BetVictor introduces blanket £500 racing MBL
New lay-to-lose guarantee applies to all UK and Irish racing, regardless of grade
BetVictor has introduced a new guarantee to lay all bets to lose £500 on every UK and Ireland horse race – regardless of the grade.
The offer will kick in for 11am on the day of the race, and will also apply for each-way bets.
The so-called Guaranteed Bet option will appear alongside existing ‘extra markets’ on any race, albeit with reduced odds on “very bad each-way races”.
Both First Past the Post and Official Result will be paid on the market, but offers like Best Odds Guaranteed, Run for Your Money and additional each way place terms will not apply.
The firm said Guaranteed Bet is also available to customers that have previously held BetVictor accounts, subject to evaluation.
BetVictor’s director of sportsbook, Matt Scarrott, said the firm would be trialling the offer for a short time with the aim of increasing limits and extending the timescales going forward.
“We are pleased to launch Guaranteed Bet, which once again shows our commitment to giving horseracing bettors the best possible value,” Scarrott said.
“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.”
The offer on all UK and Irish racing is more wide-ranging than previous minimum bet liabilities (MBLs) from William Hill and Betfair, although the latter two firms have been extending it in recent weeks.
Our #Betfair £500 Minimum Bet Guarantee is being extended across this week's busy racing schedule, will apply to ALL races across 9 tracks. Full details here: https://t.co/E7piAPtKzS – @HbfBritain @RacingPost pic.twitter.com/makmRUfLQ9
— Flutter plc (@FlutterPLC) August 20, 2018
In approximately 11 weeks since launching the racing MBL, William Hill said it took an extra £5m in stakes, with the firm holding around 1.5% of that for a profit of £75k.
HBF Chairman Matt Bisogno added: “For the first time with a major operator, punters will be able to back any horse to win a minimum of £500 regardless of the class of race. Having discussed a number of issues with the team at BetVictor earlier in the year, HBF was heartened by their commitment to a fairer betting environment.
“Of course, actions speak louder than words, and today’s announcement is an extremely positive step forward for British and Irish racing bettors as well as a palpable demonstration of BetVictor’s commitment.
“HBF believes the Guaranteed Bet provision represents a forward-thinking approach, and we further hope it encourages other operators to enhance their offering to horseracing bettors.”
Read EGR’s recent analysis on how MBL’s are offering marginal gains for operators, here.