Punter Protection (or lack thereof) in the ACT
As a member of the Australian fixed odds betting fraternity I have always been one to take pride in the way responsible wagering has added colour to our sports and racing industries. I believe the highly regulated nature of the industry has made it is socially acceptable to have a flutter on the Melbourne Cup or back your favourite player to score the first try in the NRL Grand Final. There is nothing wrong with either however the events of the past week have left me absolutely flabbergasted with how punters are treated by the ACT Government.
If you are unaware, a corporate bookmaker by the name of Sports Alive went into voluntary liquidation last Thursday. Sports Alive, licensed in the ACT, was well down the pecking order when it came to Australian bookmakers but just like TAB SportsBet, SportingBet, CentreBet or even SportsBet.com.au it was a 24-hour online bookie who accepted bets on sports and racing. However, they were a big enough organisation to leave thousands of customers out of pocket to the tune of $1m+.
I am aware that companies of all types fail on a consistent basis so I will not shine the torch on the collapse of Sports Alive. Sure, its experienced bookmakers were shrewd enough to win $4m and $5m from customers in the past two financial years. Sure, it received a windfall of $5m from TOTE Tas for a 25% share in the business. Sure, it had a lucrative deal with BetFair.
However, without knowing most of the facts I will refrain from saying anything more than the fact Sports Alive was reportedly let down by shady practices from senior management and owners. It was a good company making decent returns in a competitive and growing industry but I will allow the staff and investors they left out of pocket to tug the coat tails of the administrators. I will focus on the clear-cut issues of punter protection.
Sports Alive was licensed with the ACT Gambling and Racing Commission (GRC). Neither Sports Alive nor the GRC has contacted punters as to the whereabouts of their funds. Sports Alive have shut down their website and phonelines while the GRC are not replying to emails or phone calls. While I can understand that the Sports Alive owners are on their proverbial way to Brazil with suitcases of cash, I am disappointed with the actions of a supposedly reputable Government agency.
Punters are clearly in the dark as to the whereabouts of their funds. These are not just simple betting balances, they are akin to bank accounts, with customers required to provide 100 points of ID along with placing bets on recorded phonelines or encrypted Internet pages and even mobile devices. This is a highly sophisticated industry.
On top of these balances I haven’t even mentioned the outstanding futures bets. With the AFL and NRL seasons almost over there has been widespread confusion on social media sites such as Twitter where rank and file punters are wondering what will become of their Port Adelaide wooden spoon bets or Melbourne Storm minor premiership investments.
Bear in mind, all bets are paid for up-front so winning punters will not only be prevented from collecting their winnings but have also lost their initial outlay. One shrewd client placed $6k on Geelong to make the AFL top-4 at $2.60 while another had $1k on the Wallabies to win the Tri Nations at $4.00. These are a drop in the ocean but the point is that clients of Sports Alive placed these bets in good faith several months ago on the belief they were protected by the ACT GRC.
There is supposedly a $250k bond to cover punters’ funds but this will probably account for less than 20% of account balances and live bets. To those punters hoping for a sympathetic ear from the ACT Government, then think again. GRC CEO Greg Jones showed a complete lack of understanding when he said there was no guarantee beyond the $250k “and nor should there be”. It seems Mr Greg Jones is a real softie. In his defence, he may not be capable of understanding the situation, but then again, he could be covering his tracks.
The process of gaining a sports and racing bookmaking licence with the GRC is long and extensive however it seems once you are in the door you can run amok. The GRC assured punters that Sports Alive was required to keep all account balances in a dedicated trust account that cannot be touched.
This is a salient rule that the Northern Territory Govt also insist upon. However in the NT, they audit accounts monthly. Greg Jones on the other hand worked on what seemed like an honesty policy. This is a wonderful initiative that may work in a pre-school for special needs kids but in the modern business world I do see a few flaws.
As we now know and suspected for many years, Sports Alive breached this agreement but as Mr Greg Jones made clear, why should he care. I doubt a government official would be so brazen if a bank or Super fund went under but because ACT taxpayers choose to spend some of their recreational money on punting, they are clearly not deserving of protection.
