Poll results: Readers lukewarm on ‘edit bet’ tools
Just over half of voters believe ability to edit bets is a ‘must-have’ for sports betting operators
The industry is undecided on the value of bet-altering features like bet365’s Edit Bet and Ladbrokes’ Edit My Acca.
Just over half (52%) of voters on this week’s poll said that these tools are a ‘must-have’ for modern sportsbooks.
The benefits include giving customers more control over their open positions and liabilities, while also handing bookies a nice piece of margin.
For instance, an edited five-fold (swapping one selection out for another) would give operators 15 slices of margin – 5 x opening selections, 5 x cashed out selections, then another 5 x reopened selections.
It also offers an important piece of product differentiation at this point in time, with just two firms currently offering ‘edit bet’ tools.
However, there are also some potential downsides, demonstrated by 48% of voters suggesting it is not an essential product to have.
The biggest issue is likely the size of the margin, and as punters grow ever more educated, such hefty margins could turn them away from a sportsbook.
Indeed, some industry veterans have warned of promotions such as ‘Oddschecker for cash out offers’ springing up which could paint some operators in a bad light.