Canbet Sportsbook showing signs of insolvency; blacklisted
More than four dozen Canbet Sportsbook (SBR rating D-) players have reported being owed in excess of $250,000. Canbet Sportsbook has released statements pinning the blame on technical issues within their system and ceased accepting deposits or wagers since 31 December 2013. The UK Gambling Commission acknowledged the situation but few updates have been given to players.
SBR first reported on Canbet's backlog of payouts on October 15. During that time, Canbet released a short statement confirming the payment delays and for the first time bringing the technical issues excuse to the forefront. Canbet did not give a time-frame on when players would be paid, although five players reported receiving over €8000 a week later.
Canbet released a second, more elaborate statement which reassured players that efforts were being taken to solve the issues behind the withdrawal delays. Canbet did not dive into the heart of the issue with specific time-lines or details, although more "numerous IT development changes and updates" were cited, as well as references to their payment processing platform.
SBR Ratings Downgrades History since the issues
Canbet Sportsbook was downgraded from C- to D+ on October 31. Canbet was then downgraded to D on December 31. The sportsbook has yet to pick themselves off the mat while complaints continue to roll in. In light of their inability to handle their payout obligations and the lack of updates since the suspension of their service, SBR has added Canbet to the SBR blacklist at D-.
SBR will update as Canbet news develops.
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