The leading online sportsbook announced it will start offering odds which reflect its own liabilities and views on each race.
Chief Executive Martin Belsham said a huge amount of bets are taken at prices derived from a handful of bookmakers on the racecourse, which is absurd from a business and risk management perspective.
“Rather than sitting back and complaining we have decided to offer our own prices which will provide our customers with competitive pricing.”
“Our prices will reflect our market position and not the combined risks of Ladbrokes, Coral and William Hill.”
Simon Clare, spokesman for Coral Eurobet, suggested it could be confusing for punters if the final show price proves markedly different from the official starting price.
“Our rivals often use marketing ploys and concessions to try and attract business and this initiative is not that different. It is not a big deal and won\’t impact on our business.”
Belsham denied the move would bring the collapse of the Starting Price system any nearer, saying the over-round margins would remain in line with the existing SIS shows.
“We’re not coming out of the SP system. There’s a review going on at the moment, and we’ll await its recommendations with interest.”
“It does mean, though, that our customers will have more choice. They can take our own prices up to the off, starting price, or the Tote price.”
David Hood, PR Director for William Hill, said: “Somebody has got to wake up and smell the coffee and the margins forced on to us by the betting exchanges are not sustainable.”
“At this stage we remain committed to the SP system as it is but introducing our own prices is something we could implement today if we wanted.”
In separate news, Coral Eurobet announced the purchase of the Brian Goodyear chain of betting shops for an undisclosed sum. This latest acquisition takes Coral up to a new high of 1,363 outlets. Goodyear said the injection of cash will allow him to develop his other business interests. In particular, he will concentrate on the launch of bgbet.co.uk.
Elsewhere, Carmen Media Group announced the launch of The Gaming Club Sportsbook’s new website.
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