It is a sad day when an Australian-based betting operator loses its license. Today is one of those days, as it has been announced that Canbet has had its online betting license revoked by the UK Gambling Commission. The online betting operator has been in financial trouble for quite some time, and there is now no going back for the operator.
Back in March ,we reported that Canbet was facing customer complaints because they were unable to withdraw their funds. The company insisted that the issue was only an IT glitch, but players were certain that there was more to the story and many were convinced that their money was lost.
Earlier this year, the gaming commission was generous enough to grant the operator an extension, which would give Canbet time to find investors and raise funds in order to pay back players. However, the group was unable to secure additional funding and the UK Gambling Commission has terminated the Canbet’s license due to its inability to fulfil license requirements. It seemed to be quite a difficult decision for the commission.
In early May, representatives issued a statement expressing their concerns: “If we stop a business from trading or cast serious doubt on its future, it significantly increases the risk that the business will not be able to pay its customers. On the other hand if we let a company continue to take money from people in circumstances where there is a real risk that they won’t be repaid, we are not protecting players properly”.
A fine line was tread, but the Gambling Commission seems to have made the right decision. However, players are still unsure as to how they can recover their funds. At the moment, we cannot provide answers, but we will keep you posted if any information arises.
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