Aussie-facing online sportsbook Betr is to award a record $40 million in payouts after pro-rugby team Penrith Panthers pulled off a 26-24 win against the Brisbane Broncos last Sunday to earn their third successive premiership title in the National Rugby League. The News Corp-backed sportsbook launched a promotional offer last fall in September, providing newly registered customers with the opportunity to place wagers on the outcomes of five events. These included the 2023 NRL and AFL grand finals, the Melbourne Cup, the FIFA World Cup, and NBA games.
The sportsbook quoted odds of 100 to 1 for the Penrith Panthers and Collingwood, favourites to win the NRL and AFL grand finals, respectively, capping the maximum amount allowed at $10 per wager. North of 300,000 Aussie punters took advantage of the promotional deal, with the majority backing short-priced favourites like the Penrith Panthers. Many managed to turn double-digit wagers into four-digit payouts, costing the sportsbook millions.
The betting firm described the $40 million in payouts as the biggest in the country’s history and informed the winners via email that the process of settling out the winning and losing wagers will take more time than usual. According to the emails, winning punters will receive their payouts no later than 5 pm on October the 6th. There is no clarity regarding the amount Betr must pay in winnings to customers who backed Collingwood to prevail in the AFL grand final but it is understood that it is considerably smaller than the Penrith Panthers payout.
Betr Anticipated 100-to-1 Odds Campaign to Cost between $50 Million and $80 Million
Despite the record payout, the bookmaking company still anticipates to generate profits from the promotional campaign, according to its founder Matt Tripp. Mr Tripp, a seasoned bookmaker himself, told local media he and his colleagues had expected the above-mentioned promotional offer would cost the firm between $50 million and $80 million based on how the outcomes of the five games would turn out. Betr has won over more than 320,000 clients through this incentive and has earned $225 million in gross profits from their action alone, according to Tripp.
The Betr founder explained the primary reason behind launching the incentive was to attract new customers who would then continue to punt on other events, including horse races. Tripp stressed Betr did not mind paying millions of dollars on the NRL premiership because many customers would then have the chance to reinvest their money into the sportsbook once the Spring Racing Carnival commences in October.
The News Corp-backed betting brand sparked controversy after the 100-to-1 odds it advertised on the Melbourne Cup triggered regulatory intervention in New South Wales. Liquor and Gaming NSW announced its intention to launch an investigation against the bookie last October, citing violations of the state’s gambling legislation as the motivation behind this decision. The watchdog had reasons to believe the sportsbook had broken the rules by offering forbidden enticements to its clients.
The betting firm was subsequently sanctioned in April with a $210,000 fine for promoting its 100-to-1 odds across various newspapers, television and radio stations. The company decided to pay the fine to prevent dealing with lengthy and potentially costlier court proceedings. A spokesperson for Betr commented at the time the company firmly believed it had not breached any regulatory guidelines. Its decision not to challenge the monetary sanctions was entirely driven by Betr’s desire to settle the matter in an amicable manner.
- Author
Daniel Williams
