Betr, an Australian betting operator backed by News Corp, is in the process of paying out a record $25.54 million (AUD40 million) in bets after Penrith’s win in the National Rugby League (NRL) final on Sunday. The company had earlier offered 100-1 odds on Penrith’s victory, prompting tens of thousands of punters to place bets capped at $6.38 (AUD10).
Following Penrith’s victory, who were favorites to take out their third NRL premiership in a row, Betr believes it’s making history by facilitating the largest payout ever seen in Australian sports betting, as per The Guardian.
This move comes on the heels of Betr’s prior controversy earlier this year when it extended a similar 100-1 odds promotion for the Melbourne Cup. This initiative sparked regulatory intervention and resulted in a substantial $134,070 (AUD210,000) fine for the bookmaker.
The fine was for advertising its 100-1 odds promotion on every horse in the Melbourne Cup on affiliated newspapers, radio, and television stations at its launch last year. The promotion also covered other events, including NRL, AFL, and Cox Plate. The company promptly halted its advertising campaign after concerns were raised by the New South Wales regulator.
Despite the sizable payout triggered by Penrith’s win, Betr’s founder, Matt Tripp, asserts that the bookie anticipates overall profitability from its broad launch campaign, which had offered inflated odds across various sports.
Tripp stated: “The important thing to note, with that launch campaign, we had always anticipated it would cost us somewhere between $31.92 million (AUD50 million) and $51 million (AUD80 million), depending on how the results fell. But from the 320,000 customers we have acquired through running that campaign, the gross profit we have generated from those customers alone is $143.65 million (AUD225 million).”
Tripp further emphasized that the goal of such promotions was not just to pay out large sums but to attract and retain customers who would go on to place bets on other events, particularly racing.
Betr’s journey has been fraught with challenges, especially considering News Corp, which owns slightly over 40% of the company, has already reported losses related to Betr totaling $45.97 million (AUD72 million). Questions loom about News Corp’s future involvement with Betr, particularly given these substantial losses.
Original article: https://www.yogonet.com/international/noticias/2023/10/02/69015-betr-to-make-australia-39s-largest-sports-betting-payout-ever-after-nrl-39s-final
