Racecourse PR Stunt Backed by Sports Insurance Broker19th November 2009 8:50 am GMT
Using both insurers and bookmakers to negotiate the best value to cover the cost of success bonuses and sales promotion, the recently launched sports insurance broker Hedgehog Cover together with Cheltenham Racecourse refunded all advanced ticket holders for last Saturday's Paddy Power Gold Cup after Irish-trained favourite Tranquil Sea lifted the prize.
Cheltenham had launched a promotion in September, offering advanced ticket holders a full refund if any Irish-trained horse won the race for the first time since Bright Highway in 1980.
After Tranquil Sea won the race with ease, advanced ticket holders were refunded in full by Cheltenham together with Hedgehog Cover, launched earlier this year by Nick Pocock, who had previously helped to set up the sports spread betting company Sporting Index.
Hedgehog Cover arranges legally enforceable financial contracts with insurers and bookmakers which cover the cost of success bonuses and sales promotions, linked to results of sporting events.
"The concept of retail promotions based on the outcome of sporting events is not new, but as we use both insurers and bookmakers we can offer far more competitive pricing for our customers," said Nick Pocock, Hedgehog Cover's Managing Director.
"Cheltenham wanted to do something different and it's great when a plan like this comes off. There has been some excellent media coverage and I'm sure that more racecourses and sports clubs will consider similar style offers in the future."
Andy Clifton, Communications Director at Cheltenham Racecourse, said that within five minutes of the horse passing the post, the offer had been mentioned on terrestrial TV - Channel 4 racing, national digital channel Racing UK, national radio stations and countless other local outlets, as well as also making the national press on the following day.
"Our money-back offer for an Irish horse winning the Paddy Power Gold Cup created some useful PR when it was launched and provided a great story when Tranquil Sea coasted to an easy victory on the big day," said Clifton.
"In these days of customers being more and more careful with their money, Hedgehog has helped us to enhance our reputation for doing things a little bit differently and provided great value for customers."