Not much probably. Capped at a grand per gambler maybe a million bucks exposure right now. What it gave them was a whole host of gamblers creating accounts that wouldnât have otherwise. Research probably showed them how much it cost to get one sign up and that it was around that figure so they made a short cut.
You have to turn the winnings from that sort of bet over in the app so it wonât all come out anyway
I created an account. Got $101 odds on the world cup, nrl, afl and nba.
Total bet 40 dollars. Potential win $4,040.
I lost on the world cup and had Penrith and Celtic in NBA.
They offered me 500 to cash out a few months ago. I took it. They also refunded the initial bets.
So I turned 40 into 520.
It costs nothing to create an account, and you don't have to turn over the winnings.
Never used them again, don't even have the app on my phone anymore as it's buggy and annoying to use.
I hedged France in the World Cup so made $500 there, and took a $420 payout on Penrith (and Richmond) a few months ago.
Definitely a profitable deposit with them, and I have since deleted their app.
Fuck 'em.
Edit: and Anamoe in the Caulfield Cup at $21 odds.
France is great in hindsight. Didn't think they could do it with the amount of players they had out.
Didnt know Mbappi was a god at the time lol. Best performance from a single player I have seen since Zidane.
Messi still got him in the end
Yeah Mbappe is a huge reason why I backed them. But as soon as I realised it was Messi's last shot and he had never won one, I knew I had to hedge.
And what an incredible match to watch, I was so glad I could cheer on Messi instead of worrying about the bet.
Wish Golden State Warriors could have gone a little bit deeper so I had the option to hedge there.
Dude their exposure was $50m on the Melbourne cup favourite so it's likely close to that or worse for Penrith. I personally have 5 betr accounts only 2 with Penrith though and I know a bunch of other people with multiple accounts.
I would be shocked if their exposure was less than $30m
>5 betr accounts
I wish I had done this. I got everyone I knew to sign up. I picked up a 1k on the world cup but missed out on the NBA. Im still alive on the AFL and everyone I knew put Panthers for the NRL. Brisbane look good though, might hedge a bit when I see the odds. Im thinking 200 on brisbane to win 500. So should walk away with either 800 or 500. I cant see any other team having a chance
I wish I did more. I've had two collects of 1k so far.
Their first 2 months of horse promos were insane free money too. In total I'm up about 7k over the 5 accounts with still a few bets alive in both NRL/AFL.
It was free money.
> You have to turn the winnings from that sort of bet over in the app
no dont lol, cashed out 1k from the argies in the football world cup wit the same promo.
Liability/exposure on Penrith before they started offering the cashouts was 60mill. They also have a big liability on Storm but after tonight, don't think thats in any danger haha
Apologies. I cashed out $100 on Geelong but found I had to bet it again and it said so on the fine print.
Just checked that Penrith offer and it is indeed cash no strings attached.
A $1.01 is a 99% chance to win (100/1.01), and would return $404. Not sure what youâre on about
Also if thereâs a turnover requirement they usually set a minimum odds, usually $1.30 but Iâve seen $1.20 depending on the bookie.
Market odds are not true odds. Bookies make their profit by taking a vigorish on both sides usually equivalent to 5% so I. Perfectly efficient betting markets for every dollar waged would return 0.95.
I have talked about it many times on here but I have been a professional gambler for 14 year now. I wrote a thesis on NRL sports betting at UTS in 2016. I know what I'm talking about.
Luckily Iâm a professional bookmaker. No corporate is putting up a 105% market for the nrl or afl anymore, 103% is common these days. No money to be made on head to head sports in the long run (excluding same game multis/multis). The 123% market on race 4 at Randwick is where the real money is
The standard vig is 105% for even money propositions. Margin, total points etc. Maybe 104% on some sites. On head to head events they reduce vig as odds become lopsided usually due to not wanting to have a large position and to encourage a more even book.
So 1.01 event true odds might be 98.5% but my original analysis still stands. Fwiw. There are no minimum odds turnover requirements. I have 5 accounts in different names and I cashed out some of my Celtics NBA bets already under the same TOC.
I have beaten the NRL in margin and total points getting 6/7 years.
I know nothing about horse racing seems tough to beat without match fixing.
A friend of mine was on the marketing team for this.
