Bookmaker asks for more time to process largest gambling payout ever
Online bookmaker Betr has begun the slow process of paying tens of millions of dollars to its customers after the young start-up’s 100-1 promotion caused the largest payout in sports gambling history.
Tens of thousands of Australians flooded the new company’s app nearly a year ago, placing lucrative $10 bets on the Penrith Panthers at the promotional 100-1 odds. On Sunday night, the Panthers stunned the Brisbane Broncos 26-24 to win their third consecutive premiership title.
Betr launched the promotional deal in September last year, which gave all new customers the chance to bet on the outcome of five events, including the Melbourne Cup, NBA basketball, FIFA World Cup and the 2023 AFL and NRL premierships.
Nathan Cleary and Panthers teammates celebrate after scoring the match-winning try. Getty
More than 300,000 Australians flooded into the markets, placing the maximum $10 bets, often on the short-priced favourite in each event.
After the Panthers’ victory on Sunday night, it is believed two of the bookmaker’s customers won four of the five outcomes, which included Gold Trip in the Melbourne Cup, Argentina in the soccer World Cup, Denver in the NBA, and Collingwood and Penrith in the AFL and NRL. Those two people turned $40 into $4040.
Betr decline to comment, but sent messages to winners saying the payout was “such a huge hit that to process and settle all the winning and losing bets on these markets will take longer than usual”. It set 5pm on Friday, October 6, as its deadline for payouts.
Entrepreneur Matt Tripp, who leads the start-up, previously said he was “ambivalent” to the AFL and NRL results as it had reduced its exposure.
Entrepreneur Matt Tripp.
Bookmakers who have a large exposure to a particular outcome
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