Tuesday 1 November 2022 08:55 PM Melbourne Cup 2022: Betr 100-1 odds promotional stunt almost backfires as Gold ... trends now
The founders of Australia's newest betting agency have breathed a sigh of relief after their bold promotional stunt to attract punters almost backfired.
Betr offered 100 to 1 odds on every horse in the Melbourne Cup at Flemington on Tuesday in what was regarded as one what the most daring marketing campaigns in recent history.
The offer allowed punters to place one $10 bet on any horse in the race at 100 to 1 odds - meaning a guaranteed return of $1010 if their horse won.
The app signed up thousands of new punters hoping to snap up the lucrative deal with many backing red hot favourite Deauville Legend.
Other bookies were only offering about a $35 return on a $10 bet if Deauville Legend won.
But the betting start-up faced was facing massive losses of up to $50million if the Kerrin McEvoy-ridden horse took out the 162nd Melbourne Cup, the AFR reported on Tuesday.
Australia's newest betting agency Betr has avoided disaster after Gold Trip won the Melbourne Cup. Pictured is winning jockey Mark Zahra with his wife
The move sparked panic at Betr's headquarters with frantic texts sent out to customers who snapped up the promo with the lure of $150 in bonus bets and a refund of their $10 stake if they scrapped the wager.
'EXCLUSIVE to your account. Lock in a win with Deauville Legend,' read the begging Betr text to Melbourne Cup punters who backed the favourite at 100/1.
'Follow the steps below before Race one at Flemington tomorrow and you can cash out your bet on Deauville Legend for $150 in Bonus Cash + your original stake refunded.'
Betr's founder Matthew Tripp and his team would have had their hearts in their mouths when the race favourite threatened to hit the lead coming into the last turn.
But race outsider Gold Trip hit the front and stormed to victory.
Deauville Legend faded in the home straight to finish fourth - helping Betr avoid financial disaster.
'Gold
