A lucrative promotion offered by the leading online bookmaker, Betr, may result in the largest payout for a single sports event in the history of Australian wagering. Nearly one year ago, the bookmaker released a special 100-1 odds promotion with a wager cap of AU$10 ($6,50) for a handful of sports competitions. Considering the odds, thousands of punters immediately engaged in the promotion, placing different wagers for the World Cup, the Melbourne Cup, as well as the NBA, NRL and the AFL.
But while some have already cashed out their winnings, others preferred to keep their wagers, in particular, the ones placed for the upcoming NRL Grand Final scheduled to take place over the weekend.
With 100-1 odds, if the favorites for the NRL Grand Final, the Penrith Panthers, win the upcoming game, approximately 40,000 punters are expected to receive just above AU$1,000 ($650), a report released by the Australian Financial Review suggests. The approximate total makes a staggering AU$40 million ($26 million), representing the largest payout for a single sports event in the history of wagering in the country.
Panthers’ Win Would Benefit the Bookmaker
Undoubtedly, handing out tens of millions of dollars is the biggest fear for any bookmaker. However, this was not the case for Matt Tripp, the famous entrepreneur behind Betr. After he was interviewed by the publication recently, he explained that he has mixed feelings regarding the outcome of the upcoming NRL Grand Final. Tripp said that people who consider the outcome of the Panthers clinching the win as a surprise for Betr help spread the word about the bookmaker.
Instead of worrying about the hefty sum that would be handed out if the team wins, he predicted that this outcome would actually bring benefits to the bookmaker. “If the Panthers win, nothing would make us happier. We would have tens of millions of dollars injected back into the Betr ecosystem for punters for the next six weeks, which is the most exciting time of the year being Spring Carnival,” explained Tripp.
Earlier this year, long ahead of the NRL Grand Final, Betr reportedly offered customers who have placed wagers on the Panthers a refund and to cash out ahead of the competition. While some punters may have accepted that offer, others who kept their wager were notified recently that the processing of payouts may be delayed. Betr revealed that the processing of the wagers may go on for a week, but no later than October 6, 2023.