First Sports Alive went into liquidation, now Readbet.com.au will closing up shop on October 15th. Members have until that time to request withdrawals. At least this time the closing down will only serve as an inconvenience rather than a potential loss of money to punters.
Readbet is licensed in Victoria, and has been around since 2006. They have an established race betting service, but only commenced offering sports betting markets in 2011. Readbet had actively been trying to appeal to the Chinese as well as the Australian market. The website is available in English and Chinese, and Asian Handicap markets are available.
The message from the Readbet website is as follows:
Dear Readbet Customers,
Due to new business opportunities presenting themselves, I have made the decision to cease trading my online business www.Readbet.com.au. I will still continue my on-track business and look forward to seeing you during the Spring Carnival.
Please note that we will continue trading over the weekend with Monday the 3rd of October 2011 being our final day of trading. Following this date, the website will be available until the 15th of October 2011 for you to request a withdrawal of your funds, pending having met appropriate verification requirements.
Please note that from the 16th of October 2011, unclaimed funds will be held in trust until verification requirements are met and withdrawals requested.
I would like to thank you for your loyalty and support. It has been an exciting and fulfilling journey; however I look forward to my new venture with great enthusiasm.
Kind regards,
Kathryn Read
i think my account is busted empty gone broke thanks bye.
To reiterate, the official line from Readbet is:
The website will be available until the 15th of October 2011 for you to request a withdrawal of your balance, pending having met appropriate verification requirements.
Please note that from the 16th of October 2011, unclaimed balances will be held in trust until verification requirements are met and withdrawals requested.
I have just been going through my files and it appears that I still have funds in an account with Readbet.It would be appreciated if you could advise how I can recover those funds.
Thanks,
Geoff Boyce
Hi Geoff, given that Readbet were licensed in Victoria I would contact the Victoria Gambling Commission to ask for advice (http://www.vcglr.vic.gov.au/utility/connect+with+vcglr/contact+us/). They may have contact details on file for Readbet because at the time they closed down their online service they stated their intention to continue operating their on-track business. Their statement reads “Please note that from the 16th of October 2011, unclaimed funds will be held in trust until verification requirements are met and withdrawals requested.” Hopefully you will be able to obtain the details regarding this trust from the Victoria Gambling Commission.