When online bookmaker Betr launched weeks before the Melbourne Cup Carnival in October 2022, it did so with an outlandish 100-to-1 odds promotion. Customers of the then-wagering upstart, founded by prominent bookmaker Matt Tripp, could put a maximum $10 stake on any horse competing in the race and pocket $1000 if it managed a win.
Even in an industry with a reputation for testing regulatory boundaries, the move was radical. While Betr attracted some 300,000 new users, it narrowly avoided a $50 million payout , owing to the victory of roughie Gold Trip. Still, it was ultimately fined for offering an inducement for signing up.
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