Betting company Sportsbet has blamed remote-working staff for the release of a betting market which was shut down after intervention from the country's powerful corporate watchdog.

The Australian Securities and Investments Commission (ASIC) revealed on Thursday it was forced to step in and shut down the market which allowed punters to bet on if the ASX would close higher or lower than its opening price.

SportsBet's ASX betting market has been shut down after intervention from ASIC. Credit:Joe Armao

In a release, ASIC said it intervened as it believed the market, unveiled by the betting company in early April, "constituted a financial product that Sportsbet was not licensed to offer".

Subsequently, Sportsbet seemingly blamed the decision on poor oversight due to its employees working from home, telling ASIC it had encountered challenges in "implementing its control framework in the current environment".