BUSINESS

IGSG in the process of selling Canbet

TAGs: canbet, gambling, Interactive Gaming and Sports Group

canbetBeleaguered UK-licensed online bookmaker Canbet appears to be finally doing what many have suspected all along. it’s in deep financial trouble, and in an effort to repay its outstanding debts , Melbourne-based Interactive Gaming and Sports Group (IGSG), which owns Canbet, is ready to sell the troubled sportsbook.

This is the first time Canbet has hinted on problems within the company that are deeper than IT glitches. If you recall, the sportsbook had been using the “IT glitch” excuse as the reason why it hasn’t been able to pay out on any of its customers in the past few months. Months of uncertainty regarding these funds have left bettors frustrated about CanBet’s failure to settle its debts, and as more and more people have become vocal in their disgust on the issue, it became apparent that CanBet’s problems weren’t just limited to tech malfunctions.

And now, it looks like the cat’s finally out of the bag.

After first suspending operations on December 31, try looking for the Canbet site and you’ll notice that it’s been completely taken down. Apparently, that was intentionally done by IGSG in an attempt to settle all outstanding debts the company has incurred.

Canbet director Peter Lord event went as far as to tell eGaming Review that Canbet isn’t coming back anytime soon, at least not when its still under the management of IGSG.

“The decision was made to sell Canbet and a process is currently underway,” Lord said.

There’s been no information on when a sale is going to be finalized, but the company’s admission that the sportsbook is in financial turmoil should serve as vindication for those who have complained long and hard since their funds were frozen a few months. The most important thing at this point is to pay off all that debt, something Lord confirmed is the company’s top priority as soon as the sale is completed.

“As indicated to the customers that currently have withdrawal requests, we are making an all-out effort to ensure the necessary assets are liquidated to ensure they are paid,” he said.

And as obvious as it sounds, the sooner IGSG finishes paying off its disgruntled customers, the better it is for everyone to move on with their lives.

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