Bet365 launched a new horse racing betting feature ahead of the some key Ascot fixtures last weekend, ‘Position Payout’, with plans to apply the product to other sports.
The new product has taken a spin on horse racing betting by allowing customers to bet on which place the horse will finish in rather than whether it will win the meeting.
Odds are offered per place – first, second, third, fourth etc – with the size of the payout corresponding to where the horse finished in a race. Bet365 states that the feature serves to reward places rather than just wins.
This essentially comes across as an extension of the traditional Each Way format of racing betting, while throwing in an element of the ‘Sub On Play On’ football feature introduced earlier this year.
The bookmaker’s Racing Expert, Pat Cooney, added: “The brand new way to bet on horse racing, it’s amazing to see bet365 taking such innovative strides with the launch of Position Payout.
“While sometimes each-way terms can be difficult to understand, Position Payout couldn’t be simpler. The higher your horse finishes, the higher your payout. With prestigious meetings at Goodwood, Galway and York in the coming weeks, we’re excited to see our customers take advantage of our brand new product.”
A ‘milestone product’ says bet365 CMO
The product was rolled out across bet365’s UK, Irish and Australian platforms over the weekend, coinciding with the King George VI and Queen Elizabeth Stakes at Ascot on Saturday 25 July.
This will have been particularly significant for British and Irish punters, with Ascot fixtures followed closely by horse racing fans, while the Royal Ascot meeting in June sits alongside the Grand National, Cheltenham Festival, and Epsom Derby as one of the biggest events on the racing calendar.
As previously mentioned, the product has some similarities to the ‘Sub On Play On’ feature introduced for bet365’s football markets – this product itself being a variation on Paddy Power’s ‘Super Sub’ and William Hill’s ‘Impact Sub’.
In the event of a substitution, the Super Sub feature sees a punter’s bet on the player being sent off transferred to whoever the said player’s on-pitch replacement is. Position Payout follows a similar theme by diversifying the ways bettors can wager on racing.
Additionally, bet365 states that it plans to roll the product out across other sports.
It could be assumed that greyhound racing and motorsports would be the easiest sports to apply this too, although the formula could also be applied to golf e.g. where a player in The Masters will finish, or outright football markets, like where a given team will finish in the 2025/26 Premier League table.
Neil Fairweather, bet365’s Chief Marketing Operations Officer, said: “Reflecting our commitment to horse racing and our dedication to innovation, Position Payout delivers a premium betting experience for our new and existing customers.
“We are confident that this milestone product launch will not only support casual horse racing bettors but also offer an alternative option for our more avid horse racing fans.”
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