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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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Gambling News :

2017 Super High Roller Bowl Schedule - Poker Central, POKER PROductions and the Aria Resort & Casino have released details on the 2017 Super High Roller Bowl taking place 28-31 May.

Super Multitimes Progressive HD Slot - This 3-row, 5-reel slot features Multipliers, Wilds, Free Spins and four Progressive Jackpot levels offering increasing wins to heighten player engagement.

2017 Aussie Milliona Updates Events 2,3,4 - Taiwan's James Chen bested Australian Rainer Quel heads up to win the first championship ring of the series in which he defeated a field of 48 players in Event 2: $2,500 H.O.R.S.E. earning the top prize of AUD$39,700.

Juventus name VWin as Partner - “We are very satisfied with this new regional partnership that confirms Juventus’ global growth in high potential markets such as this one,” Giorgio Ricci, co-chief revenue officer & head of global partnerships and global revenue for Juventus said.

Luckia Group 2016 Results - The group reports record turnover of Euro 269.66 million, up 12 percent over full year 2015 with EBITDA standing at Euro 44 million, a 26 percent increase over the previous year.

Fire Rooster Slot Launches - This 5-reel, graphic-rich slot is based on the Chinese legend, The Rooster’s Lament, in which the Jade Emperor chooses specific animals to represent the months of the year.

n2-Live Updates - The company promises new features designed to enhance the playing experience that “further distance our gaming solutions from the ‘me too’ products currently available in the market place.”

Betfred FY 2016 - Betfred has seemingly reversed its fortunes with a strong 2016 delivering a GBP 28,438,000 operating profit as opposed to the GBP 77,312,000 loss in fiscal year 2015.

BetConstruct has joined the National Council on Problem Gambling - BetConstruct has joined the National Council on Problem Gambling (NCPG) saying it feels a duty to support an organization that strives to keep gaming fun and safe for all.

Cherry CEO Fredrik Burvall Steps down - Anders Holmgren, currently a board member of Cherry AB and one of the founders of Betsson where he also held the role of chief executive officer of Betsson Malta

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