SBR review: Canbet

Canbet Sportsbook ownership change

Canbet Sportsbook (SBR rating C-) is now owned by Interactive Gaming & Sports (IGASgroup.com). SBR reported that the company's prior ownership, Yin Khing Investments Ltd, acquired the sportsbook in May of 2009.

Canbet (SBR rating C-) forces player to fill bonus rollover on lost balances

Canbet (SBR rating C-) is requiring that player who accepted a bonus of £25 on a prior deposit, before zeroing out his entire balance, resumes his rollover fulfillment. Despite funding his account a number of times thereafter after losing both the bonus and his balance amount, Canbet recredits the £25 bonus and asks the player to complete a 6X rollover. SBR is following up on the dispute.

Canbet bonus complaint

A Canbet (SBR rating C-) bonus complaint has been received. On February 22nd, a player deposited $250 and received a $125 bonus. Canbet's T&C required the player rollover the bonus amount six times before the bonus amount would be moved into the cash balance. Canbet did not state that only certain bets count towards this rollover. It only counted bets made when a player's non-bonus balance was already tied up in wagers. There was no rule or explanation stating this policy. Canbet's interpretation of its own rules in this regard does not conform with the industry standard - unless stated otherwise, any bet made counts towards rollover.

Rating Change: Canbet

Canbet downgraded from C to C-

Player vs Canbet: IBAS rules in favor of Canbet regarding 27 cancelled correlated wagers

On May 22nd SBR first reported on Canbet (SBR rating C) cancelling 27 correlated NCAA football parlays. The parlays were for full game sides and totals. Canbet's position was that their software is never supposed to accept parlays in which the pointspread exceeds 33% of the total. The software accepted 27 parlays from the same player and all bets were graded as normal. Canbet voided all wagers one day after the games had been settled after the player made a withdrawal request.  Today the player has reported to SBR that he received a letter from IBAS ruling in favor of Canbet. It is not unusual for IBAS to side with sportsbooks in these cases. SBR will continue to pursue the case.  | Read more

Rating Change: Canbet

Canbet downgraded from C+ to C

Canbet’s Rise and Fall as an Online Sportsbook; Canbet downgraded to C

Seven years ago Canbet broke into the top ten SBR recommended list of online sportsbooks. The Australia based operation had been a long-time member of the Top 20 list, widely regarded among off-shore bettors as a solid out that was worthy of being on any player’s short list. Canbet reached a rating as high as A-, earned on May 14th 2005. They maintained that mark impressively for four years.

Then everything changed. Bonus terms were retroactively changed, payouts were delayed, accounts were confiscated, and even winning wagers were canceled. Following IASbet's sale of Canbet on May 13th 2009 to Yin King Investments Ltd., Canbet has only continued its slide of poor management and player relations.

Here are some of the more disturbing unresolved complaints against Canbet. | View full report (written by Lou Moretti)

May 22nd 2009: Canbet cancels 27 correlated NCAA football parlays
Canbet cancels 27 correlated NCAAF parlays the day after the bets were correctly settled in players account. Canbet maintains their software has never accepted correlated parlays where the pointspread exceeds 33% of the total, stating the string of bets were accepted due to ''operator error''. Canbet management has stated that they believe the player was aware of this as he proceeded to bet more than his average stake size and also deposit in larger amounts to take advantage of these plays. | View more here

Canbet’s posted rules on correlated players actually make an argument on the player’s behalf:

Canbet:[quote]Any multiple made up of more than one selection from the same event will be deemed a related contingency. i.e. Alan Shearer to score 1st & Newcastle Utd to win; Denver -7.5 pts and Denver to win the game. The only exception to the above is in North American sports where sides and totals can make up a multiple bet. "[/quote]  | Read more

Canbet canceled 27 correlated NCAA football parlays on different games; downgraded to C+

