The betting industry is more competitive than ever…and it’s good news for customers

  • Paddy Power chief says bonuses becoming more generous
  • New players reap rewards – with online casinos and bookmakers in ‘fierce competition’

There’s potentially good news for players with news that betting industry is becoming more ferociously competitive than ever, particularly with its offers to new customers, the head of Paddy Power Betfair Plc has claimed.

Competition in the market is ferocious according to Paddy Power Betfair, leading to a slew of offers for customers.
Competition in the market is ferocious according to Paddy Power Betfair, leading to a slew of offers for customers.

Breon Corcoran said that competition had become “extreme” among rival bookmakers competing for new customers, with the offers being made to new bettors becoming more and more generous.

Corcoran used last month’s Masters golf as an example – Paddy Power’s offer to pay out each way bets on the top eight finishers was thought to be an industry leader when conceived, but it was matched and even bettered by several other bookmakers offering odds on the event.

Corcoran was speaking as his company’s share price took a hit despite posting a surge in profits, with overall growth rates down, with the relative success of bettors at last year’s major racing events cited as one explanation for the difference.

Bonus wars

The bonus wars between rival bookmakers, which have overwhelmingly focused on attracting new customers, have spread out away from sports betting, too. With most bookies also offering casinos, poker and other attractions, Paddy Power is just one of several which has a range of generous bonus packages to new sign-ups for each section of the site.

All in all, it can only be good news for players – more competition means larger bonuses. In general, in sports betting, the trend seems to have moved away from large deposit bonuses to offers on individual events. The overwhelming focus on new customers, however, may raise questions on the long-term efficacy of the strategy. For now, however, it’s certainly a good time to be a player – if you don’t have an existing account, at least.

OUR VERDICT

This is how the market is supposed to work – to the benefit of consumers. While this doesn’t always happen, it is surely obvious that in a market that is thick with competition, the net result should be some keen offers for players themselves.

While some of the bonus offers here relate more to sports betting, remember all of these traditional bookmakers also have a strong online casino presence. And with competition no less keen in that sector, customers should be benefitting from some good offers, service and choice.

But this doesn’t always happen, and the best way to get around this is to take your business elsewhere. The market has a lot of choice now, and it is expanding all the time. If you’re not getting what you want from your casino, then move elsewhere, particularly if you are a loyal customer and it is the newbies that are hogging all the best offers.

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