Betr boss hits back at claims punters were ripped off in Melbourne Cup 100-1 odds promotional stunt

The owner of Australia’s newest and most controversial betting platform, Betr, has denied accusations it shut down punters’ accounts to avoid paying them their winnings.

Betr boss Matt Tripp shot down the ‘rubbish’ rumours his company avoided millions of dollars worth of payouts on its controversial offer of 100/1 odds on every horse in this year’s Melbourne Cup.

‘I’ve read a couple of things that we deactivated accounts and all this sort of rubbish,’ he told Sydney Morning Herald. 

‘There were a bunch of duplicate accounts trying to open multiple accounts, which wasn’t in the spirit of the way things should be handled. That was a very small section of the 300,000 people who have joined us. Less than one per cent.’ 

Betr agency founder Matthew Tripp (pictured with his family) has hit back at claims the agency shut down punters’ accounts to avoid paying out their winnings after launching a controversial offer on all the horses in this year’s Melbourne Cup

Betr caught the attention of Aussie punters earlier this week by offering outrageous 100-1 odds on all horses for the Melbourne Cup, even hot favourite Deauville Legend.

The agency is now facing possible fines from the gambling regulator and the wrath of furious punters who claim their accounts were deactivated so they couldn’t collect their winnings.

Gold Trip’s storming victory on Tuesday meant the News Corp-backed firm dodged a disastrous $50 million payout.

Tripp has now revealed how he and other Betr executives dealt with the stress of a looming financial disaster on Melbourne Cup day. 

Tripp and his executives felt intense pressure as Melbourne Cup favourite Deauville Legend (pictured) looked in great shape and threatened to win the race – which would have turned their 100-to-1 promotion into a financial disaster  

When Gold Trip stormed home at to win at Flemington, Tripp said the Betr office was so happy it was ‘like a nightclub’ 

They were gathered in his office to watch the horses in the parade ring, hoping favourite Deauville Legend wouldn’t win and turn the 100-1 odds promo into a catastrophe – but became worried when experts said the horse looked in great shape.

‘I thought the same thing,’ Tripp admitted. ‘A few people also called me from the track and said it presented well. I thought, “S**t, that’s all I need.”‘ 

Deauville Legend looked a threat to win the race as it chased down the leaders with 450 metres left to run, and Tripp – who said the most he’d previously stood to lose on a horse was $2million to $3million – felt even more pressure.

‘When the horse loomed up I thought, “Here we go. This is not a good way to start a business. They’ll all be out to get me tonight,”‘ he recalled.

The favourite finished fourth, however – and Tripp said the Betr office was ‘like a nightclub’ after the race. 

He later hailed the launch as a masterstroke, saying ‘it’s been literally the talk of every pub and bar in the country’ after 300,000 punters signed up in just two weeks. 

Desperate to grab market share from rivals TAB and Sportsbet, Betr took a huge risk offering 100-1 odds on every horse – which would have backfired spectacularly if Deauville Legend had won the country’s biggest race 

Mr Tripp celebrated at his upscale restaurant Coda (pictured) after the Melbourne Cup with close friend and business partner Todd Buckingham, part owner of winning horse Gold Trip

Mr Tripp celebrated after the race with close mate Todd Buckingham, part owner of Gold Trip and chief executive of Betmakers, which provides the wagering technology for Betr.

They dined and partied at upscale Melbourne restaurant Coda, which Mr Tripp owns along with similarly priced Tonka.