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Online Australian sports wagering operator, Betr, has asked to prolong the payout process concerning the tens of millions of dollars it owes its bettors after a 100-1 promotion. This promotion was part of the brand’s initial launch offer last September.
Betr, which is headed by entrepreneur Matt Tripp, bears the same name as Jake Paul and Joe Levy’s microbetting app, but is unaffiliated. The promotional offer also gave new customers the chance to wager on the Melbourne Cup, NBA Basketball, FIFA World Cup and AFL premiership as well as the NRL.
According to industry experts, the payout could mark the largest in the history of Australian sports betting and Betr has asked for more time to pay its players. Betr is a joint venture between Tripp, Tekkorp and News Corp.
The payout based on the Panthers’ wins has reached over AU$40m. It is currently believed that two Betr customers also won four out of the five above sporting event outcomes, turning $40 into $4,040.
Betr has so far declined to comment publicly, but sent messages to the winners stating that 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.” October 6 is Betr’s current deadline.
News Corp has lost money relating to its investment in the online bookmaker and posted in a recent annual financial report that its losses related to Betr were $72m. Senior executives Mark Reinke and Peter Blunden with News Corp began as part of the Betr Board and stepped down in March.
