Canbet Rumblings????

LucaBrasi · Feb 4, 2004

There seems to be an undercurrent of worry regarding Canbet these days. From various posters in various threads throughtout the board, there is an intimation that Canbet might be "in trouble", which I would find hard to believe, although as we have seen lately, no book is invunerable.

I've heard their move to the UK was not smooth and cost them money. Anyone?

I've been with Canbet for almost two years now and never once have I had a problem or any dealings with them that haven't been totally above board. I love their reduced juice, and they usually have an opinionated line as well.

Is this just a "stirring of the pot" and this is just Canbet's turn to be rumor-*****red, or is this a case of "Where there is smoke, there is fire?"

chips · Feb 4, 2004

I am not 100% sure, but this is what I believe is going on. They have a new BM at Canbet and he isnt wise guy friendly, many posters here have had their limits slashed to ridiculous amounts or have been shown the door. I dont believe there are money problems there but I do believe alot of people are unhappy with the New BM

Soothsayer · Feb 4, 2004

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR> I've heard their move to the UK was not smooth and cost them money. Anyone?
<HR></BLOCKQUOTE>

I guess anytime a business moves there are costs involved, and problems will always be present when a large company moves. But where have you been hearing the rumours?

dogdoug · Feb 4, 2004

Just closed my 2-3 year old account but mainly because they discontinued overnight lines. I also noticed since the management change, their lines weren't nearly as good. Used to very often do a half to a full point better (sometimes even more believe it or not) there but those have been very few and far between lately. Their betting software always drove me crazy but I put up with it for all the other benefits they used to have going for them.

LucaBrasi · Feb 4, 2004

[/QUOTE]
I guess anytime a business moves there are costs involved, and problems will always be present when a large company moves. But where have you been hearing the rumours?

[/QUOTE]

Right here on the board, usually buried 10 posts deep in a thread. There will be some sweeping generalization re: books and someone will take a swipe at Canbet. There hasn't been a thread titled "Canbet in trouble", nothing that obvious, but I have definately picked up on an ominous vibe.

valueman · Feb 4, 2004

I saw their operation when i was in australia (2001)- tiny place at canberra racecourse - so have been surprised at their growth since then.

I think their marketing strength disguises the fact that they are not a big and strong in depth.

I might well be wrong but can't imagine moving to the UK was cheap and the UK is a highly competitive market as well so they can't have been raking it in.

tahoeclown2 · Feb 4, 2004

have six figure ballance just got 20k netteller in about 5 minutes nobody pays faster !!!!!!!

DarrylParsons · Feb 4, 2004

I think broad generalizations without facts are to be ignored. Actual slow pays should always be posted IMO with book named and care taken to put it in proper context but I'm not the least bit interested in gossip and unfounded rumors. Just go to the supermarket and get a copy of the National Enquirer if that's what you're into.

KennyB · Feb 4, 2004

I noticed a change with Canbet to the worse. However, they are again posting overnight lines but no longer offer the reduced juice on the NHL. Their NHL lines (minimum of 22 cents) and NFL/NBA moneylines have always been a ripoff.

Their NFL props were also 30 cents.

They are very slow to put up College Basketball lines, sometimes they don't have them up until noon. They don't seem as solid as they have in the past.

neilm · Feb 4, 2004

A few things about Canbet....

1. the head guy left there maybe 6 or more months ago

2. they have increased juice on many offerings with NHL lines being the obvious example (in the past they offered -107/-107 and gradually increased vig from there...now it starts at -110/-110 and rapidly escalates from there to things like -135/+111)

3. they have aggressively lowered players' limits to either 50% or 20% of their stated limits

4. they moved to the UK to dodge the Australian tax on handle in favor of the British tax on profits

5. they remain listed on the Australian Stock Exchange

6. they are forecasting losing money this year and blame that on operating (not relocation) expenses in the UK

7. in their last annual statement last summer they had $18 million in cash in the bank versus $9 million in players' accounts (ask the carribean kids for this info LOL)

The sum total of this is...

1. Am I pissed about the increased vig? yes
2. Am I pissed about the decreased limits? yes
3. Is my money safe? Compared to the other books that cater to North American bettors, are you kidding? Safe as can be.

hanover00 · Feb 4, 2004

good post, neilm

WalkofLife · Feb 4, 2004

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR> The sum total of this is...

1. Am I pissed about the increased vig? yes
2. Am I pissed about the decreased limits? yes
3. Is my money safe? Compared to the other books that cater to North American bettors, are you kidding? Safe as can be. <HR></BLOCKQUOTE>

'Nuff said. You're right on the money, neilm.

BillDozer · Feb 4, 2004

They have security flaws in their system. I had access to many accounts accidently and reported it to them. They gave me money for my "trouble".

They later deducted it from my account saying it was an error.

jip · Feb 4, 2004

As a plc. they release their financial information. For the six months to Dec2003 they made a whopping AUS$3.5mil loss

As previously pointed out they were initially only a relatively smallish operation at Canberra racecourse so their ability to withstand these losses must come in to question if the present trend continues.

I would guess that they are still safer than alot of places in Costa Rica, Panama and Curraco but the present trading pattern obviously needs to be reversed.

It is worth noting that their website states all clients funds are held in escrow for safety but since their move to the UK they are no longer required by law to do this.

cokehead · Feb 4, 2004

canbet has lost a lot of $$ ever since their head BM left a coupl of months ago. Mainly in european sports.

Is your $ safe? HELLS YEAH why because it's stocks are publicly traded on the stock exchange.

Someone will eventually come and buy out all the stcok of this company the only question is who and when

Buzzsaw · Feb 4, 2004

I think cokehead is 100% correct. I would even go as far as to say this book will be taken over in the next couple of months. Don't run and buy the stock though, there is as good of chance that a sale could be at a discount to present levels than a premium.

LucaBrasi · Feb 4, 2004

<BLOCKQUOTE class="ip-ubbcode-quote">quote:<HR>I'm not the least bit interested in gossip and unfounded rumors. Just go to the supermarket and get a copy of the National Enquirer if that's what you're into.<HR></BLOCKQUOTE>

Thats almost funny. Thanks for the tip.

daringly · Feb 4, 2004

They are certainly sliding in Arena Football...
Last year, they were one of the "Big 4" - Oly, Cris, and Pinnie being the others. All 4 usually put out lines on Tuesday with respectable limits.

This year, Canbet was last to put out its line (they only have a line posted for tomorrow's game, but no games on Friday Saturday or Sunday).

The "Other 3" have lines on all games, and props or half-time lines. Canbet is behind the pack.

It is annoying, but I don't have any worries about my money there.

Sodium Pentethol V · Feb 4, 2004

I think they have earned a profit one quarter in seven years,

I assume they are still forced to abide by the aussie req's about escrowing player's funds.

I sent them $$$ to bet golf recently anyway.

WEEKENDALKI · Feb 4, 2004

I think they are a good out, but they def. do not honor their limits. Are they in dire straights? I have heard that they are not winning money versus the wiseguys. they are trying to dump all sharps. Am I worried about my money there. Not at this time.