Noel Hunt and Jem Karacan had given the visitors a 2 goal lead inside 24 mins but Blackpool came back to level through Keith Soutern and DJ Campbell.
The draw leaves Reading in 5th place, 7 points off 2nd place with a game in hand.
With eading only having 4 games left to play it's looking like the lottery of the play offs.
Next up Barnsley visit the Madejski on Saturday.
