CanBet in hot water over frozen player funds

canbet Months of uncertainty regarding player funds have left bettors steaming over bookmaker CanBet’s failure to settle its debts. And now, with more and more players expressing frustration over the situation, the UK-licensed online bookmaker is facing more and more pressure to face the music.

Over the past few weeks, has become inundated with disgruntled bettors looking to recoup some of the money they had in the site before all funds were frozen last October. Post after post described the amount CanBet owed each bettor with the amount, at least from those who have posted on the forum, already exceeding £400,000.

That’s a pretty big problem that needs to be addressed as soon as possible. Otherwise, this whole situation is going to be blow up and the company’s two Australian-based directors, Peter Lord and Graeme White, are going to be in the shit list of a whole lot of upset customers.

Whether its an attempt to stall for time or just a desperate plea for some consideration, CanBet directors issued a statement last week apologizing for not meeting its promise to settle all accounts last January.

We acknowledge that we had made previous statements that were made on the belief that these funds would be forthcoming and apologize for the inconveniences that this has caused,” the statement read, before adding a caveat that probably steamed a lot of frustrated bettor’s heads even more.

“Such statements were made in good faith.”

Oh, joy.

Make no mistake, the situation is becoming perilous for CanBet and it’s reputation has been stomped on the ground more than a government mule.

The situation has become so dire that even the UK Gambling Commission has stepped in, weighing in on the issue with its own statement.

“Since we became aware of Canbet’s problems in November last year, we have kept in close touch with the company whilst they try to resolve matters,” the commission said in a posted statement on its website.

“During that period the Gambling Commission has received some assurances about Canbet’s financial circumstances, most recently in a report from the company’s Group Auditor, dated 24 January 2014. Nevertheless, the backlog of customer payments has grown and deadlines for resolving the problems have passed.”

Even more distressing, at least for bettors still looking to get back their funds, is the lack of action the commission can take against the online bookmaker. While still saying that the issue was a “matter of great concern”, the UK Gambling Commission nevertheless made it known that it can’t take any direct action against CanBet, like suspending or revoking its operating license, because doing so would “likely to result in the company closing and customers having no chance of being repaid”.

Ultimately, CanBet needs to get its house in order so it can settle all of those frozen player funds. Doing so as soon as possible is ideal; otherwise, more and more frustrated players will be looking to get more than just their funds back.

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