With the batteries installed, place your thumb over the button of the CSRB to hold it still. Shake the receiver and listen for a rattle. If you hear a rattle, the battery terminals may be bent out of shape, losing contact. These can easily be reshaped by prying out on them gently.
One last thing you can try would be to change frequencies, then install the batteries and see if the LED blinks green then red. If it does, and you are sure the batteries are good, then there is something amiss in the receiver. Customer Service will be able to tell you how to best resolve this under warranty.
Something to note is the LED blinks when you release the button, not when you press it. This could explain the delay.
Multiple red LED blinks are indicative of a bad battery (on the CSRB, CSRB+, and CST). So be sure your batteries are fresh.
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