Canbet from Bad to Worse

Canbet from Bad to Worse
The Canbet is going from bad to worse apparently. One of the company's Australian-based directors reveals that there are no plans to revive the company. Canbet was hit with new allegations of taking unauthorized wagers on a range of sports including horse racing, across three states. The company Canbet is licensed with the UK Gambling Commission which continues its enquiries into the company's affairs after saying in February: “Since we became aware of Canbet's problems in November last year, we have kept in close touch with the company whilst they try to resolve matters. “During that period the Gambling Commission has received some assurances about Canbet's financial circumstances, most recently in a report from the company's Group Auditor, dated 24 January 2014. Nevertheless, the backlog of customer payments has grown and deadlines for resolving the problems have passed.” The company has two Australian directors, Peter Lord and Graeme White, who are believed to be resident in that country. Gamblers from the UK, India, Eastern Europe and Canada have been unable to access thousands of dollars in winnings since late last year reports ABC News in a long article on Friday. At the beginning of the problem, Canbet claimed it had technical issues. Now the director Peter Lord is saying they are not going to revive the company and Canbet site remains off line. However, he added that he and the other directors are "working on a solution" for Canbet's owed customers, saying rather nebulously that "sales negotiations are ongoing", but adding that "...an all-out effort to ensure the necessary assets are liquidated to ensure they are paid" is in progress. One ex customer was interviewed by ABC saying: "They had a UK license, so they were licensed by the UK Gambling Commission so I just thought everything would be fine. But what I wasn't aware of was they didn't ring-fence their players' balances, their money, so that's obviously the problem we're faced with today." "I've got that sickness feeling in my stomach that I'm never going to get that money back and that someone else has got my money, someone who's already got this massive mansion and all these wonderful things already," said the dispirited customer. "I do feel like I've literally been robbed and that I don't really know where to go and who can help me." "There was human error of some sort," Peter Lord said with some uncertainty. "Either in devising a scheme that was too generous or in the site wrongly allowing bonus reloads." Horse racing authorities in Australia claimed that Canbet was placing bets without a proper approval, but it seems the regulators will not take action. Racing Victoria chief executive Bernard Saundry confirmed that Canbet is not approved to bet on Victorian racing. Saundry says Racing Victoria first became aware of problems with Canbet in January this year and referred the company to the Victorian Gambling Commission. "We make [the regulator] aware ... and it's their right to investigate ... the operations of those unauthorized operators," he said. Racing Queensland said that Canbet appears to have breached Queensland's race information legislation. "They weren't approved to wager on Queensland thoroughbred, harness or greyhound racing," the organization told the ABC. However, both the Victorian Commision for Gambling and Liquor Regulation has told the ABC that Canbet falls under the jurisdiction of the UK Gambling Commission. The British regulator has a number of options: "We may decide to take no further action; decide to give the licensee advice as to their conduct; give the licensee a warning; add, remove or vary a condition to their license; suspend a license, revoke a license, impose a financial penalty," the UK Gambling Commission said in a statement. Dr. Charles Livingstone of Monash University believes that international policing of the internet gambling business may be necessary, stating: "A series of appropriate international agreements with the major providers would at least guarantee punters' return of their winnings and their money if everything goes pear-shaped. "I think it's important that we start pressing for those sorts of agreements, particularly with the major countries where these sorts of operations are housed."
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