Betr ends $101 Melbourne Cup odds on two favourites

New bookie Betr has issued an odds update to its Melbourne Cup futures market after a surge in demand for its introductory offer.

MELBOURNE, AUSTRALIA - NOVEMBER 02: James Mcdonald riding #4 Verry Elleegant wins race 7, the Lexus Melbourne Cup during 2021 Melbourne Cup Day at Flemington Racecourse on November 02, 2021 in Melbourne, Australia. (Photo by Quinn Rooney/Getty Images)

New bookie Betr has issued an odds update to its Melbourne Cup futures market after a surge in demand for its introductory offer ahead of next Tuesday’s race, punters.com.au reports.

“Due to the unprecedented number of bets placed on Deauville Legend and Loft over the past two weeks, Betr has had to revise the odds on those two runners from $101 to $10, effective immediately,” Betr said on Thursday afternoon.

Betr chairman Matt Tripp said “punters have spoken and put their weight behind these two horses in numbers we’ve never seen before”.

“We will see on the day whether it is more than a two-horse race,” Tripp said.

“The good news for punters is that the $101 odds are still available on all other Melbourne Cup runners.”

Betr’s Melbourne Cup futures market remains subject to a $10 maximum bet limit and is open until the barrier draw at 5pm on Saturday.

The newly formed bookmaker launched in early October ahead of The Everest and Caulfield Cup race meetings.

Betr, headed up by wagering mogul Matt Tripp and chief executive Andrew Menz, is backed by an ownership group including News Corp Australia and Las Vegas-based Tekkorp Capital and is powered by Betmakers Technology Group.

In the countdown to the bookmaker’s highly anticipated launch, Betr chief executive Andrew Menz said the start-up entered the always evolving market with ambitious objectives.

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Betr CEO Andrew Menz. Picture: Jake Nowakowski

19/10/22 - Betr CEO Andrew Menz (left) and chairman Matt Tripp during the launch of new racing app Betr. Aaron Francis / The Australian

“We make no secret that our ambition is to grow market share rapidly in what’s an extremely competitive market,” Menz said.

“And we’ll achieve that by putting the customer at the forefront of everything we do with the offering of compelling products and competitive odds.

“The brand we are building is one that stands for the punter. Racing is an industry but at heart it’s a sport and we want to celebrate the broader racing community and the great stories it generates.

“For the business it’s really symbolic that we are launching the week of The Everest which has really resonated with the under-35 sports fan that enjoys a punt and a good time.

“To be in front of that younger, more dynamic and forward thinking audience is really important to the brand we are building at Betr.”

A new bookmaker, Betr, will launch in Australia next week. News Corp Australia is an investor in the company.

To be successful in the wagering ecosystem, Menz reverts back to focusing on the levers of brand, product and promotions which remain a constant in a rapidly changing market.

“Your product, promotions and brand are critical,” Menz said.

“I’m hugely excited about our racing products and love the way we’ve been able to integrate content and tips and bring the punter along on the journey.

“Our sports offering is probably six months away from being where we want it but being in the heart of the racing season it has been our prime focus to get that right ahead of going to market.”

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Originally published as Betr ends $101 Melbourne Cup odds on two favourites