Horse Racing Betting News: Bet Victor introduce ‘Guaranteed Bet’
No More Knock-Backs On The Nags
Horse racing is one of the most popular betting sports amongst UK and Irish gamblers and that popularity has seen it become a battleground amongst bookmakers who have slashed their profit margins by offering incentives such as ‘Double Result’ and ‘Best Odds Guaranteed’ (BOG) in an effort to entice new customers and keep them loyal.
But there is nothing worse than being ‘knocked-back’ and the recurrent problem of ‘maximum stake exceeded’ has traditionally seen customers leave their bookmaker, in disgust, like rats scurrying from a sinking ship.
Coral and Ladbrokes look after their shop punters
In 2013 Coral bookmakers went some way to address the ‘problem’ by guaranteeing to lay an early price on races televised by Channel 4. Their initial guarantees were extended and by the spring of this year their sister company, Ladbrokes, who merged with Coral in 2016, joined them in guaranteeing to take any horse racing bet which would lose them at least £5,000 per-customer (from 9am) on all races broadcast on ITV Racing.
Furthermore to lose at least £2,000 per customer (from 11am) on all non-televised Class 4 and above handicaps, Listed and Group/Graded races in the UK and to accept any wager that will lose at least £500 on any other UK and Irish race from 11am. However, the big caveat… the offer only applies to bets accepted in their betting shops and was not available to customers betting online.
BetVictor Guarantee a Bet
But last week BetVictor, who do not operate retail ‘betting shops’ and only run an online betting business broke new ground in becoming the first online bookmaker to offer an ‘Guaranteed Bet’ policy on all UK and Irish races irrespective of grade.
In a press release the firm explained: “As of today, when placing a single bet as normal, customers will be presented with the option of selecting Guaranteed Bet, a new market which will give customers the chance to win up to £500 on the ‘win’ part of a single bet. The market will appear alongside existing ‘extra markets’ on any race.
“Guaranteed Bet is only available on ‘win’ and ‘each way’ single bets only from 11am on the day of the race until the race starts. Thus, a £50 ‘each way’ bet on a horse at 10/1 would qualify. Both ‘First Past the Post’ and ‘Official Result’ will be paid on the market, however, BetVictor horse racing initiatives such as Best Odds Guaranteed, Run for Your Money and additional ‘each way’ place terms will not apply to Guaranteed Bet.”
BetVictor Director of Sportsbook, Matt Scarrott, added: “We are pleased to launch Guaranteed Bet, which once again shows our commitment to giving horse racing bettors the best possible value.
“We entered dialogue with the Horseracing Bettors Forum earlier this year and this project is something we have been keen to implement for a while. We believe our guarantee to include ‘each way’ bets and all race classes makes it a leading industry initiative. Once we have trialled Guaranteed Bet for a short time, our plan is to review it with the intention of increasing limits and extending the timescales going forward.”
The race is on
Within a dayBetVictor‘s announcement saw Betfair enhance the terms of their ‘minimum bet guarantee’ offer which also meant they were duty bound to accept a wager with a potential loss of up to £500 but only on Class 1 and Class 2 races.
It now seems inevitable other firms will be forced to join the race in offering to lay horses to lose a minimum sum, in the same way Best Odds Guaranteed (BOG) spread like wildfire once it landed on the conscience of savvy punters.
And therein lays the irony as if others follow BetVictor’s lead, BOG (Best Odds Guaranteed) could be exploited less and less amongst higher staking players who forfeit this offer in order to get their guaranteed bets/wagers accepted.