Leading bookmaker Matt Tripp insists his wagering start-up Betr isn’t on the verge of collapse despite growing speculation major shareholder News Corporation has lost faith in the venture.
Betr was launched in October last year, realising a long-held ambition of News Corp co-chairman Lachlan Murdoch for the media giant to wade into the lucrative world of online sports betting in Australia. Murdoch launched Fox Bet in the US in May 2019.
To entice new customers, Betr tossed up a controversial promotion that offered odds of 100 to 1 – with a maximum bet of $10 – on several sports, including the Melbourne Cup.
If favourite Deauville Legend saluted in last year’s race, Betr was looking at a $50 million loss. When the horse finished fourth, Tripp and his team partied in the Betr offices until the early hours, such was the relief.
But the feeling within betting circles – and some quarters of News itself – is the Betr party is over.
It failed to acquire the Western Australia TAB and troubled rival PointsBet, Liquor and Gaming NSW fined it $210,000 over its 100-to-1 promotion, and News pulled directors Peter Blunden and Mark Reinke from the board in late March.
Betr boss Matt Tripp.Credit: Arsineh Houspian
There’s also some nervousness at the Storm, of which Tripp is the chairman. As revealed in this space last year, players were allowed to invest in Betr after being given the all-clear by the NRL salary cap auditor, much to the irritation of rival clubs.
Then there’s the general feeling that the Australian market is flooded with too many corporate bookmakers. There are only so many desperate punters putting their last $50 on a seven-leg multi to go around.
Tripp, though, remained upbeat about Betr’s future when contacted on Thursday.
“The rumours are rubbish,” he said. “The business is in great shape and exceeding expectations. We’re really happy with what we’re producing for the market. We’ve got a long way to go, we acknowledge that, we’re a start-up with a start-up mindset, we’re still looking at acquisitions on their merit. We haven’t fully closed the door on PointsBet and will continue to run the business as we’ve always planned.”
As for speculation he wants to sell the business for $100m, Tripp said: “That’s not right, absolutely not. That would only mean I would turn a slight profit and that’s not why I’m here.”
While Deauville Legend would have been a dreadful result for Betr, Tripp says it isn’t looking at a sizeable loss if Penrith wins the NRL premiership and Geelong claims another AFL flag because of cash-outs. Betr has bet back with other bookies, he said.
I was told he was looking at losses of $80m for Penrith and $30m for Geelong.
“That’s about four times more than where it will land,” Tripp said. “For Penrith, less so. We have bet back and, if you ask some of the bookies around the traps, they’ll say that. Penrith is our worst result but not by a long way. We’ve offered cash-outs to customers with $100 offers and we’ve had a huge amount of people who have done that.”
News Corp chief executive Michael Miller declined to comment.
PVL’s gambling claim a losing bet
Still on Tripp, ARL Commission boss Peter V’landys approached him at Magic Round two years ago about how the NRL can dip its big toe into the rivers of gold generated by the booming US wagering market.
Tripp told him the NRL didn’t have to take matches abroad to do so, yet V’landys is hellbent on starting the 2024 season in Las Vegas next February with a double-header.
“They could do it without taking matches there,” Tripp said. “I offered to help them. Nobody has spoken to me about it but, if the NRL came knocking, we’d have a look at it.”
V’landys will meet with the Nevada Tourism Commission in coming weeks to see if playing matches at Allegiant Stadium is commercially viable.
ARL Commission chairman Peter V’landys.Credit: NRL Photos
My interview earlier this week with him about the Las Vegas proposal prompted a range of responses, mostly about his outrageous claim that rugby league is better when you gamble on it.
“Rugby league is a tribal entertainment product,” he told me. “What wagering does is add a little bit more entertainment onto the already fantastic product. I’m in a tipping contest at work, so I watch every game. If I have a bet on a first try-scorer, it gives you a little more enjoyment.”
Not if you lose, big fella. As for tipping contests, there’s not much joy for those of us tipping our beloved Dragons each week.
Tim Costello, the chief advocate for the Alliance for Gambling Reform, wasn’t impressed with V’landys’ comments
“Is that satire? Surely, that’s satire,” he told The Guardian.
The comments were real, baby, but they were indeed odd, particularly when a parliamentary inquiry into online wagering is being held.
NRL chief executive Andrew Abdo fronted the public hearings last month and was smacked down by chair Peta Murphy when he claimed fans weren’t concerned about the infiltration of gambling advertising in sport.
How Marinos tired of McLennan
Rugby Australia chief executive Andy Marinos resigned earlier this week. Was he pushed or did he walk? Sounds like a bit of both.
NSWRU and QRU figures were after him over recent cost-cutting, although the rugby community certainly feels he grew tired of chairman Hamish McLennan.
We know the feeling.
“The Hammer” has been relentless in recent weeks, phoning reporters armed with quotes taking down rugby league. He thinks he’s stirring interest in rugby, but there are plenty of people, including those at RA, who believe the strategy is mostly about him getting his head and photo in the news cycle.
It’s Hammer-time all the bloody time and it’s getting as boring.
As reported by the Herald, Marinos couldn’t fathom the $1.6 million per season thrown at Roosters centre Joseph Suaalii. Marinos was also handed the unpalatable jobs, like sacking Wallabies coach Dave Rennie, while McLennan basked in the glory of securing Eddie Jones.
Rugby Australia chairman Hamish McLennan, Eddie Jones and Rugby Australia chief executive Andy Marinos.Credit: Getty
While McLennan takes pot-shots at rugby league players, questioning their toughness and intelligence as he did in the Sun-Herald, Super Rugby continues to gain little traction.
In better times, NSW and Queensland matches attracted huge crowds, TV ratings and media interest. They play each other in Townsville on Saturday night, sources have confirmed.
Venues NSW will miss Lefever
Venues NSW lost one of its best operators on Thursday when Caron Lefever left the organisation following a restructure.
Lefever joined the SCG Trust in 2000 following the Sydney Olympics and has been a loyal friend to every reporter who has walled into the SCG or Allianz Stadium since.
Alongside her work with heritage projects in the precinct, Lefever was a tireless operative behind the scenes for the Pink Test, which raises invaluable funds for the Jane McGrath Foundation.
THE QUOTE
“Steph Curry you filthy animal lol… he just packed up a very good team … in a very tough building,” Portland Trail Blazers point-guard Damian Lillard after Steph Curry dropped 50 points in Golden State’s game-seven win over the Sacramento Kings.
THUMBS UP
Clubs dislike dressing-room cameras but they did reveal the Wests Tigers were on the cusp of something special against Penrith in Bathurst. The Tigers were on their feet at half-time, locked in intense discussion, while the Panthers slumped on the benches, staring at the floor. The winless Tigers beat the defending premiers 12-8.
THUMBS DOWN
The video of amateur boxer Adam Abdallah, 25, bashing referee Khodr Yaghi at the end of a match at Padstow Park churned the stomach. All referees in all codes at all levels need to be treated with greater respect.
It’s a big weekend for …
Dolphins coach Wayne Bennett, who will coach his 900th NRL match when his side meets Cronulla at Magic Round on Saturday. The NRL wants to present him with a trophy after the match at Suncorp Stadium. Good luck with that if the Dolphins don’t win.
It’s an even bigger weekend for …
Arsenal fans as they fall to their knees and pray to the gods that Manchester City can face-plant against lowly placed Leeds at midnight on Sunday and their side can beat Newcastle on Monday morning AEST.
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