This article has been superseded by a more recent review. View the most recent review of Readbet.
The following is a review of the betting agency Readbet. I will update this review periodically to keep the details up to date. The Betting Agencies section provides information and reviews for other sports betting services.
Readbet is licensed in Victoria, and has been around since 2006. I’ve held back from writing a review until now because they’ve only just launched sports betting in addition to their established race betting service. The Readbet website is available in English and Chinese.
Readbet is entering the sports betting industry with the intention of gaining a reputation as a low margin sportsbook. To help lure sports enthusiasts to their service, Readbet is offering 100% line betting markets on the AFL, NRL and Super Rugby. This means 2.00 odds for line bets instead of the typical 1.90 odds. This creates a margin-free market where you have a 50% chance of doubling your money. If you know your sport you should be able to squeeze out a profit, as punters who pick and choose bets at random are expected to break even. On top of this, Readbet is offering the following margin highlights:
– English Premier League: 105% 1×2 markets
– NFL: 103.36% point spread market, 1.93/1.93 (-107 juice)
– NBA: 103.36% point spread market, 1.93/1.93 (-107 juice)
- New member offers – none that I’m aware of, although all members get 2.00 line odds for the AFL, NRL and Super Rugby. Sign up bonuses may be on the cards, because in the terms and conditions there is the statement: “Only players that reside in the following countries shall be eligible for sign-up bonuses: Australia, New Zealand”
- Deposit options – Credit card, bank transfer
- Withdrawal options – Bank transfer
- Transaction fees – none for Australian users, providing funds are turned over at least once
- Currencies supported – AUD, USD, CAD, GBP, EUR, RMB, TWD, INR, MYR
- Minimum bet – $1
- Turnover requirements – 1x for regular deposits, 2x for bonus funds
- Betting Markets / Options – a small selection of sports is currently available, although this selection is increasing almost by the day. At the time of review the following sports were available: Soccer, American Football, Australian Rules, Baseball, Basketball, Boxing, Cricket, Cycling, Darts, Golf, Ice Hockey, Motor Racing, Rugby League, Rugby Union, Snooker and Tennis. This should meet the needs of most casual punters.
- Live betting – Live odds are available on selected events, but I’m unsure whether bets can be made in-play online.
- Credit facilities – credit facilities are available upon request
- Restricted countries – the United States and perhaps others. Check the sign up page to see if your country is listed.
- Low margins (good odds)
- High betting limits. “Our Internet limits are amongst the largest available online, larger amounts are available via the Telephone.“
- Numerous betting odds promotions
- Low turnover requirements
- Good help section, and a Live Help feature on the website
- Simple, intuitive website interface
- No sign-up bonuses at the time of review
- Not an extensive sports betting line-up, although it is growing
- An “Account Management fee” of £2.00 / €3.00 / $5.00 per month is debited from accounts that have been inactive for 6 months or more.
- Bottom line – it’s hard to say an awful lot about Readbet, given how new they are to sports betting. What I can say is the website layout is simple and intuitive, which makes the service appropriate for beginners. Experienced punters will be attracted to the generous 2.00 lines. This feature alone makes the service worth using, because not even Pinnacle Sports comes close to this value. I think it’s a cunning move for Readbet. While they are an established brand in race betting, they’re new to the sportsbook scene, and need something to differentiate themselves from the more established sports betting agencies. Low margins will always attract attention, and no large Australian bookmaker dominates the low margin space. Time will tell whether Readbet will be able to make inroads and establish themselves as a major player in the Australian sportsbook scene. In any event, I recommend you take a look at them.
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