An Australian internet wagering platform, Betr, has landed in hot water. Their wildly popular promotion from last year, boasting 100-to-1 odds, has left them on the hook for a hefty sum of $40 million AUD (approximately $25.6 million USD)!
The company, specializing in sports wagers, aimed to make a splash upon its September debut. They rolled out numerous deals, including the aforementioned 100-to-1 odds promotion for new customers. Bets could be placed on events like the Melbourne Cup horse race, NBA matches, the FIFA World Cup, and Aussie Rules football.
It appears a significant number of individuals placed bets on the Geelong Football Club (colloquially known as the “Cats”) to clinch victory in the Australian Football League Grand Final, as their win resulted in payouts reaching astronomical levels. Experts within the field suggest this could represent the largest payout in the history of Australian sports wagering!
Betr, spearheaded by entrepreneur Matt Tripp and with connections to media conglomerate News Corp, has remained silent publicly. However, they have dispatched messages to the fortunate victors, clarifying that processing all bets will take longer than anticipated due to the sheer magnitude of the payout. They are striving to finalize all settlements by October 6th.
The media conglomerate, News Corp, experienced significant difficulties with their financial stake in the digital wagering service, Betr. Their recent yearly financial statement disclosed a $72 million deficit. Although News Corp executives Mark Reinke and Peter Blunden were originally part of Betr’s governing body, they both vacated their positions in March.