Sure, punters helped fill the coffers for ACT bookmakers who in turn paid handsome licensing fees to the ACT Government but Mr Greg Jones still thinks that there should be no help afforded to punters left out of pocket. It was a comment not becoming of someone in such a position of trust.
This is the kind of situation one may find themselves in if they bet in offshore betting havens such as Vanuatu or the Caribbean. Or perhaps even with the SP down at the local pub back in the 1960s.
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.
Those funds will go straight to other states in what is a highly competitive and lucrative industry. But I guess Mr Greg Jones, who is obviously one of the smartest CEOs in Australian state Govt history, knows better. Perhaps he can pinch some chocolate brownies from the local Girl Guides and sell them to make up the shortfall.
There is nothing to fear more than a punter scorned. It is hard enough to win at the best of times but when your funds in a betting account are stolen from under you, then that is hard to cop. I wonder if Greg Jones will make public the findings of the 30/6/2011 audit that his department is required to make. Sports Alive clearly don’t have these funds now and didn’t have them two months ago. Several recent visits by GRC staff into the Sports Alive offices obviously meant they knew things weren’t quite right but no punters were warned of this. Shame on Greg Jones and the GRC for not alerting Sports Alive’s customers.
I guess an ACT wagering licence is not worth the paper it is printed on and my advice to all punters is to shift your funds to a reputable company that is NOT licenced in the ACT. Believe it or not Mr Greg Jones, this is a $3 billion industry that attracts involvement from a vast majority of Australians over 18 years of age. But, feel free to turn your back on these people for your short-term benefit.
Someone with a grasp of reality at the GRC should explain what is going on before a class action is launched into their ongoing lack of duty of care to all clients of Sports Alive – a company they licensed and received fees from for well over 15 years. Why didn’t the GRC continually check this magical bank account containing the account balances of Sports Alive clients? At the end of the day, over $1m in funds have been taken from everyday Australians. It makes you wonder: Were the GRC simply asleep at the wheel or was it something a little more sinister?
How do I get in contact with bet247 ?
Level 14
600 St Kilda Road
MELBOURNE VIC 3004
(03) 98689991
A few points I am not clear on, if anyone can answer them i'm all ears…
If I made a bank to bank withdrawal from my bet247 account for $20,000.00 a week before liquidation (26/08/11) and did NOT recieve payment to date, bent & cougle have me down as an unsecured creditor, who does bent & cougle chase for my $20,000 if sportsalive had nothing at bank ?
Can bent & cougle use the rules put in place by grc that had been broken in section 4 (segregated accounts) to take legal action against sportsalive & the ACT grc ?
What rights legally is the punter entitled to (if there is any lawyers out there) ?
If an audit was carried out by the rules of the grc at the end of June, who carried out the audit ? and how did they not realise then that sportsalive was in the red two months before closure ?
If negotions between bet247 owners and Tom Waterhouse broke down as Tom stated, the liquidator and grc still maintain bet247 is part of sportsalive who is telling the truth ?
If the grc broke there own rules in section 4, how are they allowed to investigate themselves and sportsalive, why haven't the police been called in ?
I backed the warriors to win the nrl @$26 with f’kn bet 247 a few months ago,what are the chances I’ll get paid ?
Probably only marginally less than if they were still in business. Go Manly
But seriously, Bet247 are not in liquidation to the best of my knowledge so I would be chasing them for payment. I really can't understand why Bet247 customers are automatically creditors of SportsAlive. I still have my welcome email from joining Bet247 and there's nothing in it mentioning SportsAlive and I don't recall ever seeing anything on their website mentioning SportsAlive. So I maintain that Bet247 Pty Ltd is accountable to me for my balance and any pending wagers and intend to pursue them for payment.
What happens to punter’s who had credit accounts and were in debt at the time of liquidation.
The liquidator will come after you to pay up if you owe them any money. That's part of his job.