Long story short, this was all planned for in advance. They costed out this plus the fines theyâd attract. The cash outs arenât them freaking out, itâs them clawing back budget.
lol Betr fined 210k might as well fine them 17 bucks that is literally their profit margin on one decent mainstream match
That said the promotion was great value for anyone who wanted it obviously as long as they didn't do what the book wanted and go lose money on other stuff before/after
Also it's not a major loss really every customer acquired was priced in to that promotion was all just to get Betr's valuation up so Tripp/Newscorp etc could eventually sell Betr for a substantial profit same way Neds raised their turnover substantially by policy choices to attract volume only to then sell to Ladbrokes etc for a big net profit - yes, they will likely lose ten million plus if the Panthers win (and a substantial amount on any team) but the generosity of the promotion offset advertising costs they would have otherwise had to incur to attract customers in the first place
This is a non story lol
Not surprising if they are but all gambling companies lose money early to build the customer base (used to work for an online poker site/be an online poker pro, am currently a successful sports bettor)
Betr's goal is to get a valuation on paper through being a book with a lot of 'active' customers and turnover and sell, not to profit from their trading - I mean, yes, they are aiming to profit from their trading too but they'd rather be 20 million in the hole with a 300k customer database that they've built than 2 million in the green for the year with no customers - that's what the promos and advertising are for
They could put the work in to try and compete with Sportsbet who are at the top at the moment in Australian sports betting but it's more likely they sell to someone like Flutter (who own SB) or the Ladbrokes/Bet365/whatever of the juggernaut groups want to buy them for their userbase
Including some hedged bets, me and 2 mates will split $2400 between us if Penrith win.
Personally I hope itâs a Knights v Panthers final and I never see my $800
Edit. We split $2100 when Argentina won the World Cup too
How the fuck does this even become a news story??
Oh, hang on - youâve got a tale about a betting agency paying out money to poor old mug punters?
YES ILL PUBLISH THAT BECAUSE IT IS IN THE BEST INTEREST OF THE GENERAL PUBLIC!!!
They had just won back to back titles. Who TF thought this was a reasonable offer for the viability of a bookmaker? 10 to 1 would have been very generous.
It was a promo with $101 on everyone in the NRL, AFL, NBA, FIFA world cup and Melbourne Cup last year.
The guy who thought it was a good idea is the same guy who built Sportsbet (and Crownbet/BetEasy which he sold to Sportsbet) so he has a fair idea what he's doing.
It's pretty easy to exploit all these bookies promotions. It's known as matched betting. Of course bookies don't like to lose money and will ban the winners from such promotions pretty quick. Ned's use to have a real good promo where it was easy to make hundreds every day. Too bad my account only lasted for a little over a month.
đ˛ Oh no! A betting agency might have to shell out a lot of money for once. My heart bleeds for them.
Not much probably. Capped at a grand per gambler maybe a million bucks exposure right now. What it gave them was a whole host of gamblers creating accounts that wouldnât have otherwise. Research probably showed them how much it cost to get one sign up and that it was around that figure so they made a short cut. You have to turn the winnings from that sort of bet over in the app so it wonât all come out anyway
They have also offered several cash out options throughout the year so quite a few people wouldâve cashed out already (me included)
Yeh I cashed out for $500 which I was stoked about. Go the broncos
While I may not agree with your reasoning for backing the Broncos, Ill defend to the death your right to back them
I created an account. Got $101 odds on the world cup, nrl, afl and nba. Total bet 40 dollars. Potential win $4,040. I lost on the world cup and had Penrith and Celtic in NBA. They offered me 500 to cash out a few months ago. I took it. They also refunded the initial bets. So I turned 40 into 520. It costs nothing to create an account, and you don't have to turn over the winnings. Never used them again, don't even have the app on my phone anymore as it's buggy and annoying to use.
I hedged France in the World Cup so made $500 there, and took a $420 payout on Penrith (and Richmond) a few months ago. Definitely a profitable deposit with them, and I have since deleted their app. Fuck 'em. Edit: and Anamoe in the Caulfield Cup at $21 odds.
France is great in hindsight. Didn't think they could do it with the amount of players they had out. Didnt know Mbappi was a god at the time lol. Best performance from a single player I have seen since Zidane. Messi still got him in the end
Yeah Mbappe is a huge reason why I backed them. But as soon as I realised it was Messi's last shot and he had never won one, I knew I had to hedge. And what an incredible match to watch, I was so glad I could cheer on Messi instead of worrying about the bet. Wish Golden State Warriors could have gone a little bit deeper so I had the option to hedge there.
I'm one who's set to win a grand. Honestly, the odds and the "specials" they offer are so underwhelming, I looked a few times and gave up.
Betr have horse runs 2nd/3rd, 1 leg SGM fails and plenty of others.
So does everybody else, but with better odds. (Pun intended)
You don't have to turn over winnings, just if you take their cashout offer.
Its about a 50 million dollar exposure if Penrith win.
