Disgruntled punters have flooded the Ombudsman with complaints about the government regulator's dealings with the ACT-registered Sports Alive, which was placed into liquidation on August 25, stripping $3.7million from the pockets of thousands of Australians.

An informal group of more than 100 punters plans to inundate the Ombudsman's office with even more complaints in coming weeks.

A spokesman for the group, Dennis Tuan-Mu, said the commission had failed to properly regulate Sports Alive and likened the saga to a Ponzi scheme.

''Our group is simply looking for justice and accountability,'' he said.

''We are disappointed by the commission's inability to discover clear breaches of basic bookmaker requirements by Sports Alive since its inception. This incident has affected people across Australia and worldwide and shattered the confidence of punters in the security of funds held by any bookmaker based in the ACT.''

He said punters had lost millions of dollars because the commission failed to ensure Sports Alive maintained segregated bank accounts of betting monies, which is required by legislation.

Despite monthly audits by the regulator, financial documents show Sports Alive was sinking into insolvency for almost three years before its eventual collapse.

Gambling and Racing Commission chief executive Greg Jones said he would ''fully cooperate'' with any investigation.

''The matters we are dealing with are very complex, both legally and financially ... we are working with liquidators in terms of patron funds and investors.''

ACT Ombudsman Allan Asher would not confirm whether an investigation would be launched.

''We are aware of the matter and inquiries have been made of the ACT Gambling and Racing Commission, to enable the Ombudsman to give further consideration to the issues,'' he said.

''Members of the public are welcome to lodge complaints with the ACT Ombudsman on this or any matter related to ACT Government agencies, and appropriate consideration will be given to the substance of those complaints.''

However a number of punters who have contacted the Ombudsman have already been told their complaints will not be investigated.

One Canberra punter, who stands to lose $57,000, was advised by the Ombudsman's office to transfer his account to a new bookmaker. He was told the gambling regulator was ''addressing the issue'' and may make a statement in the next few weeks. ''As your matter relates to the recovery of funds from a liquidated company, I would recommend that you seek independent legal advice as soon as practicable,'' the letter said.

''The Ombudsman is unlikely to be in a position to provide you with a meaningful or viable remedy.''

Liquidators Bent & Cougle are preparing a report for the Australian Securities and Investments Commission. However, the report will focus on the directors of Sports Alive, rather than the ACT Gambling and Racing Commission.

Sports Alive chief executive Stephen Chant did not return calls.