Ladbrokes Coral Begin Best Odds Guaranteed in Betting Shops

Ladbrokes Coral Group have broken new ground this week by introducing Best Odds Guaranteed (BOG) to their betting shops throughout the UK and Ireland.

Once an online-only benefit, whereby racing punters are paid winnings at their selection’s Starting Price (SP) if it happens to be greater than the odds at which they originally placed the bet, Ladbrokes and Coral are the first high-street bookmakers to apply the popular promotion to all their outlets.

Other major bookmakers who operate on the high street, such as Paddy Power, only offer ‘happy hour’ style BOG offers in certain shops in the UK, but offer a greater window of opportunity for in-shop punters in Ireland, albeit limited to singles.

Meanwhile, the likes of William Hill are yet to introduce Best Odds Guaranteed to their betting shops in any form.

With less than two months to go to Cheltenham, one of the biggest betting turnover events in the British and Irish sporting calendar, the timing of in-shop BOG could hardly be better for Ladbrokes and Coral, who are operated by GVC Holdings.

Ladbrokes and Coral outlets will offer BOG from 8am everyday herein, with high street customers simply needing a Ladbrokes Grid or Coral Connect card to take advantage, both of which are available in store.

Move Influenced by FOBT Changes

Despite the obvious pulling power of Cheltenham 2019, the long-term motive is designed to offset expected losses from the UK government-enforced stake reduction on fixed-odds betting terminals, a company spokesman confirmed.

Gala Coral Group PR director Simon Clare said: "This is the biggest racing offer ever to hit the high street and is a clear signal of our intent as we face up to a new era for betting shops from April 1.

"There is no question a seismic change in our betting shop business is going to occur when the FOBT stake restrictions come into force.

“But we are now taking pre-emptive action with the launch of this significant betting shop offer, which will boost our horseracing business and also our betting shop footfall as we prepare for the challenge ahead."

Indeed, a new maximum stake of £2 – down significantly from £100 – for FOBT users will come into effect on April 1, the result of a lengthy parliamentary debate throughout 2018.

Lost Income From FOBT Revamp

Under the £100 maximum stake conditions, FOBTs had been generating around £1.8bn per year for the UK betting industry, which was worth up to £400m to the government in tax revenue.

The UK government are already finding other ways to recoup lost tax income from the gambling industry, such as raising Remote Gaming Duty by 6%, and bookmaking outlets are now exploring their own options to recover impending losses.

Last year, William Hill warned that new FOBT legislation would lead to their high street revenue being reduced by 45%, which would ultimately leave 38% of their outlets unprofitable.

Similarly, GVC claim around 1,000 of their shops could close as a result of the new regulations.

Nonetheless, GVC-owned Ladbrokes have earned plaudits for their voluntary £2 maximum FOBT stakes in Northern Ireland, which is exempt from the legislation change as the gambling industry there is regulated by the Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985, rather than the Gambling Act 2005.