You can't get out of your debt just because the Company has gone belly up.
"There has never been any segregated bank accounts for punters for the last few years" (from a reliable source)
Just wow.
If this statement is indeed true then I suggest the ACT GRC step in quick smart and do something before they have their ass handed to them.
Also, I think the liquidator needs to rethink his position about punters being unsecured creditors.
There better be a change in this ruling before the creditors meeting on Tuesday otherwise Hamish MacKinnon is going to get voted out of the rest of his 200k fee.
Edit – ok now this really pisses me off. That lying sack of shit Lane Watson who promised clients their funds were safe after being questioned about delays with withdrawals, has more of a claim to any recovered funds than us honest punters who got cleaned out. I also noticed employee addresses have now been removed from the creditors circular. Funny that, wonder why. http://www.bentcougle.com.au/CirculartoCreditors.pdf
The creditor's meeting is on at 10:30 a.m. on Tuesday 13 September 2011.
If you are a punter who has lost funds to Sportsalive, please contact: sportsaliveaction@gmail.com as soon as possible.
My updates are now only going to punters who have joined the mailing list.
Hi all
I've been sending many updates to punters who have lost money that have contacted me.
We are now up to about 70 affected people (approximately >$800k in value) in less than 2 days.
Of those 70, I have received 40 proxies, promises of proxies or attendees to the creditor's meeting.
The more people in our syndicate, the more leverage we have.
At the upcoming creditor's meeting I will be seeking to replace the current liquidator.
For us to succeed in that goal, we need to have the most numbers and the most monetary value.
Accordingly, if you want the best chance for us to succeed in our action, send your proxy now (or alternatively attend).
If there is a deadlock, the current liquidator will cast the final vote.
At the very least, we can put more pressure on the current liquidator.
We are still considering other action such as a class action and joint complaints to the ACT Ombudsman.
Contact: sportsaliveaction@gmail.com
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Asanque – appreciate your updates mate. I won’t be able to attend the creditors meeting as I will be interstate for work. Any chance yourself or anyone else could record a video or sound clip on the day and post it online?
I am or was a bet247 account holder and or unsecured creditor ? Confused already…. Yes like many others i withdrew funds from my betting account (22/08/11), some might say bad timing. Bet247 account holders will be transferred to tomwaterhouse.com, yes that all happened and yes account balances were met as of 26/08/11. My account had .16 cents transferred as promised, naturally as i withdrew close to $10 000.00 I started ringing around to inquire as to the whereabouts of theses missing funds that read PAID on my 247 account statement responses we as follows:
bet247= we will be honouring outstanding withdrawals (24/08/11)
bet247= we will be honouring outstanding withdrawals (26/08/11)
bet247= tomwaterhouse will be honouring withdrawals made before 26/08/11, its a matter of when not if be patient…. (27/08/11)
tom waterhouse= we might be honouring withdrawals made before 26/08/11, its a matter of when not if… (6/08/11)
bent & cougle liquidators= you will be an unsecure creditor in this equation meaning you will not get the smell of a ……(6/09/11)
I believe liquidators are not releasing our account banking info from bet247 and sportsalive to tomwaterhouse, who is waiting on it to finalise payments. Effectively the liquidator can use bet247 customers funds(unsecured creditors) to finance secured creditors, more importantly themselves in the liquidation of sportsalive. The punter is the easiest target with the funds worth targeting, when the investigation into sportsalive is dead. Class action may be one route to take, but what evidence does a bet247 account holder have for investigation…none. It will most likely be destroyed by the liquidator provided it even made it that far? Also the unsecured creditors me and you live in every corner of Australia it's just unrealistic to get us all together and the liquidator is well aware of that, some account holders are only owed $15. These are very smart people who hatched a plan over a period of time with the help of alot of parties, to date there operation is running right to plan. You can't fight these people when you have no evidence to mount a case. I can imagine the thousands that are in my shoes your'e probably still awake now too, wondering how you got sucker punched by the ACT. Credit to you Fisky for voicing punter concerns but it is true no one gives a shit about the punter the most important and main ingredient in gambling…. Thanks sportsalive and the ACT racing and gambling whatever …. oh and we couldn't of done it without the appropriatley named bent & cougle Thank guys !!!!
