Australia’s NRL Grand Final: The Largest Sports Betting Payout in History
In what’s tipped to be the biggest payout in Australia’s sports betting history, betting site Betr will pay out tens of millions of dollars to Australian punters.
Anyone who took advantage of the generous 100-1 odds for Penrith Panthers to win against the Brisbane Broncos in the NRL Grand Final will be able to access their winnings, although there are some delays expected.
Let’s review how much the payout is expected to total, how this happened and what it means for the Australian sportsbooker.
What’s the Total Payout?
Betr will pay out $72 million to anyone who placed a bet on the Panthers beating the Broncos, who secured their third straight trophy in three years. Given the Panthers were the favourites to win the final, plenty of people took up the opportunity to place a wager.
Betr did approach customers after launching the campaign just last month, trying to tempt them with another offer. Perhaps in an effort to reduce the payout, they offered anyone who had placed a bet the opportunity to cash out for $500.
How Did This Happen?
Earlier this year Betr launched a highly advertised campaign across newspaper, radio and TV promoting 100-1 offers on various sporting markets. These include the NRL, AFL, Melbourne Cup and FIFA World Cup.
Although bets were capped at $10, it did prompt an intervention by the New South Wales regulator, who said the company tried to generate new customers using inducements that could have caused harm to the community. The sportsbook paid a $210,000 fine, saying they’d operated in accordance with advertising laws but wanted to resolve the matter amicably.
Most of the bets placed were on the Penrith Panthers, who given their performance over the past few years, were the firm favourites to win.
Although there has been a delay in people accessing their winnings, payouts for NRL promotional offers were expected to be paid by October 6. Betr claims the delays were caused by a processing issue, with many payouts having to be processed manually due to the volume of cash-outs.
Why Did Betr Make The Offer?
Co-owner and founder Matt Tripp said the campaign did exactly what the group intended it to do – generate publicity and attract new customers. He stated that the sportsbook will emerge in front because it hedged its bets via lay-off wagers and early payouts.
Before the NRL final, he said,
‘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’.
He also said that the gross profit from new customers alone has already generated $225 million for Betr.
How Does It Compare to NZ Payouts?
While there are no payouts of this size to compare against, many Kiwis have placed some huge wagers over the years in an effort to win big.
The biggest single payout in New Zealand TAB’s history was in 2020. A retired man won over $1 million after placing a bet on Melbourne Cup Day; with an outlay of only $112. His combination bet on the first four past the post generated a return of just over $35,000 for every dollar he bet.
Kiwis also broke a gambling record in 2022 on horse betting, spending over $7.5 million at the NZ Trotting Cup Day.
In rugby, the largest bets received on the All Blacks at the NZ TAB during the World Cup cancelled each other out when the team beat Australia. One Kiwi punter bet a whopping $400,000 (the largest single wager in NZ history) to win at the final, generating $140,000 in winnings. Meanwhile, another Kiwi punter put $130,000 on anyone but the All Blacks to win the tournament.
About Betr
Betr was founded by Matthew Tripp, former owner of Sportsbet and BetEasy. He launched the online betting company in 2022 with News Corp, Vegas-based investment firm Tekkorp Capital and BetMakers Technology Group.
Betr offers a wide range of sports betting markets for Australian punters.
References
- The Daily Mail. “Bookmaker faces biggest payout in Australian history after giving punters 100-1 odds on Penrith winning the grand final – but company boss says it’s a GREAT result”, https://www.dailymail.co.uk/sport/nrl/article-12582367/Bookmaker-faces-biggest-payout-Australian-history-giving-punters-100-1-odds-Penrith-winning-grand-final-company-boss-says-GREAT-result.html
- Sydney Morning Herald. “Panthers win will cost bookie $72m – but it’ll still be a winner”, https://www.smh.com.au/sport/nrl/panthers-win-will-cost-bookie-72m-but-it-ll-still-be-a-winner-20230930-p5e8rd.html
- Seven News. “Melbourne Cup punter becomes millionaire from crazy $28 bet”,
https://7news.com.au/sport/horse-racing/melbourne-cup-punter-becomes-millionaire-from-crazy-28-bet-c-1518235 - Stuff. “Record-breaking value of bets placed during NZ Trotting Cup”, https://www.stuff.co.nz/sport/racing/130427253/recordbreaking-value-of-bets-placed-during-nz-trotting-cup
- Stuff .“Auckland punter’s $130k bet on All Blacks to lose pays off North Island rugby fan’s winning $400k bet”, https://www.stuff.co.nz/sport/rugby/all-blacks/73568607/auckland-punters-130k-bet-on-all-blacks-to-lose-pays-off-north-island-rugby-fans-winning-400k-bet
Lincoln is an expert in sports betting. With his skill and passion for trying our new brands in the iGaming industry, he frequently reviews sports betting sites and writes news about sports betting. Being a former sports trader, there’s not much he doesn’t know when it comes to sports betting.
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