They are always coming up with new ways to make the betting experience more interesting and appealing, and usually this focuses around the betting itself, promotions, or website features.
Deposit and withdrawal options have always been important in terms of having a good range to suit all types of punters, but rarely has this been an area of innovation in the way that Prizeout has approached it.
Now this isn’t specific to bookmakers, but it’s relevant to this site because bookmakers are signing up.
Why? Well, if you were offered the option to get 20% extra on top of your winnings, would you take it? Thought so.
Read on to find out more.
What is Prizeout?
People who make the most of their online banking will already know that you can exchange your cash rewards for vouchers to spend at brands the bank has partnered with, and get a little bit extra on top.
Well Prizeout is almost exactly the same thing, but it can be used with a variety of different online activities such as payroll, gig economy payments, and online betting and gaming.
This means if you win £100 and choose to be paid out via Prizeout, that £100 could ultimately be worth £120 but you would have to spend it in a specific place.
Say you wanted to buy a new pair of trainers; you could choose Prizeout as your withdrawal method, withdraw your funds and get a nice little bit extra on top to put towards your snazzy new sneakers.
The brands they partner with will presumably change all the time, but they have worked with Amazon, Uber Eats, beauty brands, and loads more so far.
How Does it Work?
The withdrawal process is the same as normal really, except you have an extra step in that you need to choose your digital voucher.
First you choose your withdrawal amount as usual, then you will have to choose a voucher which can be less than the amount you are withdrawing.
The voucher for the amount and brand or marketplace chosen will be emailed to the same account registered with the bookmaker, and it will be with you in minutes so you can spend it right away.
If you have withdrawn more than the value of the voucher you chose then the rest will be withdrawn as cash as normal.
So really easy.
Which Bookmakers Use Prizeout?
At the moment, the only one we are aware of is Betfair, but this doesn’t mean that others aren’t also signed up.
If this sort of thing takes off then you can be sure it will be as widespread as Best Odds Guaranteed within a few years, and for anyone who has the opportunity to connect other types of account to their Prizeout account it’s a great way to link your funds and put them towards something specific you need or want to buy.
I would expect it to be trialled by more bookies soon, especially the bigger ones, because the arrangement must be mutually beneficial for the bookie and for Prizeout or else it wouldn’t exist.
That means that Prizeout must provide an opportunity to make or save money for the bookmaker as well as improving the customer experience, which is a win win that won’t go unnoticed for long.