Canbet Sportsbook players have reported being owed $1.5 million. The betting site suspended its service on 31 December 2013 as it was no longer able to pay players. Players held out hope at the time as Canbet claimed to be actively shopping the sportsbook around and a potential acquisition was in the cards; no acquisition materialized and Canbet was later blacklisted.
Sportsbook Review spoke with one of Canbet’s co-directors via telephone for hours concerning their intent to sell the sportsbook. Canbet would not confirm the total amount owed to players, but disputed an SBR report that estimated the amount owed to players as being a few times the amount reported publicly. Nevertheless, the $1.5 million which is undisputed has not been paid to players and talks of a potential bailout have faded.
Canbet operated since 1999. The first sign of issues came in October 2013 when a dozen users reported slow payouts. During this time, Canbet released a memo indicating that the delayed payouts queue was attributable to technical issues. SBR would later be told by one of the Canbet co-directors that the betting site credited a large number of undeserved bonuses and withdrawals to players through a system glitch. Canbet claimed to believe it was making a profit whilst in reality hemorrhaging cash due to the error, which Canbet blamed solely on outsourced technical personnel and not in-house employees.
The following video summary gives a still relevant account of Canbet Sportsbook and their unexpected downfall: