When the Penrith Panthers won the National Rugby League (NRL) grand final on October 1, sportsbook Betr had the burden of a payout for AU$72 million (US$46) million in what could be the biggest promotional payout in Australian history.
Late last year, Betr offered 100-1 odds for new clients who picked the winners of any of the NRL, AFL or NBA seasons, or of the FIFA World Cup or Melbourne Cup.
The Panthers entered the 2023 season heavy favorites to repeat for the third time in a row. They did not disappoint, coming from behind to seal the deal.
Payout aside, Betr will still come out as winners from the promos, the Sydney Morning Herald reports. The offer succeeded in signing up new customers, among other wager wins. according to Betr Chairman Matthew Tripp.
“The important thing to note, with that launch campaign, we had always anticipated it would cost us somewhere between AU$50 million and AU$80 million, depending on how the results fell,” Tripp told the Herald.
“But from the 320,000 customers we have acquired through running that campaign, the gross profit we have generated from those customers alone is AU$225 million.
“You still have to pay your taxes on gross profit and there is some generosity attached to that, but what has been generated in profit from those customers is almost three times what those hard costs were.
“To get 25 percent brand awareness before you even write one bet in our market, which we got straight away, it costs you AU$100 million in marketing.”
