Sports Alive Investigated by Fraud Detectives
Players and affiliates alike know how important it is to get involved with only the best, most reputable online gambling services. One false move could lead to lost money, as well as a lot of wasted time and resources. By reviewing our list of the Top 10 WORST Gambling Affiliate Programs, you will quickly find that many services are not up to par.
Joining the ever-growing list of rogue services is Sports Alive. The company is being investigated by fraud detectives, as it appears that they have ignored a few major laws and regulations.
The FRAUD squad is currently investigating the collapse of Sports Alive. Upon going bankrupt in August, more than 13,000 bettors lost approximately $13 million.
ACT Gambling and Racing Commission have requested that the Victoria Police continue to investigate in an attempt to determine if fraud was involved with the company’s collapse. There is a good chance that things are going to get more serious in the near future, with the possibility of the Victoria Police handing investigations over to the Australian Securities and Investments Commission.
In addition to money owed to bettors and creditors, Sports Alive owes employees approximately $950,000.
Audit reports from as far back as 2008 show that the company had been trading while insolvent. Along with this, it is believed that the company neglected to keep a separate bank account for betting money, which is required by the ACT bookmaking act.
Time and time again, the online gambling industry is hit with stories such as this one. Unfortunately for the Australian industry, this could not have come at a worse time. Many are concerned with the regulation of local online gambling businesses, most of which in Melbourne are licensed interstate.
The moral of this news piece is simple: if you are going to bet online or act as a gambling affiliate, it is essential that that you are 100 percent confident in the services you are doing business with.
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