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Canbet has surrended its UK Gambling Commission licence

Wednesday May 21,2014 :  AUSSIE ONLINE SPORTS BOOK SURRENDERS U.K. LICENCE
 
But did Canbet choose this course to avolid inevitable revocation by the Gambling Commission.
 
The news this week that Australian online sports betting company Canbet has surrended its UK Gambling Commission license has sparked speculation that the directors took this action to avoid the indignity of have the licence pulled by the Commission.
 
The Canbet story is a long and unhappy one for players, with allegations that the company is unable to meet its payment obligations of around $2 million and has closed its doors, leaving a reportedly large number of punters across the world out of pocket due insufficient protection of player funds.
 
The apparent failure followed a depressingly familiar pattern starting late last year - the company initially cited software problems as the cause for its slow and no pay practice. Then communications were ignored, and soon players were accusing the company of bad and dishonest conduct, and lodging complaints with the UK Gambling Commission, where the company was licensed.
 
Other tried to resort to parent company Interactive Gaming and Sports Group in Melbourne, but these did not meet with success.
 
In January this year Canmbet director Peter Lord told the Australian Broadcasting Corporation that the company was working on a solution to pay its gamblers, but that too appeared to fail.
 
Fast forward to mid-April, and the UK Gambling Commission was still grappling with the problem. The regulator announced that Canbet had failed to raise additional funding and was therefore obliged to consider a sell-off of assets in order to pay a growing list of creditors.
 
On May 7 the Commission announced that Canbet had handed in its licence....but the fate of the company, its parent and its players is not yet clear.
 
Canbet management has additionally been accused of taking unauthorised wagers on a range of sports including horse racing, across three states in Australia, with Racing Victoria and Racing Queensland confirming that the company was not approved to place bets on racing in their states.



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$400k Winner at Bodog Casino - To win, you need to get a pair of Tens or better. Jerry K., however, got a much higher hand than the minimum; he pocketed $397,879 after landing the game’s best possible hand: a royal flush.

NBA : Warriors Win the West; NBA Finals Next - The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.

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NHL Odds: Lone Canadian Team Plays on Friday - “Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.

NBA Odds: Will Cavaliers Be Rusty in Game 1? - The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.

4 New Microgaming Releases in May 2017 - Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.

PKR Company Statement Update - Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.

Microgaming Wins The Spark Award 2017 - The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.

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