News Corp-backed bookmaker Betr has been forced to lay bets with rival Tabcorp on the Melbourne Cup favourite to hedge against massive potential losses that might arise from the start-up’s aggressive promotion offering 100-to-1 odds on all runners.
Betr’s chief executive Matthew Tripp contacted several major firms including Tabcorp and Sportsbet hoping to lay off tens of millions of dollars worth of exposure to the Cup’s short-priced favourite Deauville Legend, according to four people familiar with the calls.
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Mark Di Stefano is Rear Window columnist, based in the Sydney newsroom. He previously worked at BuzzFeed, the Financial Times and The Information before joining the Financial Review as a media and tech correspondent. Connect with Mark on Twitter. Email Mark at mark.distefano@afr.com
Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