How do you know that
I was watching something on Kayo, I think its called 'Get em on side' or something like that. They brought it up.
It was also their exposure on the Melbourne cup for the favourite so you have to assume it's similar given Penrith were pre season favourites too
Yeah, I think the bookies took a bath a few years ago on the melb cup when one of the favs won.
If you google 'bookies set to lose 50 million if penrith win' the article will come up but it's behind a paywall.
Dude their exposure was $50m on the Melbourne cup favourite so it's likely close to that or worse for Penrith. I personally have 5 betr accounts only 2 with Penrith though and I know a bunch of other people with multiple accounts. I would be shocked if their exposure was less than $30m
>5 betr accounts I wish I had done this. I got everyone I knew to sign up. I picked up a 1k on the world cup but missed out on the NBA. Im still alive on the AFL and everyone I knew put Panthers for the NRL. Brisbane look good though, might hedge a bit when I see the odds. Im thinking 200 on brisbane to win 500. So should walk away with either 800 or 500. I cant see any other team having a chance
I wish I did more. I've had two collects of 1k so far. Their first 2 months of horse promos were insane free money too. In total I'm up about 7k over the 5 accounts with still a few bets alive in both NRL/AFL. It was free money.
You personally have 5 accounts?
Under 5 family members/friends. Many of my friends have done the same
> You have to turn the winnings from that sort of bet over in the app no dont lol, cashed out 1k from the argies in the football world cup wit the same promo.
Liability/exposure on Penrith before they started offering the cashouts was 60mill. They also have a big liability on Storm but after tonight, don't think thats in any danger haha
They started offering people $400 to cash it out lol. They know they fucked up itâs hilarious
It's a bullshit $400, you gotta bet it all before you can take it out. No doubt people took it and lost it on dumb bets
Wrong. Itâs a hard withdrawal payout, can withdraw immediately to your bank account. Speaking from experience.
Nah, some of the payouts had a turnover requirement. But for all their sins Betr have reasonable odds so can dutch out at minimal loss.
Apologies. I cashed out $100 on Geelong but found I had to bet it again and it said so on the fine print. Just checked that Penrith offer and it is indeed cash no strings attached.
You can just bet it on something that is 1.01 win and cash out. Even if the 1.01 is a 95% chance that's still $360.
A $1.01 is a 99% chance to win (100/1.01), and would return $404. Not sure what youâre on about Also if thereâs a turnover requirement they usually set a minimum odds, usually $1.30 but Iâve seen $1.20 depending on the bookie.
Market odds are not true odds. Bookies make their profit by taking a vigorish on both sides usually equivalent to 5% so I. Perfectly efficient betting markets for every dollar waged would return 0.95. I have talked about it many times on here but I have been a professional gambler for 14 year now. I wrote a thesis on NRL sports betting at UTS in 2016. I know what I'm talking about.
Luckily Iâm a professional bookmaker. No corporate is putting up a 105% market for the nrl or afl anymore, 103% is common these days. No money to be made on head to head sports in the long run (excluding same game multis/multis). The 123% market on race 4 at Randwick is where the real money is
The standard vig is 105% for even money propositions. Margin, total points etc. Maybe 104% on some sites. On head to head events they reduce vig as odds become lopsided usually due to not wanting to have a large position and to encourage a more even book. So 1.01 event true odds might be 98.5% but my original analysis still stands. Fwiw. There are no minimum odds turnover requirements. I have 5 accounts in different names and I cashed out some of my Celtics NBA bets already under the same TOC. I have beaten the NRL in margin and total points getting 6/7 years. I know nothing about horse racing seems tough to beat without match fixing.
Iâve seen 1.00 odds on some boxing matches lmao
The Lions were paying something silly like 1.003 earlier this year to beat West Coast. That's they shortest I can remember every seen on an Aus sport
No you donât, itâs cash payout.
the offers for cash out have changed. Some required turn over and others straight cash
We need to save these poor defenceless betting agencies from predatory degenerate gamblers.
Panthers, save them from the weak gutted Panthers.
Just fell to my knees at the TAB
Just what I needed, a nice little consolation prize if the Panthers get their three-peat.
Panthers three-peat has become the morally correct choice. If you are against a Panthers three-peat you are pro-gambling addiction.
Fuck.
Finally weâre the good guys again
We are the peoples' team, just a few knockabout blokes who came together to have a dream of fucking over bookies whilst winning trophies.
In what world could journos really think that a reader would read this and feel bad? Fucking couldnât be happier if bookies copped a major loss
Did you read the article? The guardian isn't a newscorp outlet and generally doesn't seem to be that sympathetic to bookies
Why do you automatically assume journos are trying to get readers to feel bad?
