What is a Guaranteed Best Odds Promotion?
Older gamblers will know how frustrating it is to have taken the odds when placing a bet, only for their selection to win at much longer odds, or to have not taken the odds and seen their selection backed in to a much shorter price.
It caused a lot of internal angst when placing a bet and led to many people kicking themselves at taking or not taking the odds offered.
Nowadays, that isn’t such a problem.
Many bookmakers offer guaranteed best odds on several markets, which means sports betting punters no longer have to decide whether to take the odds or not when placing a bet.
A guaranteed best odds promotion will ensure that customers will receive the best price possible on winning selections.
This promotion is usually used mostly in horse or greyhound racing, when the odds can fluctuate in between the time a bet is placed and the time a race starts. Guaranteed best odds negate the need for customers to make the choice between taking an early price or leaving it to the SP (starting price), with every winning bet being paid at the best odds of the two.
For example, let’s say someone places a bet on a horse in the morning at odds of 6/1 (7.00) for a horse that’s running that afternoon. The selection receives a lot of market support throughout the day and starts the race at odds of 2/1 (3.00).
The customer didn’t take the early price, so would be left with the SP which is much shorter odds than when the bet was placed. With best odds guaranteed, the customer would be given the 6/1 (7.00) that the selection was priced at when the bet was placed as that is the best odds between the two.
It works the other way as well. If the market had been negative towards the selection, the odds may well have drifted out to say 10/1 (11.00). If the selection won or finished in the places in an each-way bet, any winnings would be paid based on the longer odds of 10/1 (11.00).