- Online betting agency made incredible offer to punters
- Penrith’s grand final victory ensures massive payout
- Betr says paying up could take almost a week
Sports betting agency Betr is on the hook 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 100-1 odds for Ivan Cleary’s men to triumph in a third successive decider, with bets capped at $10.
Plenty of eager punters leapt at the juicy odds on the Panthers emulating Parramatta’s premiership three-peat from 1981-1983 – and it’s now estimated the payout could cost the firm as much as $40million.
Last month, Betr scrambled to limit payouts on a Penrith win with another offer to its clients.
‘EXCLUSIVE to your account, lock in a win on the Panthers,’ read a text message sent in August to one punter who had placed money on the minor premiers.
Nathan Cleary is all smiles after leading the Panthers to one of the greatest grand final wins ever – but the victory has come at a big cost to bookmaker Betr
Betr offered 100-1 odds for Ivan Cleary’s men to triumph in a third successive decider, with plenty of eager punters jumping at the chance (pictured, Panthers stars celebrate their win over Brisbane)
‘You can cash out your bet on the Panthers in the 2023 NRL Premiership Futures Market for $500 in CASH and [have] your original stake refunded. Cashed out funds must be turned over in full before you are able to withdraw.’
And now Daily Mail Australia can reveal the embattled betting company is aiming to pay out successful bets by no later than October 6 – almost a week after the NRL decider.
‘As you would have heard, our 100-1 markets were a huge hit with punters,’ another message read.
‘Such a hit that to process and settle all the bets on these markets is going to take a bit of time.
‘We will do all we can to have any winnings in your account as soon as possible, but by no later than 5pm, Friday October 6.’
Betr boss Matt Tripp insists the Panthers’ third straight premiership is actually a good thing for the company (pictured, Penrith stars celebrate after the grand final)
While the financial hit seems like a disaster for the agency, Betr boss Matt Tripp insists that’s not the case.
‘The world out there thinks [a Penrith win] is a shocking result for us and that’s great, that 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 injected back into the Betr ecosystem for punters for the next six weeks, which is the most exciting time of the year, being spring carnival.’
The development also comes after Betr were issued a penalty notice of $210,000 in April by Liquor & Gaming NSW.
Betr’s message to punters offering a cash out options as they face a hefty payout if Penrith win a third consecutive Grand Final
It followed an investigation into advertisements that ran in News Corp’s Australian tabloid publications offering 100-1 odds for bets up to $10 on any horses racing in last year’s Melbourne Cup.
Jane Lin, Liquor and Gaming NSW’s executive director, Jane Lin, said the $210,000 fine was appropriate given ‘significant breaches of the law’ by Betr.
‘This company tried to attract a new customer base and establish a significant market share with promotions that we consider crossed the line, using inducements that had the potential to cause harm to the community,’ Lin told 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 handed down, a Betr spokesperson said the company had operated in accordance with advertising laws, but accepted the hefty penalty notice to resolve the matter ‘amicably’.
The wagering company was launched in 2022 as a joint venture between News Corp, Las Vegas-based investment firm Tekkorp Capital and ASX-listed BetMakers Technology Group.