About Enhanced Odds Offers
In order to compete with each other in a very crowded market, the betting industry is always looking for new innovations in order to entice customers in. In recent years we’ve seen cashback deals, live betting and more but the latest developments can potentially offer us the best value of all. Enhanced odds deals are widespread these days and in some cases the lift in prices is quite extreme but why would a bookmaker look to give away promotions like these on sporting events where, in the main, the outcome is almost a certainty?
The Mechanics of Enhanced Odds Offers
Firstly, let’s consider how an enhanced odds offer actually works: As an example, a bookie might take a game from the Premier League such as Chelsea v Hull City and increase the price on Chelsea, who will be a heavy odds on favourite, to win the game.
Terms and prices may vary and a bookmaker such as 888Sport may take that odds on price and, under the enhanced deal, it would shift to around 7/1. Here, the maximum stake would be £10.00. Elsewhere, Coral might increase that figure to 25/1 but in this instance, you could only bet £1.00 on Chelsea to win.
Either way, that is potentially a lot of money to give away – £70.00 for 888 and £25.00 for Coral but is there a catch?
Terms for Enhanced Bets
Naturally, the terms of any betting bonus will be different depending on which bookmaker you are using and you should always read all of these to make sure you are completely happy before proceeding. However, there are some general rules that apply to all enhanced odds offers.
The deals that we have mentioned above are for new customers so if you already held an account with that specific bookie, you would not be able to access them. Another general rule is that the operator will typically pay any profits at the book price straight back into your account but the balance will then appear as free bet tokens, up to the enhanced figure.
However, this can still be a good deal if you were to receive around £60.00 in free bet tokens and were to land a winner with them so there is value. The question is, what’s in it for the bookie and why do they quote such generous price boosts.
Long Term Thinking
One bookmaker has said that the idea behind the new customer promotion is to attract the casual punter; someone who has an interest in the game in question but may not have been considering placing a bet until they see details of the offer. If they sign up via that landing page then the bookie has a brand new customer that they may not have landed via the generic promotion.
It was also said that the enhanced odds promotions are ‘of the moment’ so you have to act fast in order to claim them before they disappear while the standard offer is always there and may not inspire that casual punter to act immediately.
Once that casual player comes on board, it is obviously up to the operator to keep them onside and to retain them as a long term customer but the enticement of the long odds offers has given them a chance to do just that.
Other bookmakers, such as SkyBet and Winner Sports, offer a completely different kind of price boost that is aimed at existing customers. These can be published on a daily basis and will be much smaller, shifting the price by less than one point in some cases.
However, the real benefit of these deals lies in the fact that they are much easier to access and some would say that the terms are more favourable. Essentially, while there may be standard limits under general rules and conditions, the maximum stakes that you see for new players are taken away.
So, if you have the money in your account to cover it, you can stake what you want and better still, if there are any profits then they come back to you as a straight payment into your account so you don’t have to worry about free bets and their terms.
With this type of deal, the bookmaker is just trying to spark a bit of interest and give some extra value to their players. The points boost isn’t much so they won’t lose heavily if you win but it’s just a nice incentive to keep people playing on a more regular basis.
Whether it’s a big deal for a new customer or a smaller promo for existing players, the enhanced odds offers are here to stay and they are bringing great value to the whole betting community. We will look to preview the best of these deals so keep reading and find out where the better price boosts can be found.