Betr boss hits back at claims punters were ripped off in Melbourne Cup 100-1 odds promotional stunt

The owner of Australia’s newest and most controversial betting platform, Betr, has denied allegations that it has shut down gamblers’ accounts to prevent them from cashing out their winnings.

Betr boss Matt Tripp debunked ‘junk’ rumors that his company was avoiding millions of dollars in payouts on his controversial offer of 100/1 odds on every horse in this year’s Melbourne Cup.

“I’ve read a few things that we’ve deactivated accounts and all this nonsense,” he said Sydney Morning Herald.

“There were a lot of duplicate accounts trying to open multiple accounts, which was not in the spirit of the way things should be handled. That was a tiny fraction of the 300,000 people who joined us. Less than one percent.’

Betr agency founder Matthew Tripp (pictured with his family) has hit back at claims that the agency has shut down gamblers’ accounts to prevent their winnings from being paid out after launching a controversial offer on all horses in the country. Melbourne Cup this year

Betr caught the attention of Australian gamblers earlier this week by offering insane 100-1 odds on all horses for the Melbourne Cup, even the popular Deauville Legend.

The agency is now facing possible fines from the gambling regulator and the wrath of outraged gamblers who claim their accounts were deactivated so they couldn’t collect their winnings.

Gold Trip’s stormy win on Tuesday meant the NewsCorp-backed company dodged a disastrous $50 million payout.

Tripp has now revealed how he and other Betr executives coped with the stress of an impending financial disaster on Melbourne Cup day.

Tripp and his executives felt intense pressure as Melbourne Cup favorite Deauville Legend (pictured) looked in excellent shape and threatened to win the race – which would have turned their 100-to-1 promotion into a financial disaster

When Gold Trip stormed home to win in Flemington, Tripp said the Betr office was so happy it was ‘like a nightclub’

They had gathered in his office to watch the horses in the parade, hoping that favorite Deauville Legend would not win and turn the 100-1 odds promo into catastrophe – but they were concerned when experts said the horse looked in excellent shape.

“I thought the same thing,” Tripp admitted. “A few people also called me off the track and said it presented well. I thought, “S**t, that’s all I need.”‘

Deauville Legend looked to be a threat to win the race as it chased the leaders with 450 yards to go, and Tripp — who said the most he could have lost on horseback before was $2 million to $3 million — felt even more pressure.

“When the horse showed up, I thought, ‘Here we go. This isn’t a good way to start a business. They’ll all come get me tonight,’ he recalls.

However, the favorite finished fourth – and Tripp said the Betr office was “like a nightclub” after the race.

He later praised the launch as a masterstroke, saying ‘it’s literally the talk of every pub and bar in the country’ after 300,000 gamblers signed up in just two weeks.

Desperate to take market share from rivals TAB and Sportsbet, Betr took a huge risk by offering 100-1 odds on each horse – which would have failed spectacularly if Deauville Legend had won the biggest race in the country

Mr Tripp celebrated at his luxury restaurant Coda (pictured) after the Melbourne Cup with close friend and business partner Todd Buckingham, co-owner of the winning horse Gold Trip

Mr Tripp celebrated after the race with his close friend Todd Buckingham, co-owner of Gold Trip and chief executive of Betmakers, which provides the betting technology for Betr.

They ate and partied at the chic Melbourne restaurant Coda, which Mr Tripp owns, along with the equally priced Tonka.