SportsAlive - the online sportsbook down under goes under

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In the days following SportsAlive's collapse, reports indicate that bettors are expected to be out hundreds of thousands of dollars. The Australian sportsbook was unrated by SportsbookReview, but held a gaming license with the Australian Capital Territory Government. The license required a security bond of $250,000, though that amount is not believed to be near enough to honor player balances. A HeraldSun report indicates that one bettor alone is apparently owed $110,000. The private company's unexpected closure has been the subject of discussion  at SBRforum, in industry topic SportsAlive ceases operations.

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. The Australian state-run betting agency TOTE Tasmania reportedly held a 25% stake in the betting company. TheMercury reports that a number of private investors were affected, including investor Peter Sidwell who is expected to lose in the neighborhood of $500,000. SportsAlive reportedly turned a profit o

 

SportsAlive players: Sportsalive is down and I read that this company is collapsed. I can´t find an contact with them. Do you have a possibility to help me and get my money from this company? I have a lot of money at my sportsalive account.

I deposited 1500$ on 26 august 2011 for betting on baseball. The betting slip didnt process the bets on that day. It gave error. Next day itself website got down. Its still offline. I am worried about my money. Please help.


SBR will update this report as any news becomes available from the liquidator or if an official company statement is released pertaining to players funds.

 

 

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