BetVictor Becomes Latest Bookmaker to Amend Best Odds Guarantee
BetVictor has joined the ranks of Paddy Power Betfair and William in restricting their Best Odds Guaranteed offer. The bookmaker will now allow customers to take the promotion form 9 am on the day of the race rather than overnight.
Paddy Power Betfair and William Hill were the first to make a move in reducing the benefits of this long-running offer. William Hill recently restricted the promotion further. Moving the start time from 9 am to 10 am on the day of the race.
It seems very unlikely that BetVictor will be the last to impose restrictions on the Best Odds Guaranteed offer. Operators have felt the squeeze of an increasingly consolidated market and tightening regulations are hitting bookmaker’s bottom lines. The gambling companies increasing their focus on implementing safer gambling measures is also impacting gambling yield.
The betting market in the UK was one of the main contributors to a fall in the gross gaming yield for remote operators the first time. A drop of 10%, the main markets hit were football £991.20m (down 4.54%), golf £14.21m (down 2%), horses £552.06 (down 15.03%), tennis £120.72m.
Only two sports saw an increase in the gross gambling yield; cricket revenue increased from £31.65m to £37.16m, which is a rise of 17.40%. Dog racing increased from £55.06m to £56.66 a 2.9% growth rate on the previous years’ numbers.
It is the15.03% drop in racing revenues, alongside potentially expensive wrangling over streaming costs that will have added pressure on the BetVictor to follow its rivals suit. The industry, in general, is bracing itself for what has been described as a “horrendous” spike in racing streaming costs. The Racing Partnership, which manages streaming rights for 35 tracks, wants to move from a fixed-rate model to a turnover of the revenue from the races.
If the bookmakers accept these terms, the cost per stream could chance from pence to many thousands, especially for the high-profile events. Adding pressure to the already tight margins that some bookmakers are facing.
This is not the first time that the bookmaker has changed a promotion to offer less favourable terms to its customers. The company faced a public backlash after a punter won £486,000 on a Lucky 31 bet. In response, BetVictor cancelled the availability of the bet type. Popular with punters, the Lucky 31 carried a 20 per cent bonus, earning the bettor an extra £81,000.
Initially, the company withdrew the product entirely, stating that offering promotions, coupled with the concessions and bonuses on ‘Lucky’ bets, have made it unsustainable. However, mostly driven by a furious reaction from some of their customers, BetVictor reinstated the offer. They, however, removed the 20% bonus element and capped winnings.