Betr Payout for NRL Grand Final an Eyewatering Sum
Australian sports betting site Betr will be forced to pay tens of millions to Aussie punters who took advantage of their 100-1 offer for Penrith Panthers to win the NRL Grand Final.
Customers have been told to expect delays in accessing their winnings, which is tipped to be the biggest payout in sports betting history in Australia.
Let’s take a look at how much the payout is, how this happened and the financial implications for online bookmaker Betr.
How Much is the Payout?
After the Panthers secured a win against the Brisbane Broncos in the Sunday night final, Betr will need to pay out a whopping $72 million to punters.
Plenty of people signed up to place a bet on Penrith Panthers, who were firm favourites to win, securing their third trophy in three years.
Perhaps realising the potential payout at stake, the company approached customers last month with another offer. Anyone who had placed a bet was offered (via text message) a chance to cash out on the bet for $500 cash.
How Did This Happen?
Around 320,000 Aussies signed up with the betting brand after announcing 100-1 offers on various sporting markets, including the NRL, AFL, Melbourne Cup and FIFA World Cup. All bets were capped at $10, with most of the money placed on the Penrith Panthers, who were firm favourites to win in the NRL decider.
Payouts in the other markets, such as the AFL Grand Final, which saw Collingwood secure victory over the Brisbane Lions, are expected to be much lower.
When Betr first launched the highly advertised launch campaign (seen in newspapers, radio and TV stations nationwide), it prompted intervention by the New South Wales regulator. They ceased the campaign but were ordered to pay out a fine of $210,000 to prevent a potentially long legal process.
Jane Lin, Liquor and Gaming NSW’s Executive Director, said the fine was appropriate given the bookmaker breached significant laws. She said the company tried to generate a new customer base with promotions that she considered crossed the line. Using inducements that she felt were potentially harmful to the community.
After receiving the fine, a Betr spokesperson said the company had operated in accordance with advertising laws. However, they accepted the penalty notice to help resolve the matter ‘amicably’.
For anyone who placed a bet on the NRL Grand Final, payouts for the promotional offer are expected to be paid out by October 6. Mr Tripp said the delay was caused by a processing issue rather than anything regarding cash flow. The high volume of cash-outs meant the online bookmaker needed to process payouts manually.
What’s in It For Betr?
Although the move may suggest Betr was scrambling, co-owner and founder (and Chairman of Melbourne Storm) Matt Tripp insisted that their marketing ploy did what it intended.
Before the match, he said, ‘If the Panthers win, nothing would make us happier. We would have tens of millions of dollars injected back into the Betr ecosystem for punters for the next six weeks, which is the most exciting time of the year, being spring carnival’, he said.
Mr Tripp said the bookmaker will emerge in front after hedging its bets via early payouts and lay-off wagers.
“We had always anticipated it would cost us somewhere between $50 million and $80 million, depending on how the results fell,” he said. But he said the new customers’ gross profit generated for Betr alone has reached $225 million.
Former Sportsbet and BetEasy owner Matthew Tripp founded Betr. The online betting company launched in 2022 as a venture between News Corp, Vegas-based investment firm Tekkorp Capital and BetMakers Technology Group.
The consortium is known as NTD Pty Ltd and is licenced and regulated by the NTRC. Betr offers Australian residents sports betting services in a wide range of markets.
- The Guardian “Betting agency’s $40m payout for Penrith premiership believed to be largest in Australian history”, https://www.theguardian.com/australia-news/2023/oct/02/nrl-grand-final-2023-betr-payout-40-million-australian-record
- The Daily Mail “Bookmaker faces biggest payout in Australian history after giving punters 100-1 odds on Penrith winning the grand final – but company boss says it’s a GREAT result”, https://www.dailymail.co.uk/sport/nrl/article-12582367/Bookmaker-faces-biggest-payout-Australian-history-giving-punters-100-1-odds-Penrith-winning-grand-final-company-boss-says-GREAT-result.html
- Sydney Morning Herald “Panthers win will cost bookie $72m – but it’ll still be a winner”, https://www.smh.com.au/sport/nrl/panthers-win-will-cost-bookie-72m-but-it-ll-still-be-a-winner-20230930-p5e8rd.html
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