Hi all
Please find a link to the latest update from the liquidator.
http://www.bentcougle.com.au/NoticetoAccountHolders.pdf
It appears that they have sold our client details to Tom Waterhouse last Friday.
There is no mention as to whether Tom Waterhouse intend to honour accounts or how much our client details were sold for.
I am presuming that the funds generated from the sale of client details will go to secured creditors (although this is yet to be confirmed).
Where does this leave punters?
At a best guess (and this is not advice), here is a brief summary:
1. Punters are currently considered unsecured creditors with likely return of zero. Secured creditors will be paid out first.
2. There is a 250k security bond held by the government that I presume will go to punters, totalling approximately $3 million.
3. It is possible that the liquidators will pursue the directors of Sports Alive for insolvent trading / fraud and they may be personally liable for debts of Sportsalive. I would suspect that prospects of any return to punters is minimal.
4. It is clear that Sportsalive did not comply with its legislative requirements to keep punting funds in a segregated banking account (only 20k left in the bank account). It is possible that punters may have grounds for a class action against the ACT Gambling Commission for failing to properly fulfill its duties to regulate Sportsalive.
5. It is possible (albeit unlikely) that Tom Waterhouse may still decide to honour Sportsalive funds.
What are the next steps?
1. Via the link above, the liquidator has answered the majority of my questions. My only questions relate to the sale of the customer list to Tom Waterhouse and what is the approximately $3.2 million dollars owed by sundry debtors?
2. I will be attending the upcoming creditor's meeting and I highly encourage all those affected by this matter to also attend.
3. It may be possible to replace the liquidator but we would need to obtain a majority of the vote at the upcoming creditor's meeting. I currently have been contacted by punters with approximately $700k in funds owing, so this is quite a significant sum (although only 10% of the total debts).
4. I am quite busy so would prefer not to be the one leading the charge on this matter. However, if no one else volunteers, I am happy to receive proxies from those who can't attend, so that I can vote on their behalf.
Hopefully the liquidator will release proof of debt/proxy forms shortly to facilitate this process. Otherwise, I can assist in drafting a pro-forma template.
Given the short timeframe involved, if you are interested, please keep monitoring these threads.
Please feel free to contact me if you have any questions.
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I too am owed by Bet247 but unfortunately Tom Waterhouse isn't coming to my rescue as he tells me that his offer was limited to those who hadn't previously had an account at TomWaterhouse.com.au, so I am advised that I am an unsecured creditor of SportsAlive.
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Happy to join the class action. At liquidators meeting it is emperative to dismiss the current liquidators as they are employed by Sports Alive. Early presentations of their figures are misleading and give no insight to the practises undertaken by the directors to this date. What should all agrieved account holders do? Please attend the meeting or send a proxy . We may not get anything out of taking this action but we would get no more by remaining silent. The true depths of this mismanagement ,misappropriation and fraud will one day become apparent.
Hi Fisky,
I've just heard about your post here and would like to express my interested in joining any class action to get our SportsAlive money back.
I submitted a withdrawal request for $5899.22 a bit over a week before they went into liquidation but never received it.
My email address is morris.ally@gmail.com if you need to get in contact with me.
Cheers!
Ally.
I have $5,000 USD in my account at Sports Alive and would be interested in joining any class action against the former directors or the regulatory body. Please contact me at mrnye@hotmail.com if you want my details.
Having had a session on the phone this arvo with these guys I very much get the impression that they are doing nothing but awaiting a report from the liquidator of Sports Alive.
It seems as though they think the fate of funds (if any) in the "segregated accounts" which their licensing requirements demand be maintained on behalf of punters is up to the liquidator.
