Online betting operator Betr will have to fork out $40 million for odds-on favourites the Penrith Panthers triumphant win over the Brisbane Broncos in the NRL Grand Final on Sunday evening. The bookmaker launched an enticing 100-1 promo on the Panthers being crowned champions upon entering the Australian market a year ago.
40,000 Punters Won $1,000 Each
The offer invited Betr customers to place a $10 bet on five events from the NRL, AFL, NBA, Melbourne Cup, and the FIFA World Cup at odds of 100-1. Penrith winning the Grand Final was one of those five.
More than 40,000 bettors took the sportsbook up on its offer, so Betr is now getting ready for the biggest payout in Australian sports betting history.
To protect itself against huge losses, the bookmaker offered lucrative early cashouts to bettors holding grand final bets. The operator emailed them again on Friday to remind them that the cash-out offers consisting of cash payouts and vouchers were still on.
Betr Boss is “Ambivalent” to NRL Grand Final Outcome
According to Betr boss Matt Tripp, the operator has already prepared contingency plans. Bookmakers regularly hedge their potential losses by betting back on the outcome they want to protect themselves against and it seems like Betr did that a while ago. The practice of betting back involves placing the same bet at other betting operators and then paying out customers using the obtained winnings from that rival bookmaker.
Speaking to AFR Weekend, Tripp said he was “ambivalent” to who will win the NRL Grand Final, claiming that despite people thinking that large payouts would shock bookmakers, that wasn’t the case, as they always reduced their exposure. However, the Betr boss was more than happy that news like this gave people something to talk about in pubs, on the street and the racetracks.
Tripp looked at Penrith winning the Grand Final from a different perspective, saying they would be delighted if the Panthers win, as that would mean a million-dollar injection “back into the Betr ecosystem” and would allow bettors to have the extra funds to place bets for the next month and a half. Tripp said the next six weeks were “the most exciting time of the year” for Australian punters, with the Spring Carnival just around the corner and what is expected to be one of the biggest Melbourne Cups in recent history.