The Most Shocking Stories of Online Casino Bankruptcy

Is it possible for an online casino to go bankrupt and shut down? The simple answer is yes. Although it may seem that websites like these are always profitable, and as the adage goes, “the house always wins,” there have been several cases of sites like this that have been shut down in the recent decade.

The companies/websites we’ll discuss were formerly quite popular among gamers. The majority of them were available all over the globe. Find our list of the top 5 companies that went bankrupt or out of business, including anything from promising bookies to fashionable casino sites.

1. Canbet

Canbet was one of the oldest betting and gaming sites on the internet. They started doing business in 1995. Their services began to deteriorate in 2005, but nothing indicated that they would go bankrupt.

So, what brought Canbet to a halt? It turns out that there were many instances when this gaming site offered bonuses that were unreasonable. Some of these benefits seemed too good to be true, while others were intended to scam players. Furthermore, Canbet users have begun to experience late payments, canceled bets for no apparent reason, and other issues.

This company owed over a million dollars in 2014. Due to the amount of debt and the outrage that many people felt, no one wanted to buy this company. As a result, the company was officially closed.

2. Tom’s Casino

When Tom’s Casino opened in 2016, it was the only gay casino in the world, one of the many factors that set it apart from other casinos. Of course, everyone was invited to join this website, but the design was tailored specifically for gay users.

They started operations in 2016 and closed down in 2017. The cause for the site’s closure is unknown, but one thing is certain: no players were left unpaid.

3. Absolute Poker

The notorious Cereus Poker Network included two poker sites, one of which being Absolute Poker. This was one of the earliest poker sites in the United States, having opened in 2003.

A few poker players accused Absolute Poker of cheating in 2007. They’ve written about their experiences in a few online communities. This was hardly a sophisticated kind of cheating. Their management, for example, had so-called superuser accounts that allowed them to check the cards of other players at virtual tables.

As a result, the site had to provide a $1.6 million refund to gamers. A fine of half a million dollars was also imposed on the website. This poker site’s reputation suffered as a result, and although it continued to operate, the number of players was drastically reduced. They ceased operations in 2012.

4. DOXXbet

Even after years of hard work, bookmakers and gambling companies may be forced to shut their doors. DOXXbet is an excellent example. DOXXbet had to shut in 2017 owing to unexpected financial difficulties (they went bankrupt). They started rejecting new player registrations, much like previously closed sites of this kind, and then paid their dues and terminated the site after a few months.

According to several experts, one of the reasons DOXXbet went out of business was because they only offered casino games from one provider – Novomatic. They had also added a couple of Thunderkick games before they closed, but we think it was too late.

5. UltimateBet

In the early 2000s, UltimateBet was one of the most popular gambling sites. This site, which was launched in 2001 with a license from the Kahnawake Gaming Commission, quickly became famous among US poker players.

The presence of a large annual live tournament that was part of the World Poker Tour event made UltimateBet particularly appealing. Everything was going perfectly for this website until a 2005 cheating scandal involving their improved software.

The US Department of Justice took their assets in 2001. Unfortunately, not all participants were successful at getting compensation for their claims.