Sport is made for betting

Canbet sold to Yin Khing Investments for $1million Hardly a surprise, Canbet has been a lemon for sometime. Back around 2000, Canbet was flying. Licensed and run from Canberra (hence the name), it was a leading brand for betting on US sports, betting tight margins and trading the American way - copy the Vegas line and move it when everyone else does. Move the price a few cents and the scalpers come in to balance up the books. But then they got too ambitious and tried the same formula on European and Australian sports. They failed dismally. They moved the operation to the UK to gain more European clients and make better use of the timezone, but all the while, employing little resource at risk management and trading. A sportsbook valued at over US$20m was going downhill fast. Then along came tighter regulations in the US, forcing Canbet to cut all their ties with American customers, who had been the entire reason the business was profitable. IASBet came along soon after and bought Canbet...