I find that thinking entirely wrong. The whole purpose of the "segregated accounts" and the security bond is to protect the punters. That money belongs to the punters until they lose it betting with the bookie. It is forwarded to the bookie to place in trust in that account and to be used only to pay for losing bets and to refund on demand to the punter. No way is it ever the property of the bookie and thus the liquidator has no right of access to those accounts to pay other creditors.
The Commission should have moved immediately upon the appointment of the liquidator to gain control of the "segregated accounts" and then determine the sufficiency of funds in the accounts to meet the balance of punters' accounts with the bookies. If the account was short it means that theft has been committed and the police should have been called in immediately.
It seems the Commission doesn't regard that sort of action to be within it's scope.
Absolute dereliction of their duty of care for the people they should be looking after in my opinion.
And horrendous damage to the public's trust in the Australian industry's regulators to look after them.
Shame! Shame! Shame!
Sounds like a good story to pitch to A Current Affair or Today Tonight.
But as Fisky said, this is something to consider once we see what the GRC provide their response
I am another sucker taken in by both parties — I had 4850 dollars in my account and feel gutted about it all.
I had around 20k stolen from me. Absolutely disgusting by the Commission and Sports Alive.
Who paid off who to be able to get away with this?
What's the point of stipulating in your licencing agreement that a segregated client fund account must be maintained when it's not going to be audited and enforced. What a joke. That is negligence if ever I have seen it.
I will watch this space closely for any developments and I am all up for taking legal action should it be worth pursuing.
For me personally it is not only about the money I have been cheated out of here but the principle of the matter. This is the kind of nightmare story you would expect to come from somewhere like Malta or Costa Rica, not Australia – supposedly the land of the safest and most stringently regulated bookmakers in the world. These muppets have thrown that reputation right out the window and it will cost the industry millions. Fools.
Fisky, asanque, PuntPal and others – let's get them. I'm with you guys all the way on this. We punters deserve justice!
Hi,
I have been stung for $20k by Sportsalive. I am obviously pretty upset about the limited chance I have of getting my money back but am fuckn' angry at the disgusting manner in which Sportsalive let themselves go under, followed by complete incompetence by ACT Gaming and Racing.
The directors of Sportsalive, so far as I can see, must have been trading while insolvent for quite some time, and I hope that they eventually see the full force of the law because of this. They should be fully investigated, and charges brought against these talentless mugs who let the ship sink, taking all us unsuspecting punters with them.
The thing that has made me most angry was the response I got from ACT Gaming and Racing in the various conversations I had with them in the days following the collapse of Sportsalive. All they could give me was a reapeated "no comment" I kept asking "What's the steps I can take to recover my money? Are you investigating the fraudulent actions of the Sportsalive management? What guarentees are in place?" and they had no idea and refused to help. Just disgraceful!! There was obviuosly no plan in place for when a situation like this arose, which is no surprise as ACT G and R obviously took their eyes off the ball long ago. I bet big and alot, and I will never have another bet with any bookie registered to ACT Gaming and Racing.
I'm all for a class action. If one is already underway, I would like to join. I think alot of Solicitors would be keen to take it on as it is such a hot go by Sportsalive and ACT G and R that we would have to be very positive of a very good outcome.
As heavyhitter says "its about principle" and I have to say that if we all get together we may not get 100c in the dollar back but we will get justice for being treated like mugs. In the meantime I hope you all back many winners in the great racing that is upon us.
Sidenote: In answer to the question below: my only interest is as a person who has lost money to Sportsalive.
I would definitely like to be involved in any action. I had $15000 in my sportsalive account
Thanks guys. Very positive to have so much support. This debacle really has affected so many people in a lot of ways.
With the ACT GRC still awaiting the findings of the liquidators I feel it is prudent to just hold off on formalising any actions in the short-term. When we hear an official response to the situation from the regulators we can assess our options. I must say there has been strong support from many, many account holders who are out of pocket and we will be in contact should the GRC's response be unsatisfactory.
