- An online betting agency made an incredible offer to punters
- Penrith’s big final victory guarantees massive gains
- Betr says payment could take almost a week
Sports betting agency Betr is being forced to pay its customers tens of millions of dollars after Penrith won the NRL grand final on Sunday night.
Backed by News Corp, Betr last year offered punters odds of 100-1 for Ivan Cleary’s men to triumph in a third successive decider, with bets capped at $10.
Plenty of keen punters have jumped on the juicy chances of the Panthers emulating Parramatta’s premiership trio of 1981-83 – and it is now estimated the payout could cost the company dearly. up to $40 million.
Last month, Betr moved to limit payouts on a Penrith win with another offer to its customers.
“EXCLUSIVE on your account, guarantee a win over the Panthers,” read a text message sent in August to a punter who had placed money on the minor premiers.
Nathan Cleary is all smiles after leading the Panthers to one of the greatest final victories of all time – but the victory came at a cost to bookmaker Betr
Betr were offering odds of 100-1 for Ivan Cleary’s men to triumph in a third successive decider, with many keen punters jumping at the chance (pictured, the Panthers stars celebrate their victory against Brisbane)
“You can cash out your Panthers bet on the NRL Premiership 2023 futures market for $500 in CASH and (get) your original stake refunded. Cashed-out funds must be returned in full before you can withdraw.
And now, Daily Mail Australia can reveal the troubled betting company aims to pay out successful bets by October 6 – almost a week after the NRL’s decision.
“As you have probably heard, our 100-1 markets have been a huge hit with punters,” another post read.
“It has been such a success that processing and settling all the bets on these markets is going to take some time.
“We will do everything possible to have winnings in your account as quickly as possible, but no later than 5 p.m. on Friday October 6.”
Betr boss Matt Tripp insists Panthers’ third consecutive premiership is actually a good thing for the business (pictured, Penrith stars celebrate after grand final)
While the financial hit appears to be a disaster for the agency, Betr boss Matt Tripp insists that is not the case.
“The world thinks (a Penrith win) is a shocking result for us and it’s great, it gets them talking in the pubs,” he told the Australian Financial Review.
“If the Panthers win, nothing would make us happier. We would have tens of millions of dollars pumped back into the Betr ecosystem for punters over the next six weeks, which is the most exciting time of the year, being spring carnival.
This development also comes after Betr was fined $210,000 in April by Liquor & Gaming NSW.
Betr message to punters offering cashout options as they face big payout if Penrith win a third consecutive Grand Final
It followed an investigation into adverts in Australian News Corp tabloids offering odds of 100-1 for bets of up to $10 on all horses competing in last year’s Melbourne Cup.
Liquor and Gaming NSW executive director Jane Lin said the $210,000 fine was appropriate given the “significant breaches of the law” committed by Betr.
“This company has tried to attract new customer base and establish significant market share with promotions that we consider to be over the top, using incentives that could harm the community,” Lin said. The Guardian.
“In many cases, such promotions can only be legally offered to betting account holders who, unlike the general public, have made a conscious decision to open an account and receive this information.”
After the fine was imposed, a Betr spokesperson said the company had operated in accordance with advertising laws, but had accepted the hefty fine to resolve the matter “amicably” .
The betting company launched in 2022 as a joint venture between News Corp, Las Vegas-based investment firm Tekkorp Capital and ASX-listed BetMakers Technology Group.
