Online bookie Canbet suspends trading as customers await funds
UK operator's licence comes under threat as 'ongoing IT issue' prevents sportsbook from returning customer funds
UK-licensed Canbet is in danger of having its operating licence revoked after taking the decision to temporarily cease trading due to an ongoing payments issue.
According to the London-based operator, it has been unable to rectify a “system malfunction affecting client withdrawals and deposits” which has left a stream of customers unable to gain access to their funds for a number of months.
The issue escalated to such an extent that the operator notified the UK Gambling Commission that it was to suspend all activity from 31 December as it continued to work on a long-term solution to the problem.
“The previous software fix has not rectified the current problem to the satisfaction of management and as a result this has led to management taking this decision to temporarily cease trading until we can integrate a final technical solution, which we are currently working on,” a note on the Canbet homepage reads.
“Canbet has informed the UK Gambling Commission and we have assured them that all customer payments will continue to be paid as previously notified.”
The Gambling Commission has stated its “concern” over the matter and has given the operator until Monday 6 January to provide an update on the situation, while it has also asked Canbet’s auditors for assurance the operator has the funds in place to meet its financial obligations.
“We have written to the operator expressing our considerable concern and explaining that we are actively considering the commencement of a review of Canbet’s operating licence,” a Gambling Commission spokesperson said.
In addition, the Commission warned Canbet that it should not take any further bets or new deposits for “the foreseeable future”.
Problems regarding the operator’s payments system first surfaced in October when Canbet attributed the issues to “technical problems”.
In December, the operator issued a further statement informing customers they would be paid within a week and blamed an IT error “triggered through bonus bets and free deposit match up bonuses” for the delay in processing the payments.
In January 2013, Canbet was acquired by Melbourne-based Interactive Gaming and Sports Group.
Canbet failed to respond to requests for comment on this story.
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