Peter Lord and Graeme White, Australian-based directors of the online sportsbook Canbet, are most probably going to face lawsuits.
The reason for this misfortunate gambling news is fact that bettors are frustrated because they could not recover their account balances, which were frozen for the past three months. The cause for that is the difficult financial situation of the gambling operator.
The UK-licensed sportsbook commented recently that the company was counting on additional funding or at least a rescue package, after its principal investor Delta refused to provide re-financing.
Canbet’s serious condition
Canbet initially declared that it had experienced IT problems, which was the reason for delayed players’ payments. Unfortunately for the operator, the same claim was made before by other failing online gambling companies.
Canbet finally admitted that it was experiencing financial difficulties, but promised to pay back all its players by the end of January 2014. The company didn’t want to break any Australian gambling laws, so they guaranteed that they will raise the necessary money or sell some of its assets in order perform the late payments.
Australian sportsbook stopped taking deposits the same month and recently apologized to players for not being able to keep its promise to make the payments by the end of January. Therefore, a number of punters are currently threatening with litigation.