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Its even more effective — usually — to just take the better offer and leave. OP - you owe these people nothing.

In my case I preferred my current employer despite some more money from the other.

A major school of thought is that as soon as someone goes to the effort of getting another job offer, they've psychologically checked out, so you might as well let them go.

That's definitely what I've seen happen most.

It is a silly school of thought though. The same school of thought can also be found recommending to not give raises to their most loyal employees.

I did this once got the raise etc. The director at the time voiced the opinion that in general people leave anyway in a year or 2 time. I did leave in 1.5 years .