An injury time penalty cost Livi all 3 points, compounded by defender Cammy MacDonald being stretchered off in an action-packed season opener.
The day started off very brightly for the home side, as no sooner had the newly unfurled Championship flag started fluttering in the breeze than Kyle Jacobs headed Livingston into a first minute lead.
Striker Iain Russell then doubled the advantage on 21 minutes with a long range effort from the wing which fooled Robertson in the Alloa goal.
However the Wasps were buzzing after the interval, and Livi were soon stung twice in the space of four minutes as goals from Darren Smith and Bryan Prunty brought them level.
It was real end-to-end stuff by this point, and Livi were once more given the lead when Declan McAvoy headed into his own net under pressure from Russell.
But disaster was to strike for the Lions when MacDonald was penalised for downing David Gormley in the box right on full time. And after a lengthy delay for the defender's injury Andy Scott converted the spot kick to tie the scores.
Skipper Liam Fox thought he'd won the game at the death for Livi when his effort was hoofed away from between the posts by McAvoy, having apparently already crossed the line. However the officials decided otherwise.
Livingston: Bullock, C.Barr, O'Byrne, MacDonald (Conway 89), Talbot, Fox, Ky.Jacobs, Kn.Jacobs (Sinclair 71), B.Barr, Russell (De Vita 76), Winters.
Subs Not Used: McDowall, McNulty
Alloa Athletic: Robertson, McClune, Gibson, Walker, McAvoy, Grant (Gormley 78), Brown, McDonald (Lister 46), Smith, Prunty, Noble (Scott 46)
Subs Not Used: Ewings, Hay
Ref: F McDermott