A West Australian-based online wagering platform has collapsed, leaving unpaid customers to deal with the state’s gambling regulator to retrieve unpaid funds.
BudgetBet, a corporate bookmaker launched in 2022, has been offline since November following industry speculation it was in financial trouble.
Operated by Kevin Wear, a member of a well-known Perth bookmaking family, BudgetBet was promoted as an “inverted sports betting exchange” that promised better returns to punters.
Wear handed in his bookmaker’s licence in December, prompting two WA government agencies to handle claims on behalf of the platform’s clients who have been left out of pocket.
The Department of Local Government, Sport and Cultural Industries (DLGSC) is working in tandem with the Gaming and Wagering Commission of Western Australia (GWC) to resolve the issue since BudgetBet’s demise.
They have appealed to BudgetBet clients who are owed money to come forward and register a claim.
“BudgetBet’s operator Mr Kevin John Wear proactively took the platform offline on 13 November 2024 following cash flow difficulties and surrendered his bookmaker’s licence on 16 December 2024,” a DLGSC statement said.
“A security bond is being held against the licence.
“The Racing Gaming and Liquor Division of the DLGSC will process the claims on behalf of the GWC as part of the process to discharge the bond associated with Mr Wear’s bookmaker’s licence.”
According to marketing material associated with the now defunct BudgetBet platform, members could request their own prices on sporting events and generate a counteroffer on the other outcome without paying fees or commission.
This method of wagering was designed to create the best prices available across Australia’s suite of corporate operators.
Bren O’Brien
The BudgetBet platform was a target for online complaints before it was officially closed for trading.
Its app was allegedly “under maintenance” from September with one customer claiming they were unable to log in as follow-up emails went unanswered.
