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Canbet UK operating licence may be reviewed after payout failures

3rd January 2014 10:32 am GMT

UK-licensed online sports betting operator Canbet.com has temporarily ceased taking customer bets or deposits due to what it claims to be an “ongoing” system malfunction affecting client withdrawals and deposits.

Canbet.com, previously owned by Australia's International All Sports Limited but sold to Yin Khing Investments Limited for AUD$1m in May 2009, said that the previous software fix had “not rectified the current problem to the satisfaction of management.”

As a result, management has now taken the decision to temporarily cease trading until the company can integrate a final technical solution.

“Canbet has informed the UK Gambling Commission and we have assured them that all customer payments will continue to be paid as previously notified,” said the company in a statement on its homepage.

As part of its current software upgrade, the company plans to launch a new sportsbook and a mobile betting platform in the coming weeks.

Online message boards and forums however have been abuzz with complaints from customers over the past three months that the operator has failed or been slow to payout their funds.

In response to several complaints, the UK Gambling Commission stated earlier this week that it has written to the operator expressing its “considerable concern” and explaining that it is actively considering the commencement of a review of Canbet’s operating licence.

The Commission has asked Canbet for reassurances that they will not accept any bets or new deposits for the foreseeable future, continue to pay out those customers who have outstanding balances, and provide a progress report by Monday January 6th to include details of the amounts still outstanding to existing customers, the number of customers affected and the timescale within which they will be paid.

The Commission has also requested a further report from Canbet’s auditors to confirm that the company has the finances in place to meet its existing obligations.

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