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No Plans For Canbet

Friday March 7 ,2014 :  NO PLANS TO REVIVE CANBET
This looks increasingly like another issue where the players will ultimately carry the can.
The Canbet issue reported by us last month appears to be going from bad to worse, with new revelations flowing from extensive Australian media coverage, and one of the company's Australian-based directors revealing that there are no plans to revive the company.
Among the fresh allegations are claims that the betting company took wagers illegally on certain Australian horse races in three Aussie states.
Meanwhile Canbet's licensing jurisdiction, the UK Gambling Commission, continues its enquiries into the company's affairs after saying in February:
“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.
“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.”
Certainly the coverage in Australia must be uncomfortable for two of Canbet's directors, Peter Lord and Graeme White, who are believed to be resident in that country.
Players owed allegedly substantial sums of money that could total as much as a million dollars remain in limbo on the issue and have expressed feelings of frustration at the apparent lack of official action to recover their money...if that is possible at all.
In a long article Friday that appears to have been motivated by player complaints, ABC News reports that punters from the UK, India, Eastern Europe and Canada have been unable to access thousands of dollars in winnings since late last year.
Originally Canbet claimed it had suffered technical issues, but speaking to ABC Canbet director Peter Lord now says that there are no plans to revive the website, which is currently offline.
However, he reiterated his assurance that he and the other directors are "working on a solution" for Canbet's owed customers, saying rather nebulously that "sales negotiations are ongoing", but adding that " all-out effort to ensure the necessary assets are liquidated to ensure they are paid" is in progress.
One punter interviewed by ABC had a sadly all too familiar story of delays and assurances to tell, saying:
"They had a UK licence, so they were licensed by the UK Gambling Commission so I just thought everything would be fine. But what I wasn't aware of was they didn't ring-fence their players' balances, their money, so that's obviously the problem we're faced with today."
With Canbet registered in the UK, it is not legally required to keep punters' funds separate from other revenue, ABC notes.
"I've got that sickness feeling in my stomach that I'm never going to get that money back and that someone else has got my money, someone who's already got this massive mansion and all these wonderful things already," said the dispirited punter. "I do feel like I've literally been robbed and that I don't really know where to go and who can help me."
Lord told ABC that the Canbet bonus offers were partly automated and clients have been told an IT problem was to blame.
"There was human error of some sort," he said with some uncertainty. "Either in devising a scheme that was too generous or in the site wrongly allowing bonus reloads."
Approached by ABC for comment, horse racing authorities in Australia claimed that Canbet had been placing wagers on the sport across three Australian states without the proper approval, although it appears the regulators will not take action.
Racing Victoria chief executive Bernard Saundry confirmed that Canbet is not approved to bet on Victorian racing. Saundry says Racing Victoria first became aware of problems with Canbet in January this year and referred the company to the Victorian Gambling Commission.
"We make [the regulator] aware ... and it's their right to investigate ... the operations of those unauthorised operators," he said.
Racing Queensland said that Canbet appears to have breached Queensland's race information legislation.
"They weren't approved to wager on Queensland thoroughbred, harness or greyhound racing," the organisation told the ABC.
However, the Victorian Commission for Gambling and Liquor Regulation has told the ABC that, because it is licensed in the UK, Canbet comes under the jurisdiction of the UK Gambling Commission.
The British regulator has a number of options:
"We may decide to take no further action; decide to give the licensee advice as to their conduct; give the licensee a warning; add, remove or vary a condition to their licence; suspend a licence, revoke a licence, impose a financial penalty," the UK Gambling Commission said in a statement.
One problem gambling expert in Australia suggests that international policing of the internet gambling business may be necessary.
Dr. Charles Livingstone of Monash University told ABC:
"A series of appropriate international agreements with the major providers would at least guarantee punters' return of their winnings and their money if everything goes pear-shaped.
"I think it's important that we start pressing for those sorts of agreements, particularly with the major countries where these sorts of operations are housed."

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UKs Advertising Standards Authority vs Ladbrokes - A Ladbrokes Casino email promo has fallen foul of the UKs Advertising Standards Authority who deemed significant terms and conditions concerning bonusing to be unclear or misleading.

Mybet Earnings Struggle - The statement this week reveals that Mybet continued to be hampered by negative trends from historic quarters, making its original performance estimate "unrealistic".

Tom Horn Awarded Malta Gaming License - Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.

Calvin Ayre invests in new Antigua Business Center - Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.

Attack of the Zombies Slot - Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.

Why is FullFlush Poker Still Down - Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.

Time Running Our For Pennsylvanian online gambling - Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.

Yggdrasil Gaming Expanding - The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.

FanDuel and DraftKings Settle With NY Attorney General - Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.

Stan james Now Live With EPOS - The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.

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