Cheers
Matt
Let me just chime in here and say that the entire Making The Nut team are right behind Fisky, both as friends and on a matter of principle, and if there is anything we can do to assistany action/protest/online movement etc, please don't hesitate to drop me a line at nicktedeschi@hotmail.com
Hello All
I am a long-time reader, but first time poster. I am also an avid punter, an ex-employee of Sports Acumen (now Sports Alive). Finally, I am also a lawyer that knows a thing or two about Freedom of Information requests and how to force companies and Government to do what they are legally obliged to do!
Fisky has summarised the issues very well in his article. I have also read in the Canberra Times that Fisky is considering a class action if a settlement for robbed punters cannot be reached. Collective litigation is grossly under-utilised in Australia, but a variety of firms now offer ‘no win-no fee’ offers in the field of class actions. This is certainly where this matter is heading.
For those of you that are small time punters, the idea of a class action is appealing. However the legal fees involved in these matters can be significant (the lawyers only take on a no win-no fee claim if they can take a fair chunk of your payout) and so automatically you are unlikely to receive your full deposits back, even if successful legal action is taken against the ACT Government. So we need to consider what we can do before the lawyers are brought in.
The deposits held in sports betting accounts are similar the deposits held in bank savings accounts. We use our funds for wagers, the bank customers use their funds to earn interest. As Fisky explained, the Government’s job is to regulate the sports betting industry and this involves ensuring all customers deposited money is held in a separate trust account. From the bare facts, it is clear that the ACT Government failed to properly enforce their own rules and as Fisky has explained, at best this is gross negligence and at worst, is criminal fraud that was covered up (or assisted) by ACT Government officials. Either way, the response so far has been woeful and the bureaucrats involved must be investigated immediately (an external investigation!).
To achieve this, we need to put pressure on the ACT Government. Writing letters in the local papers is a very good start, but as us punters know – we aren’t exactly seen as people worth helping in the eyes of Government and the general wowser population, that think of punters as something similar to drug dealers (never mind the fact that bankers across the world have fleeced taxpayers for trillions and that is still a respectable industry!). The ACT Government (which is struggling financially and likely to lose the next election) does not want a group of punters protesting on the streets – this is something we should seriously consider doing.
I have been pushing for the legalisation of pup poker in the ACT for a long time. I find it insane a group of consenting adults are not allowed to play a $10 poker tournament at a Canberra sports club, while at the same time the ACT Labor Clubs reap millions in pokies revenue.
If we want to force this issue and not lose a significant sum of money in legal fees, I think we need to stand up collectively (along with the poker players) and let this Government know that, as Fisky said, there is nothing to fear more than a punter scorned!!
Here are a few options:
1) A old fashioned protest at the ACT Legislative Assembley
2) A concerted and organised online campaign against the ACT Racing and Gaming Commission and ACT Government
3) A boycott of all betting agencies located in the ACT (including the ACT Tab)
Thanks for your post Puntpal.
I agree with your sentiments but it may be difficult practically to achieve your options.
1. There may be 100's of punters affected, but how many are in the ACT?
2. This is doable but what are the parameters?
3. I don't think there are very many ACT betting agencies.
This is slightly off topic punt pal – but i'll happily do some articles on MTN on getting pub poker here in Canberra. I've been arguing for regulation of online poke rin Australia for some time. Any material worth reading on pub poker before i launch into a spray?
Hi Tim
http://the-riotact.com/canberra-poker-players-association/7380
..but my argument for legalising pub poker is this:
1) Their rationale for not allowing poker in pubs in the ACT is that it will help create problem gambling. While at the same time, they are not willing to tackle those evil cash gobbling machines that are everywhere you look in Canberra sports clubs (some of which donate money to the ALP and help fund their re-election). Playing pub poker for $10 is not the source of problem gambling and they are well aware of this.
2) There are actually some benefits to be obtained for people through playing tournament poker for a small fee. Firstly, it’s a great way to meet people and socialise (as opposed to Pokies). Also, poker is a strategic game and I think it makes people smarter (as opposed to Pokies).
