Like a number of readers, I was intrigued that £1,000 betting bank had “rolled over to £167,267.21 in less than one year”.
But the question is: “Why does it suddenly go pear shaped as soon as you set up the website, market the product and get the punters’ £56 per month?”
Suddenly there’s not a profit to be made… Looking at the updated results pdf we see a sudden halt at 31st July 2008.
Perhaps one reader’s feedback explains the reasoning behind this lack of an update?
“The final count, during my subscription to winbetriches there has been 46 bets given out with only 21 winning, the longest losing run has been 5, but with prices for the winners max 13/8 you would, if you had backed them all been out of pocket. The place bets have been performing in a similar vein, 20 bets with 11 winners again not impressive. Since I last mailed I have actually made profit from this service as I lay all the selections I think I am about 5pts up at the last count so to £10 stake nearly covering the monthly charge!”
Hardly the news a backing service wants to hear I would suspect!
For place only, this strike rate, married with the short prices, is simply untenable. I hinted at this in my eletter. I suggested that a long-term profit cannot be made with a focus that’s purely on short priced horses to win. A look through the published results shows that by and large horses are odds on or JUST odds against.
From that perspective this makes the ‘claimed’ results more believable – and certainly achievable given that there were a maximum of about 3 in any one day.
The selections made bear a strong resemblance to price gappers. As we’ve already alluded to, win bets at these prices require consistently high strike rates.
It would seem then that just as winbetriches is launched, their winning streak has abandoned them – both in the win only and in the place only markets.
Bottom line
Perhaps there are lessons to learn here. First off, £1,000 into £167,271.21 falls into the “too good to be true category” – that’s near enough a £14K average per month!
Secondly, testimonials are conspicuous by their absence on the website. This should be a clue in itself.
More faith in the results would be forthcoming if we could get an actual view of bookmaker’s statements (which they will send out if using telephone betting) or a detailed screenshot breakdown of profit and loss on a Betfair account.
Surely prospective customers, with this kind of solid proof, would knock down the door to join.
If I was giving them the benefit of the doubt, I would say they’ve hit a bad run – which coincidentally started with the launch of the tipping service! Just bad luck? Maybe…
Alas, another service which does not live up to the alleged past returns. With the winter season upon us, it is difficult to see how they will sustain a high strike rate, or, indeed, get punters back on parity to negate their losses (and cover the £56 per month). One to avoid!