Storm part-owner and chairman Matt Tripp has revealed his betting company, Betr, will actually turn a bigger profit if favourites Penrith beat his side in Friday’s preliminary final.
More than 300,000 punters signed up to Betr late last year, with the corporate bookmaker offering 100-1 on any team to win the AFL or NRL premierships.
The promotion allowed punters to bet a maximum of $10 for a $1000 collect, and there was a flood of money for the Panthers to win a third straight title.
But Betr founder Tripp said more than 30 per cent of those bets had since been paid out to punters who took a lesser return, rather than risking it all on grand final day.
And the fact Betr backed Penrith at rival betting companies means the final payout is no longer the worst result for its business.
Tripp said the difference between Penrith and Melbourne winning the premiership was almost $1.5 million, with the latter scenario much worse. Tripp said the final payout is closer to $2 million if the Broncos win the competition.
“It wouldn’t matter if Melbourne were $10 million worse than Penrith – there’s not enough money in the world to make me cheer for Penrith,” Tripp said.
“There’s no scenario or dollar amount that would get me to flip my allegiance. Even though a Penrith win might be better for Betr, I hope we win [Melbourne] and win convincingly.
“I look at the book on every game in every sport all over the world, I look at every horse race, but I have no interest when it comes to Melbourne Storm games.
“I just want to enjoy watching my team go around every week.
“Penrith is a better result because of the hedging strategy our guys have deployed. That basically means our traders have backed Penrith elsewhere throughout the year, and offered cashouts throughout the year to break down the liability.
“Brisbane are our worst result, followed by Melbourne. With Penrith, our guys thought they would win a long way out, so they kept them safe, which means it is now a better result for us.”
Penrith are $1.70 premiership favourites ahead of the Broncos ($2.50), the Storm ($11) and Warriors ($12). Melbourne are $4.85 to cause an upset against Penrith ($1.18) in Friday’s preliminary final.
A betting promotion offering odds of 100-1 may come back to haunt bookmaker Matt Tripp, depending on who wins the NRL premiership.www.smh.com.au
Yep, it was a well concieved launch campaign that's giving them legs through the whole season. Well worth the payout for the small percentage left that end up snagging itThey'd have hedged their exposure with other bookmakers... won't end up too much out of pocket and the ongoing advertising gives them a free kick.