Canbet Sportsbook suspends deposits and wagers

Canbet Sportsbook (SBR rating D+) has ceased accepting bets and deposits as of 31 December 2013. Canbet updated its website homepage this morning with the news. This comes nearly three weeks after Canbet management claimed to SBR that all players with outstanding payouts would receive their funds in a week.

SBR first reported on the Canbet backlog of payouts October 15. At the time Canbet released a brief statement acknowledging the payment delays and attributing the blame on technical issues. Canbet did not give a time-frame on when players would be paid, although five players reported receiving over €8000 a week later.

On October 31, Canbet released a more detailed statement reassuring players that they were working to solve the technical issues causing the payout delays. Specific details of the technical issues were not given, though Canbet generally addressed "numerous IT development changes and updates", as well as referencing their payment processing platform.

Canbet Sportsbook was downgraded from C- to D+ on October 31.

SBR reported on November 2 that approximately 40 Canbet slow-pay complaints were filed by frustrated users. The total debt reached over $100,000 as reported by SBR November 17.

Players got their hopes up when Canbet Sportsbook management released another statement December 13 claiming that players would be paid in the coming week. Canbet released more details by stating an IT error triggered through bonus bets and free deposit match up bonuses affected their online payment system. Two players confirmed receiving payment since the release of that statement.

On December 31 however Canbet updated their homepage to reflect the temporary halt of all player activity. The notice reads as follows:

"Canbet will temporarily cease taking any further bets or deposits, effective from 31 December 2013, due to an ongoing system malfunction affecting client withdrawals and deposits. Please note that any unsettled bets will be honoured once the result is known.

The previous software fix has not rectified the current problem to the satisfaction of management and as a result this has lead to management taking this decision to temporarily cease trading until we can integrate a final technical solution, (which we are currently working on). The UK Gambling Commission has been notified of this decision.

Canbet apologise for the delayed payment issue and fully understand your frustration. Canbet has informed the UK Gambling Commission and we have assured them that ALL customer payments will continue to be paid as previously notified.

As part of our current software upgrade, the company are launching a new state of the art sportsbook and a mobile betting platform in the coming weeks.

Again Canbet apologises for the delay in payments and we will keep you posted with updates on our technical progress, which we are working around the clock to resolve."

SBR will update as Canbet news develops.

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