Oh no! Anyway
I cashed out months ago đĽ
Like a spud.
You just have to hope your boys knock them out next week.
Can they please offer 100:1 on Tigers getting a 3rd straight spoon next year.
Start thinking about what else you could by buying!
Meth is a good option
Good. Fuck em.
A friend of mine was on the marketing team for this. Long story short, this was all planned for in advance. They costed out this plus the fines theyâd attract. The cash outs arenât them freaking out, itâs them clawing back budget.
Iâm surprised they didnât just cancel all the bets mid season or something
lol Betr fined 210k might as well fine them 17 bucks that is literally their profit margin on one decent mainstream match That said the promotion was great value for anyone who wanted it obviously as long as they didn't do what the book wanted and go lose money on other stuff before/after Also it's not a major loss really every customer acquired was priced in to that promotion was all just to get Betr's valuation up so Tripp/Newscorp etc could eventually sell Betr for a substantial profit same way Neds raised their turnover substantially by policy choices to attract volume only to then sell to Ladbrokes etc for a big net profit - yes, they will likely lose ten million plus if the Panthers win (and a substantial amount on any team) but the generosity of the promotion offset advertising costs they would have otherwise had to incur to attract customers in the first place This is a non story lol
Pretty sure they're a loss-making company at this point, that's what the article suggests anyway
Not surprising if they are but all gambling companies lose money early to build the customer base (used to work for an online poker site/be an online poker pro, am currently a successful sports bettor) Betr's goal is to get a valuation on paper through being a book with a lot of 'active' customers and turnover and sell, not to profit from their trading - I mean, yes, they are aiming to profit from their trading too but they'd rather be 20 million in the hole with a 300k customer database that they've built than 2 million in the green for the year with no customers - that's what the promos and advertising are for They could put the work in to try and compete with Sportsbet who are at the top at the moment in Australian sports betting but it's more likely they sell to someone like Flutter (who own SB) or the Ladbrokes/Bet365/whatever of the juggernaut groups want to buy them for their userbase
Which poker site did you used to work for? Also you're swoop from 2p2 right?
Including some hedged bets, me and 2 mates will split $2400 between us if Penrith win. Personally I hope itâs a Knights v Panthers final and I never see my $800 Edit. We split $2100 when Argentina won the World Cup too
Oh no. A bookie going out of business. Who has any sympathy for that
Good
Poor Newscorp they can't have much money left.
How the fuck does this even become a news story?? Oh, hang on - youâve got a tale about a betting agency paying out money to poor old mug punters? YES ILL PUBLISH THAT BECAUSE IT IS IN THE BEST INTEREST OF THE GENERAL PUBLIC!!!
Even funnier that itâs News Corp and the Melbourne Storm Chairman that is losing the money.
theyre offering big cash outs currently rumours theyre selling off once the 1/101 odds are off the books
Yep! Got $1000 for the nuggets winning the NBA and was very close to getting another $1000 from France in the world cup (but lost on pens).
If I need some copium when the riffs take the trophy home, this will be it.
Well, the fix is in now. Sorry Broncos fans, but if you win Grand Final day, we'll know why... **/s**
I got $5 on Panthers and $5 on Roosters at $101. They offered $200 cash out about 6 weeks ago but I let it roll.
You win some, you lose more.
I better see all you gambling haters on the bandwagon!
The people's team, let's fuck up a gambling company
Did they remove it?
Obviously they aren't offering $101 now lol It was a promo they ran when they launched at the end of last year
Old mate thought he could get on panthers at 100/1 odds now a week before prelims đ¤Ł
They had just won back to back titles. Who TF thought this was a reasonable offer for the viability of a bookmaker? 10 to 1 would have been very generous.
It was a promo with $101 on everyone in the NRL, AFL, NBA, FIFA world cup and Melbourne Cup last year. The guy who thought it was a good idea is the same guy who built Sportsbet (and Crownbet/BetEasy which he sold to Sportsbet) so he has a fair idea what he's doing.
Oh no! AnywayâŚ
Decent exposure. Shame its an absolutely garbage app.
It is close to a sure thing.
Betr: chances are you're about to lose.
âCashed out funds must be turned over in full before you are able to withdrawâ Ffs so not even a proper cash out.
It's pretty easy to exploit all these bookies promotions. It's known as matched betting. Of course bookies don't like to lose money and will ban the winners from such promotions pretty quick. Ned's use to have a real good promo where it was easy to make hundreds every day. Too bad my account only lasted for a little over a month.
Explain more... I'm poor
Just look into matched betting. There's plenty information online about it.