds have taken to the Sportsbook Review forum to voice their outrage. SBR community member Lewbie shared the following in a post authored this afternoon:
"My son in law has told me about the money he is owed by these thieves and as I am retired I would be more than willing to help in anyway I can. His first child is due in September and £2500 is nothing to sniffed at so let me know if I can be of any use. I am based in Birmingham and know a little about the law but not enough to fight this unfortunately."
Sportsbook Review knows of at least two companies who expressed interest to acquire Canbet; however these discussions ultimately fell through. Canbet Sportsbook players who wish to log their claims or share feedback are encouraged to submit a sportsbook complaint form.
SBR reported on the downfall of Canbet Sportsbook after the sportsbook's official closure. This video has been embedded below: