Struggling igaming operator Canbet has surrendered its UK operating licence in the face of mounting financial concerns. The UK Gambling Commission stated that Canbet’s operator licence had been removed on the 7th of May 2014.
The operator had been struggling since the closing months of 2013, at the end of January 2014 a number of the operators customers had made official complaints to the commission regarding payment and fund withdrawal from the operator.
Although breaching the UK operator licensing laws, the commission had granted Canbet an license extension as IGAS Group, the owners of Canbet looked to raise new funds in order to help its operations.
Failing to find new funds or buyers, had forced the commission to begin its review of Canbet’s licence on 14 April. The Commission took the action of terminating the licence on the grounds that Canbet no longer had the ability to fulfil licence requirements due to its “financial circumstances”.
Neither Canbet or IGAS Group have yet to make a public statement on the loss of its UK operating licence.