- Online gambling agency made an incredible offer to gamblers
- Penrith’s big final win sets up a huge payout
- Betr says payment can take almost a week
Sports betting company Betr is on the hook for paying 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.
Many eager punters jumped on the juicy odds of the Panthers replicating Parramatta’s 1981-83 premiership three-peat – and it’s now estimated the payout could cost the company big bucks as much as $40 million.
Last month, Betr attempted to limit payouts for a Penrith win with a new offer to its customers.
“EXCLUSIVE to your account, secure a win over the Panthers,” read a text message sent in August to a gambler who had placed money on the minor premiers.
Nathan Cleary is all smiles after leading the Panthers to one of the biggest ever grand final wins, but the victory has come at a big cost for bookmaker Betr.
Betr offered 100-1 odds for Ivan Cleary’s men to triumph in a third successive decider, with many eager punters taking their 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 your original stake will be refunded. The money paid out must be transferred in full before you can withdraw it.’
And now Daily Mail Australia can reveal the embattled betting company is aiming to pay out successful bets by 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 processing and settling all bets on these markets will take some time.
‘We will do everything we can to have the winnings in your account as quickly as possible, but no later than Friday, October 6 at 5:00 PM.’
Betr boss Matt Tripp insists the Panthers’ third successive premiership is actually a good thing for the company (Pictured: Penrith stars celebrate after grand final)
While the financial hit may seem like a disaster for the agency, Betr boss Matt Tripp insists this is not the case.
“The world out there thinks (a Penrith win) is a shock result for us and that’s great, it gets them talking in the pubs,” he told the Australian Financial Statement.
“If the Panthers win, nothing would make us happier. We would be injecting tens of millions of dollars back into the Betr ecosystem for gamblers over the next six weeks, which is the most exciting time of the year, Spring Carnival.”
The development also comes after Betr was fined $210,000 by Liquor & Gaming NSW in April.
Betr’s message to bettors offering cashout options as they face a big payout if Penrith win a third consecutive grand final
It followed an investigation into advertisements in News Corp’s Australian tabloid publications offering 100-1 odds on bets of up to $10 on horses racing 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” by Betr.
“This company attempted to attract a new customer base and capture significant market share with promotions that we believe crossed the line, using incentives that could harm the community,” Lin said. The guard.
‘In many cases, such promotions can only be legally offered to betting account holders who, unlike the general public, have consciously chosen to open an account and receive this information.’
After the fine was imposed, a Betr spokesperson said the company had acted in accordance with advertising laws, but had accepted the heavy fine to resolve the matter ‘amicably’.
The gambling 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.