Canbet Sports Betting Site Ceases Trading

After months of complaints by customers regarding deposit and withdrawal problems, the UK licensed Canbet.com sports betting site announced on its homepage that it was ceasing operations temporarily.  The group claims that a software glitch is preventing its payment system from working smoothly and, although attempts have been made to rectify the situation, “management” is not satisfied with the standard.   The group said that it will not operate until a final technical solution is found for the “ongoing” system malfunction.

“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 group.

Yin Khing Investments purchased Canbet.com from the Australian company, All Sports Limited, in 2009 for the price of $1 million and the group was issued with a UK Gambling Commission license.

The Commission has been approached multiple times by frustrated customers complaining about ongoing problems they are having with the deposit system at Canbet.com and, more worryingly, their inability to withdraw winnings.   Last week, the Commission said that it had contacted Canbet.com, expressing its concern, and was told that an update would be received by early this week.

The Commission has demanded that Canbet.com provide it with a full list containing the names of all those due to be paid out and the amount due to them.  Canbet’s auditors have also been approached so that they can confirm that the company is able to meet all its financial obligations.

On its homepage, Canbet.com said that as soon as the problem has been sorted out, it will launch “a new state of the art sportsbook and a mobile betting platform in the coming weeks.”

The group apologized for any inconvenience caused by the delay in payments.