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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.



Gambling News :

Alegriabet Finally Launches - Our online betting site will deliver a full, market-leading suite of services including pre-match and live betting as well as virtual sports

International Table Tennis Federation in deal with Sportradar. - The International Table Tennis Federation (ITTF) has today announced it has signed a brand-new integrity partnership with Sportradar utilising the organisation’s world-leading monitoring, intelligence and prevention solutions to help safeguard the sport against match fixing.

NBA odds on Thunder vs. Pacers Game? - This Wednesday night in Indianapolis, Paul George is due to play his first game at the Fieldhouse as a member of the Oklahoma City Thunder (12-13 SU, 8-17 ATS). But George might not face the Indiana Pacers (15-11 SU, 16-10 ATS); he’s listed as day-to-day with a right calf contusion. Tip-off is at 7 PM ET on ESPN.

2 New Christmas Slots For Microgaming - Microgaming’s jolly game additions this December. Microgaming adds two more games to kick off the festive season, in addition to its action-packed Highlander online slot.

SportsBetting Supreme Court Showdown - Sports Law, Betting and Integrity leaders convene to preview Supreme Court Showdown. Thought leaders weigh in on Christie vs. NCAA (which in January will shift to Murphy vs. NCAA)

Mega Moolah Progressive Slot Pays Again - On 15 November 2017, the Mega Moolah jackpot was won by a Grand Mondial Casino player. They took home €938,306.35.

Microgame S.p.A. in deal with Prima Networks - Prima Networks, powered by Microgaming, has signed a deal with Microgame S.p.A., the leading Italian gaming service provider.

NBA Odds: Heat Can Burn Cavaliers in Cleveland - The Cleveland Cavaliers (12-7 SU, 6-12-1 ATS) may have turned their season around, but they’ve got a challenging matchup this Tuesday against the Miami Heat (9-9 SU, 7-9-2 ATS), tipping off at 7 PM ET on NBA-TV. Miami is 7-4 SU and 6-5 ATS against the Cavs since LeBron James went back to Cleveland in 2014.

Games Concept Day in Malta - The Quickfire Games Concept Day is the second full-day workshop to date, the first being held in Gibraltar in July.

AFC’s fight against match-fixing - The Asian Football Confederation (AFC) has introduced a new AFC integrity mobile application, which will enable fans, players and officials to report possible suspicious activities or provide information concerning match-fixing or corruption to the AFC Integrity Unit.

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