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canbet Review

Last Updated 12/28/20
country-not-accepted-icon US Sports Bettors Not Accepted
BLACKLISTED

This sportsbook is also offline

Introduction  

CanBet suspended operations in December 2013, owing a substantial sum to existing customers who lost their account balance. SBR has received a number of emails on the subject and issued a D- rating to this now-offline sportsbook. Rest assured that other sites with positive reviews and appear on our list of best sportsbooks. In the meantime, the following CanBet review highlights why this sportsbook had such a poor reputation.  

Bonuses  

New customers with CanBet could claim a welcome bonus, while existing customers enjoyed the benefits of ongoing promotions. However, despite the value in these bonuses, the sportsbook went offline with debts of around $1 million. The owners blamed IT technical problems and reassured regulatory bodies that funds would be in placed to settle outstanding balances. The company claimed that free bets were granted in error to players who had not met bonus wagering requirements.  

CanBet appeared online in 1995 and claimed to provide the best lines, customer service, and bonuses in the industry. The site promised to pay the best odds on UK horse racing and greyhounds. However, they ultimately developed a reputation for not paying outstanding balances when going out of business. Any legitimate promotions were negated by issues with payouts. Fortunately, other top operators like BookMaker can be trusted and provide achievable sportsbook bonuses

Payments  

CanBet accepted deposits by debit and credit cards, Bank Transfer, e-Wallets and prepaid safe cards. Banking options compared favorably with other SBR recommended sportsbooks, such as GTBets. However, this CanBet review revealed evidence of winning customers losing their bankroll. Initially, customers who were owed money were hopeful of being paid, but now many are resigned to lose their money.  

Sports Betting Experience  

CanBet was licensed and regulated in the UK and Australia, but it was a global sportsbook. The most popular betting sports were football, tennis, and horse racing. The site featured betting on the mainstream sports and some of the more obscure ones in pre-match and ante post markets. There was some value in the odds which allowed CanBet to compete with established online sportsbooks, including Intertops.  

In addition to the regular sports, players could place wagers on Politics and TV and Entertainment specials. The sports betting experience was enhanced by high payouts on horse racing. However, those odds proved to be worthless for customers who won money which they did not receive when CanBet stopped trading.  
 
 

Customer Service  

CanBet provided adequate customer service. However, that was irrelevant when the brand went out of business owing estimates of $1 million. Enquiries to the company did not bring a positive outcome, so many registered players filed complaints with SBR and highlighted the issue on the site’s forum. One of the directors blamed payouts made in error for the shortfall. However, CanBet went offline with payment obligations and winning customers suffered the financial consequences.  

Reputation  

CanBet now has a poor reputation in the industry due to not paying customers who were owed money. There have been many complaints and blog comments since the company suspended trading in 2013. They rightly appear on SBR’s blacklist, but more trustworthy alternatives can be found on the recommended list of betting sites.  

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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:

Canbet Sportsbook players owed at least $1.2 million

Canbet Sportsbook players have reported being owed more than $1.2 million. Sportsbook Review continues to receive complaints from these players on a daily basis. Sportsbook Reported on the downfall of Canbet on February 21. While there is plenty of blame to go around on the collapse of the once well regarded sportsbook, there has been no consolation to the players who lost their funds.

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canbet Review
D- Last Updated
12/28/20
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OFFLINE Sportsbook was also Blacklisted