U.K.Online Bookie Canbet Feezes $300m in Australia

Published Wednesday, February 12, 2014 - Online-Casinos.com
U.K.Online Bookie Canbet Feezes $300m in Australia

There is always some sort of risk when it comes to electronic transfers of funds especially since the days of real cash exchanged by real hands has been replaced by a blip on a screen. The recent disappearance of millions of Bitcoins and now in Australia where a web-based bookie Canbet has stalled payments are examples of the risk factor.

Canbet  has frozen accounts of bettors worth as much as $300 million for three months, now dissatisfied punters have started with legal action. Australian news source the Herald Sun reported that the directors of the United Kingdom licensed firm have been trying to broker a deal with publicly listed company Delta to bail out the online betting bookie.

Australian located directors Peter Lord and Graeme White pledged they would do their best to return the punters their money. In January, the online sports betting operator ceased taking bets, claiming there was a technical issue involving a short-term cash flow problem with the bonuses being offered outweighing deposits.

A Canbet director said this has been a difficult time in which the leadership team have faced regular abuse and even death threats. The spokesperson said, "But we are working as diligently as we can to pay our debts," adding, “We acknowledge that we had made previous statements that were made on the belief that these funds would be forthcoming and apologize for the inconvenience that this has caused. Such statements were made in good faith at the time they were made.”

It was suggested that customers looking for their money to be returned may have to wait a long time. Ben Ashworth, who is owed about $2000 has begun legal action in the United Kingdom to retrieve his money after waiting almost three months, saying the promises have come to nothing so far. "I’m worried that ... there will be other victims in the future,"

 A Victorian Commission for Gambling and Liquor Regulation spokesperson said, "Canbet is an online bookmaker and is licensed in the United Kingdom  therefore it comes under the jurisdiction of the UK Gambling Commission,"

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