Broke Bookmaker Dead or Alive

[mal]

Big news circulating around the Corporate Bookmaking world is the collapse of Sports Alive

Edited from a Herald Sun article

MALthouse
Mick MALthouses manager Peter Sidwell, will be one of the biggest losers from the collapse of Sports Alive

INVESTORS WHO HAVE LOST
Sidwell is one of a number of private investors [ lost about $500,00]
Victorian Bookmaker Gary Walsh [ lost more than $500,000]
The Tote Tasmania [ About $5 million for a 25 % share in Sports Alive]
An unnamed punter [about $110,000]
Clients and punters [unknown at this stage, but could amount to hundreds of thousands]

BOND
ACT gaming Commission CEO Greg Jones said there was no guarantee beyond the $250,000 bond amount and nor should there be...
They are a Private Company he said

PROFITS AND LOSSES
Sports Alive's demise will come under intense scrutiny after an insider ALLEGEDLY revealed it had returned a profits of about 4 and 5 million for the past 2 years

Accounts are audited monthly and Bookmakers must have the cash in the Bank to match Credit balances

[overloaded]

Interesting news MAL. Once I read the thread headline I thought they might have found Curly or Thornton in the Torrens

[bayman]

i thought you were talking about the other bookmaker that made the news on friday

[Mr_Willy]

Actually Mal the state which sports alive was governed by doesn't have the monthly audits which is why there is a huge concern for members funds...

[mal]

Members may not have much to look forward to
The Tote Tasmania has done 5 million which is a 25% share of sports Alive
We could assume that Sports Alive has lost a figure of at least 20 million
Sports Alive had a figure mentioned at $250,000 as a Bond
That might mean account holders might be reimbursed about $1.25 per $100 owed ?

[mal]

BET 247
This Bookie figures prominently on the Advertising boards at some AFL games on TV
There are links with BET247 and Sports Alive
Bet247 has also been prohibited from trading the same time Sports Alive was

Bookmaker Tom Waterhouse appears to be taking over Bet 247 Clients
Whether Bet 247 keeps its identity or not is unknown
Tom Waterhouse is the son of Robbie and Gai Waterhouse