Taking The Market By Storm - Enhanced Odds
If you know anything about betting, or happen to see any betting promotions and adverts online then you would be hard placed to have missed the latest fad to be sweeping through the betting industry.
Enhanced odds are the latest trend in bookmaker promotions and certainly mark a shift away from the traditional free bet offering that has been the dominant and often default offering in the industry. So what are they all about?
Price boosts have proven to be a big success in bookmakers marketing strategy, largely because they offer so much value to customers and secondly because they entice new customers on board to bet, whether or not the particular punter would have been interested in betting on the event in which the odds have been enhanced for.
Going one further than that, given some of the price boosts we have seen over the last 6 months these promotions even stand out to someone who may not be an overly keen bettor in the first place.
When odds are enhanced or boosted regularly over 100% from their original price they in turn move considerably in the favour of the bettor. Odds are traditionally priced to give the bookmakers a small edge and margin from which they make there money. But when odds are enhanced well above their true market value then a very advantageous situation is created for the punter.
This is exactly what enhanced promotions offer new customers and why they are proving extremely popular with both bookmakers and customers.
Bookmakers are able to attract a flock of new customers who are enticed into betting on events which offer an above expected return on their outlay. On the flip side customers are quick to notice and take advantage of these offers which create tremendous value and much larger returns on their bets than what they would usually or normally expect. In some cases these enhanced odds promotions are even offered on events which appear to offer a no lose outcome. Examples of this would be when Coral offered 3/1 on Liverpool to wear red in their last merseyside Derby game against Everton or when they offered 5-1 on Man Utd winning a corner at home to QPR earlier in the season. These promotions have a close to 100% expectation of winning and therefore rewarding the customer with a huge expected return on their initial outlay.
How do they work?
It is important to understand and make note of how these enhanced odds are presented and offered to customers. The majority of bookmakers will still display the normal/orignal price on their website for the event which they have enhanced the odds for.
If your bet wins you will in most cases be payed out your winnings at the normal price immediately upon the bet settling. The additional winnings at the enhanced price is then manually credited to your account, either as cash or as free bonus within 24/48 hours of the bet settlement.
All bookmakers tend to have similar terms and conditions to go alongside these offers and its important to take time to understand them before you take up an offer. More information about the types of enhanced bets and price boosts available can be found here, where we go into detail about the different types of offers in the market, their overall value and which offers are best fitted for you, the punter.