The new sports betting group betr may face a probe rolled out by New South Wales’ (NSW) gambling regulator two days after the company started operation. The rumours of the potential investigation followed the operator’s advertising of 100-1 odds for the Melbourne Cup that is set to take place on November 1st.
The adverts were published in local tabloids owned and run by News Corp on October 13th and October 14th, pledging to offer the aforementioned lucrative odds for every runner in the Melbourne Cup with a maximum wager of AU$10.
The state’s gambling regulatory body – Liquor and Gaming NSW – shared that it had been seriously concerned that the new gambling operator’s advertising violated the gambling legislation of New South Wales and could constitute forbidden enticement to customers. The watchdog confirmed its intention to investigate the issue and, if necessary, respond to the alleged breach with the full force of the law. As The Australian Financial Review reported at the time, betr refused to comment on the situation.
For the time being, print advertising that offers enticements to potential customers to lure them into creating new betting accounts is banned under the NSW state laws.
However, as mentioned above, the newest bookmaker in Australia has decided to celebrate its entry into the local sports betting sector by offering a variety of odds for the Melbourne Cup and other racing events in the country until Victoria Derby day. For the time being, the company’s odds offer seems to be a hit with new punters on its newly-unveiled betting platform. Furthermore, betr has also revealed that it would offer AU$21 (max AU$10 bet) about Cox Plate hotpot Anamoe,
WA Officials Announce betr as Preferred Bidder for WA Betting Licence
As Casino Guardian previously reported, betr is a new business venture of Australian gambling businessman Matthew Tripp and the ex-BetEasy executive Andrew Menz, and is owned by News Corp, BetMakers Technology Group, and Tekkorp Capital. The company started operation earlier this week, right ahead of the Caulfield Cup and the Everest Carnival – two of the largest horse racing events of 2022.
The mobile application offered by betr became officially available to local users on October 13th, only a few days after the company was officially announced as the preferred bidder for the wagering licence available in the state of Western Australia (WA).
According to sources with knowledge of the matter, the WA Government had given two weeks to the new sports betting operator to prove it has the financial capabilities required to hold the WA TAB, which has been estimated at about AU$1 billion. The unnamed sources close to the situation also revealed that three major international private equity firms – Blackstone, Apollo Global Management, and Washington H. Soul Pattinson – have offered to finance the new sportsbook’s aspirations for the aforementioned operating permit.
- Author
Olivia Cole
