Why online bookie will take almost a WEEK to pay NRL grand final bets

The financial status of sports betting agency Betr is set for a huge jolt if the Panthers win the NRL Grand Final on Sunday.

Backed by News Corp, Betr last year offered punters 100-1 odds for Ivan Cleary’s men to triumph in a third successive decider, with bets capped at $10. 

Plenty of eager punters leapt at the juicy odds, with the Panthers this weekend seeking to emulate Parramatta’s premiership three-peat from 1981-1983.

And with the writing seemingly on the wall, Betr last month scrambled to limit payouts if Penrith win yet again.

‘EXCLUSIVE to your account, lock in a win on the Panthers,’ read a text message sent in August to one punter who had placed money on the minor premiers.

The financial status of sports betting agency Betr is set for a huge jolt if the Panthers win the NRL Grand Final on Sunday (pictured, co-captains Isaah Yeo and Nathan Cleary)

Betr late last year offered 100-1 odds for Ivan Cleary’s men to triumph in a third successive decider, with plenty of eager punters jumping at the juicy odds (pictured, winger Brian To’o)

‘You can cash out your bet on the Panthers in the 2023 NRL Premiership Futures Market for $500 in CASH and [have] your original stake refunded. Cashed out funds must be turned over in full before you are able to withdraw.’

And now Daily Mail Australia can reveal the embattled betting company is aiming to pay out successful bets by no later than October 6 – almost a week after the NRL decider.

‘As you would have heard, our 100-1 markets were a huge hit with punters,’ another message read.

‘Such a hit that to process and settle all the bets on these markets is going to take a bit of time.

‘We will do all we can to have any winnings in your account as soon as possible, but by no later than 5pm, Friday October 6.’

The development also comes after Betr were issued a penalty notice of $210,000 in April by Liquor & Gaming NSW.

Betr’s message to punters offering a cash out options as they face a hefty payout if Penrith win a third consecutive Grand Final

It followed an investigation into advertisements that ran in News Corp’s Australian tabloid publications offering 100-1 odds for CMD398 bets up to $10 on any horses racing in last year’s Melbourne Cup.

Jane Lin, Liquor and Gaming NSW’s executive director, Jane Lin, said the $210,000 fine was appropriate given ‘significant breaches of the law’ by Betr.

‘This company tried to attract a new customer base and establish a significant market share with promotions that we consider crossed the line, using inducements that had the potential to cause harm to the community,’ Lin told The Guardian.

‘In many cases, such promotions can only be legally offered to betting account holders who, unlike the general public, have made a conscious decision to open an account and receive this information.’

After the fine was handed down, a Betr spokesperson said the company had operated in accordance with advertising laws, but accepted the hefty penalty notice to resolve the matter ‘amicably’.

The wagering company was launched in 2022 as a joint venture between News Corp, Las Vegas-based investment firm Tekkorp Capital and ASX-listed BetMakers Technology Group.

Penrith are $1.62 favourites on Sunday at Sydney’s Accor Stadium, with the Broncos $2.30 outsiders.

NRL