Canbet canceled 27 correlated NCAA football parlays on different games; downgraded to C+
SBR has discussed the case numerous times with management in recent months. Canbet states that their software has never accepted correlated parlays where the point spread exceeds 33% of the total, and that the string of bets were accepted due to "operator error." Management also stated they believe the player was aware of this as he bet more than his average stake size and also deposited larger amounts to take advantage of these plays. Canbet: [quote]Parlays should not have been offered on this game and were only offered on this game due to operator error. Company policy is to only offer such parlays when the point spread is roughly a third or less of the points total. The fact that the bets were not voided until after the match does not alter the fact that the parlays were accepted in error in the first place. Agreed, it is certainly not normal practice to detect such bets until after the event. Again, through operator error these bets were not detected prior to grading the event. [/quote] Canbet cites a rule that it claims supersedes the fact that the software allowed the wagers and graded them after the player's funds had been risked.[quote]In the event that a line or price is put up in obvious error due to a human error by an employee, any customer wagers entered to take advantage of such error will be void.[/quote]The most applicable rule Canbet has for these wagers suggests that they were valid bets that are allowed.[quote]Any multiple made up of more than one selection from the same event will be deemed a related contingency. i.e. Alan Shearer to score 1st & Newcastle Utd to win; Denver -7.5 pts and Denver to win the game. The only exception to the above is in North American sports where sides and totals can make up a multiple bet.[/quote]
Canbet will remain under review as this and other disputes are discussed further and more is learned about Canbet's impending migration to its new platform and management. International All Sports Ltd. sold Canbet last week to Yin Khing Investments Ltd. IASbet's rating will also be reviewed. | IASbet Ltd: Canbet press release  | Read more

Rating Change: Canbet

Canbet downgraded from B+ to C+

SBR received four complaints that Canbet Sportsbook is changing bonus terms

SBR received four complaints that Canbet (SBR rating B+) is changing bonus terms and amounts after players accept and invest in the offers. Canbet has been downgraded from A- to B+ and will be reevaluated following further discussion with management.

Player: I telephoned Canbet a month ago just to check on the progress of wagering on my account and was informed by them that the terms and conditions of the bonus have changed - they have reduced the bonus to £160.00 from £200 and have advised me that i have to wager more than on the promo i signed up to.  Essentially they are saying that i can have a lesser bonus (£160 instead of £200) and that i have to wager more than i originally thought.

Player: I've been caught up in the Canbet bait-and-switch of applying new terms retrospectively to existing bonuses. I have a £20 bonus I wish to withdraw, claimed several months ago under the old terms (straight forward rollover of deposit and bonus a few times). I've completed more than the original wager requirement required, yet I still have the bonus locked into my account, thanks to the new terms requiring all cash balance to be lost before the bonus is usable.  Speaking to live chat they were adamant they could change the terms of existing bonuses as they wished

Rating Change: Canbet

Canbet downgraded from A- to B+

SBR’s Betting Rules Monitor: changes

Sports-Gambling (SBR rating D-): adds rule #7 stating that "syndicate play" is prohibited. The generic rule was added to support recent theft of player funds at sister sportsbook SBG Global (SBR rating D-). SBG stole winnings from players who purchased picks from the same commercial sports handicapper.

Bet1128 (SBR rating C-) changes max payout: "The maximum amount paid out by the company for any one bet will be £97,500. €500,000.00."

Canbet (SBR rating A-) increases max payout: The maximum payout on any individual, multiple or combination bet, or, to any individual on any one day, is limited to US$200,000 US$400,000.

Legendz (SBR rating A+) adds rule #19 stating that free contest winnings are capped

SBR’s Sports Betting Rules Monitor:

SBR’s Sports Betting Rules Monitor record changes at four sportsbooks

SBR’s Sports Betting Rules Monitor records changes at four sportsbooks
Canbet (SBR rating A-) adds stricter bonus terms
Canbet now requires signup and reload bonus requirements to be met within 90 days or they will be revoked.

