Betr Facing Largest Bet Payout in Australian History on NRL

Damage limitation

Sportsbook operator Betr might have bit off a little more than it can chew when it comes to National Rugby League (NRL) betting in Australia. Last year, the sportsbook offered bettors appetizing odds of +10000 for Penrith to win the Australian rugby league this season, with stakes capped at AU$10 (US$6.40). Now, the Panthers are just one win away from that goal.

it will secure them their third league victory in a row

The Penrith Panthers will play the Brisbane Broncos in the Grand Final on Sunday. If they win that, it will secure them their third league victory in a row. Meanwhile, the Broncos haven’t won the title since 2006. Penrith is now -154 favorite to take the title, ahead of Brisbane at +150.

With all signs pointing towards a Panthers three-peat, Betr has contacted its customers who took advantage of the +10000 offer to try to limit payouts. As reported by the Daily Mail, bettors have received emails urging them to “lock in a win on the Panthers” by cashing out for AU$500 (US$319.30) in cash, in addition to a refund on their original stake.

Estimates suggest that the Betr payout could be the highest ever recorded for a single sports event in Australia.

A record payout

According to a report released by the Australian Financial Review, around 40,000 bettors decided to try their luck on the +10000 wager, meaning they will each earn just over AU$1,000 (US$641). If this proves accurate, the total payout would reach an eye-watering AU$40m ($26m), representing the largest ever in Australia.

to process and settle all the bets on these markets is going to take a bit of time.”

Not only is Betr trying to get its customers to cash out Panthers bets early to avoid this hefty bill, but the operator has warned that those who win the bet may have to wait for their payouts. In a message to customers, again reported by the Mail, Betr explained: “Our 100-1 markets were a huge hit with punters. Such a hit that to process and settle all the bets on these markets is going to take a bit of time.”

The sportsbook, which is owned by Joey Levy and content creator Jake Paul, said that the bets would be settled no later than 5pm on October 6, nearly one week after the event in question. Social media users have shared the message on X:

In hot water again

Betr hasn’t had an easy journey since its beginnings in 2022, particularly in Australia. The operator received an AU$210,000 (US$135,770) penalty notice in April after Liquor and Gaming New South Wales found it had breached advertising laws by offering inducements that “had the potential to cause harm to the community.”

had to explain to the Massachusetts Gaming Commission why his residences were once visited by the FBI

Entering the US market has also proven difficult for Betr, partly due to its controversial owner Jake Paul. In January, he had to explain to the Massachusetts Gaming Commission why his residences were once visited by the FBI, among some other murky aspects of his high-profile life.

Nevertheless, the operator has now officially launched in Massachusetts and Ohio, gained a license in Virginia, and has plenty more states in its sights. The company has also moved from micro-betting into more traditional forms of wagering in the US market.

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• Source: https://www.vegasslotsonline.com/news/2023/09/29/betr-facing-largest-sports-betting-payout-in-australian-history-urges-bettors-to-cash-out/