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Calling Into Question

The International All Sports Limited (IAS) organization in Australia is currently investigating CanBet, a year-old company offering online casino and poker gambling services in addition to internet-based sportsbetting. CanBet.com produced questionable yearly results and IAS (the parent company of CanBet) is calling into question the feasibility of IAS continuing to allow CanBet to offer gambling and online casino services in the Australian market. Some in the industry are calling the investigation by IAS a bit hasty considering the company’s was showing a bit of improvement by the end of the year. The online casino gambling industry though is very competitive, as is sportsbetting and the regulatory authorities are in place to ensure that a gambler’s wagers and account balances are secure.

According to the information released by IAS on the situation CanBet.com reported pre-tax losses of A$6.41 million. This is the company’s first year of operation and CanBet encountered several setbacks along the way that contributed to the losses. The online casino gambling software malfunctioned during the course of the year in addition to inefficient management and a host of other issues. IAS announced in a statement to the online casino, poker, and sportsbetting markets that CanBet’s “overseas business units are being reviewed.”

IAS as a company achieved favorable year-end revenues and growth prior to factoring the losses associated with CanBet. Now it comes down to the question of whether it is better to stop the operations now or to continue to funnel money into CanBet in the hopes that this year will produce better results now that the company’s online casino gambling software is fully functioning and some of the kinks have been worked out.