Online Australian sports wagering operator, Betr, is seeking an extension for the payout process involving tens of millions of dollars owed to its bettors as a result of a 100-1 promotional offer. This groundbreaking promotion was part of Betr’s initial launch offer last September. As the operator grapples with the potential for the largest payout in the history of Australian sports betting, it has requested more time to fulfill its payout obligations. Betr, a joint venture between entrepreneur Matt Tripp, Tekkorp, and News Corp, has refrained from public comment on the matter.
The 100-1 Promotion:
Betr’s promotional offer, which included a 100-1 odds boost, provided new customers with the opportunity to wager on major sporting events such as the Melbourne Cup, NBA Basketball, FIFA World Cup, AFL premiership, and NRL. This promotion generated significant interest and participation.
Payout Reaches AU$40m:
The payout associated with the promotion, particularly based on the Penrith Panthers’ wins, has now exceeded AU$40 million. In addition, it is reported that two Betr customers correctly predicted four out of the five sporting event outcomes, turning a $40 bet into $4,040 in winnings.
Extension Request and Deadline:
Betr, facing the challenge of processing and settling a substantial number of winning and losing bets, has formally requested an extension to meet its payout obligations. The company informed the winners that the payout process would take longer than usual due to the unprecedented demand. The current deadline for completing the payouts is set for October 6.
Impact on News Corp:
News Corp, one of Betr’s stakeholders, has recorded losses related to its investment in the online bookmaker. In a recent annual financial report, News Corp disclosed that its losses linked to Betr amounted to $72 million. This significant financial impact has led to changes in the composition of the Betr Board, with senior executives Mark Reinke and Peter Blunden stepping down from their roles in March.
Betr’s request for an extension to manage the record payout resulting from its 100-1 promotion highlights the significant interest and participation this promotional offer garnered. As the operator navigates this payout challenge, it underscores the complexities and potential financial consequences associated with such promotions in the sports betting industry. The outcome of this payout process will be closely monitored by industry observers and bettors alike.