Racing Goldmine (Final Update)

| May 31, 2019 | Reply

ALL UPDATES IN BOLD

Product Name:

Racing Goldmine

Company Name & Contact Details:

Betfan Limited,
Suite 1, Scotts Place
24 Scotts Road
Bromley
Kent
BR1 3QD

Email contact is via the “Support” page on the website.

Price:

There are a number of different subscription options:
£19.00 plus VAT = £22.80 every 7 days
£57.00 plus VAT = £68.40 every 28 days
£160.00 plus VAT = £192.00 every 90 days
£271.00 plus VAT = £325.20 every 6 months

Money Back Guarantee:

No. Betfan’s terms and conditions state that subscriptions are generally non-refundable but that every request for a refund will be reviewed and if they feel a refund is warranted it will be granted.

What Do You Get?

Multiple (two or three) selections in the same race, all backed at one-point flat stakes to win. Expect between two and five races to be covered most days. Selections are sent the evening before racing.

Where to Buy:

https://members.betfan.com/services/racinggoldmine/

How Much Money Do I Need to Get Started?

A starting bank of 200-points is recommended for this service.

How Much Money Can I Make?

The Racing Goldmine webpage shows a profit of 370.45 points between September 2017 and March 2019, an average of 19.5 points per month. However, the range of monthly performance is between -65.5 points and +78 points.

How Much Time Will I Need to Make This Work?

This will vary with the number of races covered on any given day. However, all selections one-point win bets and so there is nothing complicated about the staking plan. The bookmaker offering the advised odds for each selection is given and can vary across every horse. All told, a maximum of 15-20 minutes should be enough to get all the bets placed with the best prices on offer.

Will I Need Any Equipment to Do This?

A laptop, PC, tablet or smart phone with internet access and access to a range of online bookmaker accounts.

Value for Money?

As always, I will defer a comment on this until the end of the review period. At almost £70 per month this service is at the top end of the current market in terms of pricing and, although we saw profits in the second and third months, a loss over the period of the review means I cannot award a VFM pass based on our trial.

Quality of Customer Service?

Has the support of the Betfan platform. Requests for support are made via the support ticket system on the website. I have always received a quick and professional response when using the Betfan support system to set up reviews.

Review

Racing Goldmine joined the Betfan platform in September 2017, and according to their statistics on the website has amassed members 370.45 points profit up to the end of March 2019. That equates to an average of 19.5 points per month. However, the last two months have ended in a loss and March looks likely to follow suit as I write this.

The basis of the service is backing multiple horses in the same race, usually two or three selections per qualifying race. To qualify as an opportunity the race must offer the author two or three value picks at decent odds. The average odds of all selections runs at around 9 or 10/1. Individual selections can be as low as c.5/2, but can equally as easily be 20/1+.

There are between two and five qualifying races on most days, and an average month will have around 260 selections in total.

This is not a true “dutching” approach as all tips are backed as one-point win singles. Therefore, the returns will vary depending which selection (if any) wins the race. In a true dutching scenario the stakes would be adjusted so that the return is the same regardless of the winning selection. This does mean though that there is nothing complicated in the staking plan and no need to do any dutching calculations.

The email arrives the evening before racing, usually between 20:00 and 22:30, but selections are also available in the members’ area of the website and via the Betfan app.

In the last week Betfan have changed the design of their emails from the previous “boxed” layout to one which now incorporates the silk colours for the selection and separates the individual selections by the use of bandings of different shades of grey. I must admit that at first, although liking the inclusion of the colours, I found the email harder to read than previously. However, having used it for a few days now and getting more familiar with it, it actually works ok.

** As I finalise the review on 31st May, this service is currently closed to new members. **

Results – Month 1 (28 February to 27 March 2019)

The first month of the review started with a good sprinkling of winners and the cumulative position tracked along between a small loss and a small profit. With five days of the period remaining we were sitting on 1.84 points profit. Unfortunately, the last five days produced 41 selections and just one relatively short-priced winner. The result was a final loss for the month of 32.66 points.

The overall strike rate for the month was 10.67%, which is probably a couple of points down on where it needs to be for a successful month. However, given the volume of selections and the average odds involved, that couple of points makes a huge difference to this service.

The average odds of all the selections was 10.05 (c.9/1), so well in line with expectations. The average odds of the winning selections was much lower though at 7.33 (between 6/1 and 13/2). This will also have had an effect on the overall result for the month.

Results – Month 2 (28 March to 27 April 2019)

A much busier month in terms of selections with over 50% more than month 1. Of the 257 selections, 31 were winners, a strike rate of 12.06%. However, given that there are on average three selections in each race, this equates to finding the winner in approximately a third of the races covered.

Not only was the strike rate up on last month, but the average odds of all selections was also higher and, more importantly, the average odds of the winning selections was also over a point up. The prices of the winners this month averaged 8.5 (c.15/2).

Overall the profit for Month 2 was 7.75 points. Betting at £10 per point stakes would just have covered the cost of the monthly membership, leaving less than a tenner net profit. At £50 per point stakes the net profit, after deducting the cost of membership, would have been £319.10. The Return on Investment of 2.89% nets down to 0.33% and 2.37% at £10 and £50 per point respectively (after including the membership costs).

Despite the improvement into profitability for the second month, the overall position is still a loss of 24.91 points. This is compounded further by the cost of the subscription and means that the financial loss after two months at £10 per point stakes is £385.90 and at £50 per point is £1,382.30.

Results – Month 3 (28 April to 27 May 2019)

After last month proved to be very busy in terms of the number of selections, this month went totally the other way with just 78 selections, well down on the monthly average. However, this produced the best monthly performance we have seen with a profit of 16.25 points generated. This wasn’t quite enough to completely wipe out the losses from Month 1, but did reduce the overall loss for the review period to 8.66 points.

Although the strike rate of 12.82% (10/78) was only marginally up on last month, it was accompanied by an increase in the average odds of the winning selections by almost a full point to 9.43 (c.17/2). This was helped by winners at 20/1, 16/1 and 12/1 during the period. Indeed, Polished Steel (20/1) was one of three winners from four races on 2nd May which saw us sitting on over 30-points profit at that point. This increased to almost 40-points following Major Valentine’s win at Chepstow on 14th May, before a barren run stretching over 11 days and incorporating seven races saw 20-points wiped off the profit. One short-priced winner from two races on the final day of the review saw the final profit settle at 16.25 points.

The final loss of 8.66 points for the three months is not excessive and made little impact on the betting bank, but taking into account the cost of membership, the financial loss at £10 per point would be almost £300 and at £50 per point almost £650. These figures would be lower if you were using a longer term membership option.

 Summary at End of Month 1

Although this wasn’t the best of starts for the review, historic results* tell us that this level of loss can easily be recovered in a good month. We wait and see if Month 2 delivers just that.

Summary at End of Month 2

A step in the right direction which maintains the opportunity to turn the review around with a good final month.

Summary at End of Month 3

We ended the review on a positive note with the final month producing the best result of the three. It was also very close to the monthly average for this service and suggests that a longer look might be justified.

 

The full list of results for the review period can be found here.

* – Reference to figures from outside the review period are taken from our partner Tipstars.

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