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Best odds guarantee is a promotional concession bookmakers use to entice punters into betting with them, as it ensures a customer benefits from the best possible odds on a chosen bet.
This is because best odds guarantee ensures that is a punter takes an early price on, for example, a horse race. That means that the bettor will be paid out at the best possible odds for their selection, even if the starting price is greater than when the bet was made.
Best odds guarantee can also be used by bookmakers to compete with others by offering a price comparison service and present better odds to a punter if they show they have received better odds elsewhere.
Horse racing often provides a good example for the term best odds guarantee.
If you were betting on a particular race at Ascot and you selected a horse that was on offer at 8/1 on the morning of the race, it is quite common for the odds to change as the race gets closer.
If the odds on your chosen horse had drifted to 10/1 just before the start of the race and you had been offered a best odds guarantee by the bookmaker, even though you had taken the bet at 8/1, if your horse wins you will still get paid out at 10/1 which is the starting price.
In 1990, the race horse Equinoctial won a race at Kelso racecourse in Scotland at the largest starting price odds ever in the history of UK racing.
Those odds? A whopping 250/1, however, it is unknown what the early price was.