The outbidding model of ethnic party competition predicts that ethnic parties adopt radical strategies to maximize support among voters of an ethnic group. In contrast, this article argues that ethnic parties have a wider range of strategies at their disposal. Integrating recent findings, ethnic party strategies are defined by the criteria of appeal and policy position as ‘static bidding‘, ‘ethnic underbidding‘, ‘ethnic outbidding‘, ‘lateral bidding‘, ‘lateral underbidding’ and ‘lateral outbidding‘. Empirically, a comparison of strategies adopted by ethnic parties competing for votes of the Hungarian and Bosniak minorities in Serbia shows variance of strategies within and across groups despite an environment conducive to outbidding and while holding institutional context factors constant. Factors causing this variance are explored through content analysis of 18 semi-structured interviews with ethnic party elites. An explanation that links strategies to parties' goals and the incentives of the structure of intra- and inter-ethnic competition is suggested for further research.