Coral this week launched a new range of horse racing markets with the aim of delivering greater choice to its online and telebet customers.
This new range of markets includes a ‘Win Only’ market, featuring decimal prices, that offers consistently better odds compared to all other fixed odds bookmakers. This market will be available for all races from midday each day up until the start of each race, and is signified by a green tick on the coral.co.uk racecard, an image that will also be used in marketing the new product. Coral expect the majority of horses in every race to be available at bigger prices ‘Win Only’ than the standard ‘Win/Each Way’ prices offered by bookmakers.
The package of horse racing markets, which is available via coral.co.uk and Coral telebet, also includes ‘Place Only’ betting, featuring decimal prices, and customers will be able to place multiple bets on both the ‘Win Only’ and ‘Place Only’ markets.
The new package of markets are completed by a ‘Betting Without The Favourite’ market, and a dedicated ‘Best Price Guarantee (BPG)’ market, with the concession removed from the traditional ‘Win/Each Way’ market, allowing Coral to bet more competitively and aggressively on this core market.
Coral has also taken a more logical approach towards non-runners on the new ‘Win Only’ and ‘Place Only’ markets, applying a new ‘non-runner adjustment’ rather than the old, imperfect Tattersalls Rule 4 system (that will still apply to the main ‘Win/EachWay’ and BPG markets). The Coral ‘Non Runner Adjustment’ is based on the ‘Win Only’ odds available on all the runners in the race, at the time the bet was struck, and a more detailed explanation of the calculations is available on the coral.co.uk homepage.
These new horse racing markets have traditional bookmaking and compiling at their core as they are based on Coral prices and trader opinions, but are supported by more modern technologies through an API from Global Betting Exchange to ensure that prices do not stray excessively out of line with the betting marketplace. This technology also enables Coral to deliver customers faster and more accurate pre-race shows without impacting on the theoretical margin.
“At the heart of this new racing offering is our new ‘Win Only’ market which will offer bigger prices on the majority of runners in every race every day compared to all other fixed odds bookmakers. We have branded this market with a Green Tick and on the website when the customer sees a green tick next to a horse’s name, it is a guarantee of a bigger ‘Win Only’ price,” said Simon Clare, Coral PR & Trading director.
“Betting has modernised rapidly in recent years with the growth of the internet, the arrival of exchanges, betting on mobile phones, etc and perhaps it is time for horse race betting to modernise too. The Rule 4 mechanism is fundamentally flawed and our ‘NRA’ is a more logical calculation. We can offer customers much better prices on their win bets by offering ‘Win Only’ odds rather than being constrained by having to lay each way bets at the prices. And why should customers have to place a fixed odds win bet when all they want is to back a horse to place? Our place only market gives customers that option,” said Clare.
“This is about giving horse racing customers a greater choice of markets to bet on and better value on their chosen bets, but the proof of the pudding will be in the eating. By listening to customer feedback and monitoring their behaviour on the website, we will evolve and improve this new racing betting service as we go”, added Clare.