A record payout
Sportsbook operator Betr has landed itself a record for all the wrong reasons. The firm must fork out the largest Australian betting payout of all time at AU$40m (US$25.6m).
odds of +10000 for the Penrith Panthers to win the 2023 National Rugby League
Betr is picking up the pieces after offering bettors staggering odds of +10000 for the Penrith Panthers to win the 2023 National Rugby League (NRL), with stakes capped at AU$10 (US$6.40). On Sunday, the Panthers stunned the Brisbane Broncos 26-24 to win their third NRL title in a row.
According to the Australian Financial Review, Betr sent messages to the winners stating the success of its Australian Rugby League (ARL) promotion was causing delays.
On Tuesday, the CEO of Racing Queensland Jason Scott gave his intriguing opinion on the situation, suggesting that the delay will only benefit the sportsbook.
Fewer withdrawals
As Penrith edged closer to Sunday’s final, Betr tried to lessen the potential impact by urging bettors to cash out. Now, the sportsbook, owned by gambling entrepreneur Matt Tripp and unaffiliated to Jake Paul’s US betting brand of the same name, has set 5pm, October 6 as its “deadline for payouts.”
According to the AFR, Scott stated the delay in processing the record-breaking payout could benefit Betr “because fewer people would likely withdraw from their accounts.”
Betr declined further comment on the situation
Aside from alerting its customers to payout delays, Betr declined further comment on the situation. Betr backer News Corp also declined to comment on whether it would be financially hurt after the AFL and NRL finals results.
Not too concerned
According to the AFR, Betr’s owner Tripp has previously stated he was “ambivalent” to the Australian Football League and NRL results because the company had reduced its exposure to ensure it could pay the winning wagers.
AFR explained that sportsbooks with major exposure to a given result attempt to cut back on potential losses via “betting back.” In these cases, some sportsbooks place their own bets with other sportsbooks on the same result and use the winnings to pay their customers.