A new betting company has launched in Australia and has already caused controversy by offering betting odds of only +100 against the market for women’s dresses.
MenaBetting.com.au started offering odds of +100 on the price of women’s dresses in September 2019, with some fans of the sport claiming that the company is trying to push down the prices of the dresses and out-compete the major bookmakers who traditionally offer odds in the hundreds or thousands.
As a result of the controversy, the Australian Securities and Investments Commission has now begun an investigation into the company.
What Is MenaBetting?
MenaBetting is a Melbourne-based startup that was founded in 2018 and is run by a team of ex-Mortensen Nelson entrepreneurs. The company launched in Australia as a legal operation in April 2019 and offers betting odds of +100 on all sorts of sports and events, as well as in-play betting, with all bets backed by expert analysts. The sportsbooks at MenaBetting.com.au are run by Lance Betting, whose background includes a variety of experience including time with the NBA, NFL, and WNBA teams, as well as with the Australian Football League.
The business is named after the famous Battle of Mena in World War I, which was the largest tank battle ever fought at that time. The battle was named after the mythological King Mena of the ancient city of Thebes, who led the Greek army to victory against the Persians and their commander, Xerxes. It is often considered to be one of the defining battles of the First World War.
Why Are People Upset About This Company?
This company has already caused some controversy by offering betting odds of only +100 on items such as the price of women’s dresses and other clothing items. In the case of the dress market, there are fans who believe that the company is deliberately trying to drive down the prices of designer dresses, as they claim that the competition in this area is getting really tough and that these kinds of odds make it easy for gamblers to place winning bets.
The odds of +100 on the price of women’s dresses are available at a minimum bet of only $100. This is much lower than the usual minimum bets of $1000 or more that are found at most sportsbooks and it suggests that the owners of MenaBetting are confident that they can attract a lot of money from people who want to back the prices of these dresses to drop.
The controversy surrounding this company stems from the fact that it is an entirely new entrant into the Australian bookmaking market and this comes with certain risks. The bookmakers are fearful that they may lose their monopoly on the Australian sports betting market, which is why they are taking legal action against the company and are calling for consumers to stop doing business with them.
Is This Company Illegal?
This company is clearly breaking some laws, as well as social conventions, by offering such outrageous betting odds. But is this something that the authorities will actually go after them for? It is highly unlikely that the Australian police will actually pursue a case like this, especially as the company is based offshore. The best that the authorities can hope for is that MenaBetting will shut down and cease to operate in Australia.
In cases like these, the Australian Federal Police normally turn to Interpol, who will then issue a Red Notice to their international counterparts, requesting help in seizing and confiscating any funds or property associated with the suspect. But there are always exceptions and it is not beyond the realm of possibility that the Australian police might actually take on a case like this one. In fact, there was a time when it was not uncommon for Australian detectives to go abroad on fact-finding missions and get involved in high-profile cases that involved organized crime or political corruption.
What About The Legalities?
It is not illegal for an Australian business to operate abroad, but there are certain restrictions that they must obey when operating in another country. The most important of these is ‘Know Your Customer’ (KYC) rule, which requires companies to obtain and verify the identity of individuals who open bank accounts and make online purchases of goods or services using a credit card or debit card.
It is often the case that companies will advertise that they are licensed in various countries, including Australia, when in fact they are not. The Australian bookmakers are hoping that the fact that they are taking legal action against the company will stop people from doing business with them and prevent any potential problems. However, it is unlikely that the courts in Australia will take a special interest in this case, as it does not appear to be breaking any laws. This also means that the fans of this company have a little more reason for celebration, as they will not have to worry about the odds of +100 on their favorite team winning.
These are just some of the things that you need to know about +100 Mena Betting. If you or someone you know has been fortunate enough to place a bet with this company and would like to share their experience with you, please feel free to contact us at [email protected].