Wednesday, January 20, 2021 Contact us

$300K in Player Balances Frozen at Canbet

300K in Player Balances Frozen at Canbet

Many online bettors who have had their player balances frozen at Canbet for over three months, are now seeking legal action against the UK licensed sportsbook and its two Australian-based directors, Peter Lord and Graeme White.

Both these directors said in a statement that they are trying to push last-minute rescue packages to generate funds, especially after their major investor (Delta, which is an India publicly-listed company) had pulled out and refused to refinance the failing sportsbook to avoid having to pay the outstanding balances.

The company sent a letter to its customers on Wednesday, with an apology for not complying with their previous promise to pay back all debted money at the end of January. The company also promised to sell all of its assets in order to recuperate funds to pay them back.

Canbet stopped taking wagers since january and blamed it on an IT issue which later turned out to be more of a financial situation which simply got out of hand.