Troubled Canbet up for sale
Financially-stricken bookie set to be sold by Australian owners as customers continue to await payment
The owner of UK-licensed Canbet is in the process of selling-off the troubled bookie in order to repay its outstanding debts, eGaming Review has learned.
Melbourne-based Interactive Gaming and Sports Group (IGSG) will dispose of the business in order satisfy its creditors in what appears to be its first admission of financial difficulties.
Up until this point, Canbet and IGSG had maintained that an “IT glitch” had been responsible for its inability to pay out on bets with customer complaints dating back to last September.
The bookie suspended its operations on 31 December however its website has now been removed completely and Canbet director Peter Lord has said there are no plans to revive the site.
“The decision was made to sell Canbet and a process is currently underway,” Lord told eGaming Review.
“As indicated to the customers that currently have withdrawal requests, we are making an all-out effort to ensure the necessary assets are liquidated to ensure they are paid,” he said.
Last month, the UK Gambling Commission stated its “great concern” over the operator’s mounting debts despite deciding not to revoke the operator’s operating licence.
Although the regulator refused to comment on this latest development, it had previously stated it wanted to ensure customers are repaid, which should be likely if a sale of the business materialises.
The situation bears some similarities to that of Bodugi Technology, which last month revealed it was to sell its B2C business after the Gambling Commission suspended its operating licence due to complaints from customers who were unable to withdraw money.