In the spring of 2022, Betr burst onto the Australian betting scene with one goal: to shake up the industry. Helmed by Matt Tripp, the former CEO of Sportsbet and BetEasy, and backed by media mogul Rupert Murdoch, Betr had the firepower to make a serious impact. But in a highly competitive market, they needed an attention-grabbing promotion to turn heads—and they certainly delivered.
The $101 Melbourne Cup Promo
Offering $101 odds on any horse seemed insane. The best you could get on the favourite, Deauville Legend, at other bookies was around $6. As a result, the marketing strategy worked and everyone was talking about the new bookie.
This was especially true in the matched betting community. The fav could be laid on Betfair at around $8, which meant that a $10 bet on Betr could be turned into over $100 of guaranteed profit.
A Close Call for Betr
Then came the barrier draw, and things got even more interesting. Deauville Legend drew a favourable barrier, causing its odds to shorten significantly. By race day, it had firmed into $3.80, leaving Betr in an extremely precarious position. If Deauville Legend won, the company could have been in financial trouble before even fully establishing itself.
With risk mounting, Matt Tripp scrambled to hedge bets with other bookmakers to offset potential losses. However, in the end, the panic was unnecessary. Deauville Legend finished fourth, while the $21 outsider Gold Trip took the win, sparing Betr from a catastrophic payout.
But There’s More…
While the Melbourne Cup was the headline-grabbing promo, Betr didn’t stop there. The same $101 odds were offered for the winners of:
- 2022 FIFA World Cup
- 2022-23 NBA Championship
- 2023 AFL Premiership
- 2023 NRL Premiership
These promotions provided further opportunities for Bonusbank members to lock in tasty profits, but they also added significant financial risk to Betr’s balance sheet.
By the time the AFL and NRL playoffs rolled around, Betr was feeling the heat. To mitigate their exposure, they began offering cashout deals to punters who had placed $101 bets. Initially, these cashouts provided negative expected value (EV), meaning that laying on Betfair was a more profitable alternative. However, by the Grand Final, Betr was so desperate to reduce liability that some of the cashout deals became +EV, making them an enticing option.
It’s Back for 2025
Final Thoughts
Betr’s $101 odds promo was a bold, high-risk strategy that ultimately put the company on the map. While it created massive financial exposure, the buzz it generated cemented Betr as a major player in the Australian betting industry.
Based on their current actions, it seems like Betr think the risk was worth it. The question is: will they be as lucky this time around? Either way, we know that Bonusbank members will profit.