Ladbrokes Coral Turns To More Modern Odds GuaranteesJake Cooper | 02 Nov 2017
As a result of online gambling, the Ladbrokes Coral Group has been forced to stop offering sports betting odds shown in newspapers that are often printed on the mornings of major horse races.
The Racing Post first reported that ‘the Pricewise’ idea was first introduced back in 1987, and was implemented as a bookmaker-supported tip service for punters. Morning newspapers would publish betting odds that would be endorsed by bookies to be as close to a race as possible, giving bettors an advantage should they choose to wager on that race.
This system, however, has now fallen out of favour as the rise of online and mobile gambling and the provision of live odds have become more widespread. The UK’s largest bookmaker’s ending the practice has come as a sure sign of changing times for high street bookmakers as punters turn to the internet to get their betting fixes instead.
Punters Prefer Online Betting’s Rapid Nature
PR Director of Coral, Simon Clare, noted that these days, more feature races than ever are being assigned odds and ‘priced up’ a few days before the race takes place, and because of this, prices are constantly changing from the time they are first revealed until the actual race begins.
The guarantee to lay prices that was common for so many years has now become impossible due to the constantly fluctuating racing markets and instantly-available wagers on numerous betting websites. Many punters post their own varying odds alongside bookmakers themselves who offer the Pricewise guarantee through their social media platforms – often under the pretext of taking advantage of the offer.
Now, Ladbrokes Coral will no longer be honouring odds printed in the 8:30 am papers; a tradition which the bookie upheld for many years. The old Pricewise guarantee from Ladbrokes stated that the bookie would guarantee to re-release its published prices in Racing Post adverts at 9:00 am UK time (or 10:30 am on Sundays in shops), subject to the terms of no non-runners or changes since publication. Ladbrokes also promised to ‘endeavour to hold [those] prices for as long as possible’.
Ladbrokes Dedicated To Providing Modern Services
It is surprising to many that the practice was maintained for so long, despite its fairness making it particularly attractive to punters. Clare also added that to guarantee to lay an advertised price that was finalised around 16 hours earlier due to news print deadlines often meant that bookmakers ended up with an unfavourable market position.
From a commercial perspective, the practice is nonsensical, he noted, as well as being a hindrance to the provision of professional and modern betting services on horse racing to Ladbrokes Coral’s customers.