Industry alarm as bet365 boosts racing offer
Insiders fear a wider take-up of Best Odds Guaranteed Plus could "drive racing margin into the ground"
Several industry insiders have voiced their concern about sustainable trading practices following the news bet365 has launched a Best Odds Guaranteed Plus offer across the majority of its racing events, including every UK and Ireland race it offers win and each way prices on.
The offer, a version of which was first released by Ladbrokes, sees the firm pay out at an enhanced price should a punter’s selection win after going off at higher price than the odds taken at bet placement.
For instance, if a customer backs a horse at 3/1 and the selection wins at 4/1, bet365 will settle the bet at a boosted price of 9/2 â the next price up the price ladder. And unlike the Ladbrokes’ offer, which limits enhanced pay-outs to £200, bet365’s version has no upper limit.
The offer is designed to appeal to recreational punters but has already raised concerns about the potential impact on already stretched margins, both from existing offers and a succession of winning favourites at major festivals.
One industry source suggested the bet365 move could force others to follow suit, which would then “drive racing margin into the ground”.
“The wider implications of it for other firms, for racing and for punters is potentially quite impactful,” the source said. “Some will say it’s competition and great for punters. I can see that point of course â but it’s yet another entry in a column of costs associated with the sport and when the world’s most dominant betting force decides it wants to run with it, everyone else is under starters’ orders.”
A Ladbrokes source said the offer had been profitable for the firm while it was unique to them, but didn’t know how it might be affected should others also offer the inducement.