3) Common principles of freedom and individual choice suggests consenting adults should be able to engage in any activity provided it does not hurt others or offends the values of our community/society.
Agree with all that. Productivity commission has made it clear it doesn't believe poker lends itself to problem gambling. I'll have a pub poker article up next week. Cheers
Hi Matt
Would you be able to contact me by sending me a PM at the Bigfooty (http://www.bigfooty.com) or PuntingAce forums (http://www.puntingace.com.au).
My username is: asanque
I'd like to talk to you further about the feasibility of a class action against the ACT Gambling Commission.
Alternatively, please respond to this message and let me know the best way to contact you.
Unfortunately, I don't have a twitter account.
Just another affected Sportsalive customer who is gauging interest in a potential class action.
Me too Fisky, if you do go ahead with a Class Action (obviously we will wait and see 1st if that is required) then make sure you find us or let us know how to find you. I have $1000.00 balance but 50K in pending bets. Does anyone know how it all works?
It would be an extreme long shot, and I'd think we'd need to have at least 500k worth of punter losses to make it worthwhile to a law firm.
I have been contacted regarding about 90k so far (including Fisky's 22k).
If I include you, its approximately 140k so far.
Edit: Up to 165k now
Second Edit: Up to 195k now
Third Edit: Back to $165.3k (double up)
Fourth Edit: $167k
Fifth Edit: $169.5k
Sixth Edit: Haven't checked for double ups, but potentially $394.5k
Seventh Edit: $414.5k
Eighth Edit: $444k
Ninth Edit: >$500k . I haven't checked for double ups though but we are a reasonable degree over.
Will wait for Matt to contact me now.
I am interested in joining the class action, I had a balance of 7.2K
As a quick update:
I have serious concerns about the independence of the liquidator notwithstanding the circular to creditors.
There are 4 key concerns:
1. Liquidator consulted prior to winding up by the only director
2. Calling all punters unsecured creditors (no mention of segregated accounts)
3. No mention of insolvent trading/fraud
4. Calling all pending bets refunds as opposed to waiting for final payout (unlike Betting West).
Whilst the issue of the class action is still pending, I'll likely be asking those interested to provide proxy votes for the upcoming creditor's meeting.
If the liquidator can't provide answers to the questions above, I'd be moving a resolution to appoint another liquidator.
I'm interested in learning more about a class action as a potential option.
Bent Cougle also posted a notice of a creditors meeting on their website today – it's for 10.30am Tuesday 13 September at the Seasons Botanic 348 St Kilda Rd.
I was (up until the 26th August) a white label partner of Sports Alive, and while certainly not their largest creditor, I represent a reasonably significant value of customer accounts.
I you or Matt Fisk would like to contact me you can do so via the PuntClub.com website.
Cheers.
Jason
Well said Matt. The Canberra Times ran with the story today but your piece highlights the pressure this unmitigated beaureaucratic failure places on the integrity of the entire industry , irrespective of the company's complicity. The ACT Government has progressively driven out other betting operators through over-regulation, yet obviously failed to follow their own guidlines, instead pandering to the ACTAB's anachronistic stance in relation to tote price betting. While this has been addressed recently this latest instance will continue to drive new operators to the Northern Territory, along with the benefits to NT coffers.
Very insightful….what has been going on???????
a massive knife in the integrity of Australian bookmaking licences, once so highly valued around the world, now they will all be seen as worthless like any in the Caribbean or Malta. Other states & the NT should be heaping the pressure on the GRC because every one of them will cop flak from this – maybe not today, maybe not tomorrow, but eroding punter confidence is very toxic long-term.
excellent piece Fisky
Good one Fisky. Has the Canberra Times taken this up? If not, sounds like there's a good story in it. At minimum the audit should be made available – I assume the GRC is covered under the freedom of information act?
Someone needs to explain the concept of integrity to this Greg Jones clown.
Spot on Fisky.
If it werent for forums like this, I'd still be unaware that my hard won coin had departed to South America