Expekt (SBR rating B) also tightens bonus terms; prohibits residents of Turkey
Bonuses will be deducted from account balances if wagering conditions are not met in six months. Turkey and the United States listed together as restricted countries.

InternationalalAllSports, or IASbet (SBR rating B), changes bonus conditions and free bet bonus rule. Free-plays must be used within 45 days of date awarded. All bonus turnover conditions must be met within 90 days.

Fonbet (SBR rating C) adds soccer betting rule.

Canbet and IASbet policy update

Canbet (SBR rating A-) and IASbet, also known as InternationalAllSports (SBR rating B) will stop servicing players residing in the USA at the end of this month, citing the Safe Port Act. International All Sports Ltd, an Australian publicly traded company and the parent company of Canbet, follows other public gaming companies who either sold to private ownership groups or refocused on non-US clients. Both websites invite players to withdraw their balances prior to the close of the month.

SBR network maintenance notice

The SBR network of websites, including SportsbookReview.com, SBRforum.com and live odds program, SBRodds.com will be off-line from Midnight CST Sunday July 9th until approximately 10:00 am CST Monday July 10th, for scheduled server maintenance. Players can view betting odds on SBROdds V1.0 during this downtime. The following sportsbooks have confirmed they will use the relatively inactive time surrounding the MLB all-star break to upgrade or perform maintenance. Pinnacle Sports (SBR rating A+). Maintenance to network from 7:00 pm CST Sunday July 9th until approximately 2:00 pm CST Monday July 10th. Wagering and customer service will not be available during this time. Canbet (SBR rating A-): Website will not be available on July 10 & 11 due to server relocation. Legendz Sports (SBR rating A-): Website scheduled to go off-line evening of July 10th in order to change software from IQL to BLR.

SBR Odds will debut on August 19th in Las Vegas.

There will be no need to refresh the page on SBR Odds. This first ever FREE web page application will show odds movement as they are changed by bookmakers in *REAL TIME. SBR Odds welcomes Mansion (SBR rating B), as the latest sponsors to join the page. Current sponsors include: WWTS, Pinnacle, CRIS, Hollywood107, 5Dimes, Canbet, VIP, BetJamaica, Bowmans, Mansion and Matchbook. www.sbrodds.com
*SBROdds  will be between 0 and 10 seconds delayed depending on server speeds and other variables.

SBR comments on recent Upgrades and Downgrades:

Problem plagued FutureBet books such as SportsbookUSA earn an upgrade off the Black List to D-. This is an improving situation but still a high risk.

Mansion raised from C to B-. This upgrade highlights our confidence in Mansion management.

MajorBetting raised from D+ to C-. The unusual and increasing rating spread between MajorBetting at C- and their management company, BetRoyal rating of D, highlights SBR’s opinion that players are actually safer playing at the managed book.

Internet1x2 lowered to F-. We continue to work with players to get them paid. Unfortunately it appears that we no longer can be an effective intermediary as the book shows no concern for the continuing No-Pays.

Canbet upgraded from B+ to A-. It was January 26, 2004 when Canbet was last an ’A’ rated book. IAS, the parent comapnay, has worked hard to improve their product and player feedback clearly indicates they are making strong progress. 

Rating Change: Canbet

Canbet upgraded from B+ to A-

WSEX (SBR rating A) will soon join SBROdds

The full list includes the following online sportsbooks:

SBROdds.com

BetJamaica (SBR rating A+) adds overnight odds for NCAA basketball.

The SBROdds live-betting odds service announces the following books are posting overnight odds on NCAA basketball: Pinnacle(SBR rating A+), BetJamaica(SBR rating A+), CRIS(SBR rating A+), 5Dimes(SBR rating A) and Canbet(SBR rating B+). Complete handicapping stats are available on all overnight games.

27 websites currently displaying real-time betting lines from SBROdds

Freaks Forum, Sharp Action Sports and System Plays are the latest quality sites to add live-odds, handicapping stats and scores provided free by SBROdds.

