The fledgling wagering business wrote to customers on Friday to warn they would not be paid until October 6 at the latest,to the outcry of punters. It completed its payout on Wednesday afternoon,one day before its deadline.
Betr has amassed more than 300,000 customers and credits the inducement for its growth. The way Betr promoted the inducement led to the company copping a$210,000 penalty from the NSW regulator soon after its October launch.
“We’ll do all we can to have any winnings in your account as soon as possible,but by no later than 5pm Friday,October 6,” Betr told customers in an email on Friday.
Loading
Winnings are normally issued instantaneously,but it’s believed Betr built its market manually,which created the need for a delay. Betr’s exposure on Penrith after hedging and cash-outs ahead of the game is believed to be $18 million.
Betrlaunched ahead of spring reason season last year as a consortium between News Corp,LA-based Tekkorp and founder Matt Tripp’s investor vehicle TGW,which planned to leverage News Corp’s swathe of media assets.
But News Corp executives took umbridge with the 100-to-1 odds offer and exited from its holding in February,with News Corp’s former Betr board members Peter Blunden and Mark Reinke quietly stepping away from their roles in March.