Jake Howard
Jake Howard, the founder of Combet, has confirmed the bookie's closure (Photo: Michael Cox)

Combet, the auction-based bookmaker which attempted to shake up the Australian betting model, has closed after 18 months, with account holders set to be returned their money.

Jake Howard, the driving force and public face behind Combet, has confirmed to The Straight that the platform has been shut down and will no longer operate. The winding up process includes returning money to account holders.

Combet launched at the start of the 2022 spring carnival with an auction-based computerised ledger system, which involved a hybrid model of fixed odds and tote betting, operating only on Saturday racing.

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