The current line-up of sportsbooks on the SBROdds feed include: WWTS(SBR rating A+), Pinnacle(SBR rating A+), VIP(SBR rating A+),  CRIS(SBR rating A+),  BetJamaica(SBR rating A+),  Hollywood107(SBR rating A),  Bowmans(SBR rating A-) and Canbet(SBR rating B).

4th Qtr results out for two publicly traded Sportsbooks:

Canbet        (SBR rating B)  $A   -142,000 loss
BetWWTS  (SBR rating A+)  $A  2,294,000 profit

Rating Change: Canbet

Canbet lowered from B+ to B

SBR Bill Dozer reports:

BetAustralia (SBR rating B-) closing its doors. Players may withdraw their balances in full. Funded accounts at the time of closing will be transferred to sister sportsbook, Canbet (SBR rating B+). In recent months BetAustralia has experienced website downtime and has stopped offering reduced juice. IAS LTD, the parent company of both sportsbooks, believes BetAustralia clients will notice an improved level of service under Canbet which utilizes better resources in the UK. Canbet will continue to offer reduced juice at -107.

All systems back to 100% at BetJamaica (SBR rating A+) after Hurricane Ivan.

Canbet (SBR rating B+) website and phones down without explanation.

IASbet LTD parent of BetAustralia(SBR rating B+) acquires rival Canbet (SBR rating B+)

A positive development for both operations. IASbet brings better management and a stronger financial position while Canbet offers an effective brand name. Both operations are well known for excellent customer service. Details of the merger

Bowmans (SBR rating A-) joins Canbet (SBR rating B+) to have their

websites brought down by criminal elements attempting to extort money. Check the SBR Web Site Performance Meter and use the SBR Phone Directory for phone numbers.

Canbet (SBR rating B) site remains down as company is fighting off a DoS attack from cyber extortionists

USA (Toll Free): 1 800 399 8063 (Administration) USA (Toll Free): 1 800 399 8062 (Betting) UK (Freephone): 0800 783 3888 (Administration) UK (Freephone): 0800 783 8833 (Betting)

Rating Change: Canbet

Canbet raised from B to B+

Rating Change: Canbet

Canbet lowered from B+ to B

Canbet

(SBR rating B) Reports half-year larger than expected loss of $4.1 million dollars - Industry watchers, taking their cue from a late December profit warning, were expecting a loss of less than $3.5 million - SBR, for the second time in a month, lowers Canbet from a B+ to a B rating noting the company still has one of the strongest balance sheets in the industry compared to their Caribbean competitors. However, continuing losses brings in question managements ability to compete successfully in the low-vig market.

Acquisition talk: Canbet

(SBR rating B+) has had at least two books in the SBR top 5 show interest - SBR has confirmed that neither book saw value or will make an offer - Sportbet(SBR rating D) having no luck finding a buyer so far - WWTS(SBR rating A+) is looking to buy a top 15 book - Pinnacle(SBR rating A+) has an eye on a specific sector and one company specifically to help its foreign expansion - VIP Sports(SBR rating A+) has turned down an offer to merge with an SBR top 10 book and instead has looked at acquiring turnaround candidate SportsInteraction

SBR Recommended List

trimmed to 15, the least number in a year, with recent removals of Canbet(B+) and Intertops(B+)

Canbet

(SBR rating B+) issues profit warning to shareholders

Rating Change: Canbet

Canbet lowered from A- to B+, removed from Recommended List

Rating Change: Canbet

Canbet Hollywood, Canbet, Grande move up on the Full Recommended List, Carib drops out of top 10

Rating Change: Carib

Carib Hollywood, Canbet, Grande move up on the Full Recommended List, Carib drops out of top 10

Rating Change: Hollywood

Hollywood Hollywood, Canbet, Grande move up on the Full Recommended List, Carib drops out of top 10

Rating Change: Canbet

Canbet - Long time member of the Sportbook Review Top 20 list, breaks into top 10