New bookmaker Betr has withdrawn odds of 100-1 for Melbourne Cup favourites Deauville Legend and Loft after maxing their liability on the two runners.
The offer, targeted at inducing new customers to the News Corp-backed bookmaker, gave punters until 5pm this Saturday to place up to $10 on any Melbourne Cup runner at odds of 100-1 to win $1010.
Betr founder and wagering entrepreneur Matthew Tripp.Credit:Jesse Marlow
But more than five times as many customers as forecast have already taken up the Melbourne Cup offer, the majority of those customers wagering on the two imports to win next Tuesday’s race.
“We’ve been totally swamped on the $101 Melbourne Cup odds and have reached our liability limit on Deauville Legend and Loft,” said Betr chief executive Andrew Menz.
“We’re still betting $101 odds on every other runner and top of the market at $10 on the two favourites.”
In a statement published on the bookmaker’s website, Betr – which only launched two weeks ago – said bets already placed on Deauville Legend and Loft would “remain unaffected”.
“Due to unprecedented demand over the past two weeks, we’ve had to revise the odds for Deauville Legend and Loft from $101 to $10 effective immediately,” the statement said.
“You can still back either of those horses at the revised odds, or any other runner in our Melbourne Cup Futures Market up until the market closes at 5pm on Saturday, 29 October 2022.
“All bets placed on the market prior to this change (including on Deauville Legend and Loft) remain unaffected and will be resulted in accordance with our terms and conditions.”
The bookmaker, founded by veteran gambling entrepreneur Matthew Tripp and former BetEasy executive Menz, also took a massive hit on Cox Plate day when favourite Anamoe saluted. Betr had offered 20-1 on all Cox Plate runners, again with a maximum $10 bet.
“Our liability on Anamoe was more than five times what we’d budgeted,” Menz told Punters.com.au.
“It’s a great result for our customers so early on. While we were ambitious and keen to hit the ground running, we’re genuinely excited that the punters have landed an early blow.”
Betr remains subject to a Liquor & Gaming NSW inquiry after the watchdog issued the bookmaker a show-cause notice after the company ran advertisements for the Melbourne Cup 100-1 promotion in News Corp’s tabloid newspapers.
