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Canbet Sportsbook players owed at least $1.2 million

Sportsbook Review has received complaints from more than 200 players who were not paid by Canbet Sportsbook. The true figure of outstanding funds owed is unknown, although conservative estimates place the amount in the eight figure range. There has been no recent advancement known to SBR on bailout discussions. Canbet’s directors initially were optimistic that a sale would take place.

The UK Gambling Commission added some fuel to the fire by suggesting that earlier notifications of the Canbet state of affairs would not have helped matters and only served to create a panic.

One of the Canbet Co-Directors pinned the blame for their financial issues largely on the shoulders of unnamed third party technical companies, who allegedly allowed thousands of unearned bonuses to be credited to players undeservedly, as well as allowed the withdrawal of winnings which were apparently losses. Canbet did state that their in-house technical employees were not to blame for the situation, although the obvious poor book keeping is apparent.

Whatever the case, Canbet Sportsbook did not keep players funds in escrow and certainly mismanaged its available assets, causing the closure of the sportsbook.

Sportsbook Review will update any new developments as they occur. Players who wish to share their frustration on the Canbet closure are encouraged to participate in the ongoing Canbet discussion at SBR Forum.