Betr Starts Processing $40 Million Payout

Ben H / 4 October 2023

Matt Tripp-backed online betting operator Betr has started processing and settling bets but has informed players that it will prolong the payout process on its 100-1 Penrith Panthers promo. The bookie set October 6 as the deadline for payouts to be processed and delivered to players’ accounts.

October 6 is the Current Payout Deadline

Betr started the 100-1 promotion to mark its launch last September. In addition to offering odds of 100-1 on the Penrith Panthers winning the NRL Grand Final, the bookmaker gave bettors the chance to place $10 bets on the same odds of 100-1 on four other events, the FIFA World Cup, the AFL, Melbourne Cup, and the NBA.

With reports saying that over 40,000 bettors wagered on the 100-1 Penrith Panthers promo and the Panthers winning on Sunday, Betr had to pay them all out – a $40 million payment, which, understandably, takes some time to process.

Betr hasn’t commented publicly on the matter yet but wrote to users that the payout was “such a huge hit” that it would need a bit more time to settle winning and process losing bets, with the bookmaker setting October 6 as the deadline for the payment to be completed.

Betr Has Hedged Its Bets before the NRL Final

Matt Tripp said last week that he was looking forward to the Panthers winning the NRL Grand Final, as that would mean more money in bettors’ accounts and the Betr ecosystem. Tripp, one of Australia’s leading bookmakers laughed off suggestions that the betting operator would struggle with such a large payout.

Tripp added that he was “ambivalent” as to which team would triumph on Sunday, claiming that they have already hedged their bets, most likely by betting back on the same outcome at rival bookmakers.

Interestingly, reports say that two of Betr’s customers have taken the bookmaker up on all its promotional offers and have won four of them, meaning they will cash in a $4,040 windfall from the $40 they staked back in September.

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Ben H
Ben Harris is the Communications Manager for KRUZEY, an AFL expert, and writer. He has one daughter that he loves dearly and four children's books... [Read full bio]

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