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SportsAlive goes down, where’s the money?

By johnboy - 31 August 2011 3

The world sports betting community is watching with a great deal of interest as ACT registered SportsAlive disppears with a lot of people’s money.

Some readers point out that customer funds were supposed to be held in escrow, removed from their day-to-day operations under ACT regulations, however it remains to be seen whether the company was in full compliance of this requirement. A liquidator was appointed to the SportsAlive case on Thursday, August 25th, 2011.

In addition to punters, investors in SportsAlive are believed to be out up to $5 million.

What’s Your opinion?


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3 Responses to
SportsAlive goes down, where’s the money?
Solidarity 2:01 pm 31 Aug 11

I read the heading as Skates Alive.

Seems I read it wrong.

Damn.

shirty_bear 10:54 am 31 Aug 11

This mob have returned big profits the past couple of years, too … $4M and $5M, from an outfit valued around $15M.

Something fishy going on …

Beserk Keyboard Warr 10:26 am 31 Aug 11

It should never have been allowed to get this far. Granted Sports Alive was run buy a bunch from Melbourne, but the ACT Gambling and Racing Commission have badly neglected their duties in ensuring that Sports Alive weren’t in over their heads. The 250k bond paid to the ACT GRC will cover less than a quarter of monies owed to punters.

What is stopping anyone coming in, paying the $250k surety then running away with $500k worth of account balances? Greg Jones surely won’t mind. The trust in the ACT regulators is gone and furthermore the ACT Government has let down the ACT ratepayers. No longer will any punter open an account with an ACT licensed bookmaker. In turn there will no longer be ACT licensed bookmakers. In turn there will be no revenue generated for the ACT Government.

This is nothing short of highway robbery. If Greg Jones has one shred of integrity he would do something about it.

My advice? Don’t open a sports-betting account with an ACT-licensed bookmaker, because they can literally take your hard-earned and pi$$ off to Rio with it, never to be seen again.

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