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Race Reader Service Review

Race Reader Service is a horse racing tipster service which is operated by Matt Mitter, the founder and CEO of Value Rater (the tipster stable). It is referred to as their flagship service.

What does the product offer?

There isn’t a lot in the way of marketing when it comes to Value Rater. As a punter, I like this streamlined and business focussed approach. It means that I can simply look through the details without being bombarded by ridiculous claims of “laser focused this” or “massive winning edges”. There are two things however that immediately jump out looking at Race Reader Service. The first is that Matt Mitter says “A long term approach”, “Best analysis on the market” and “Genuine big priced, value betting”. I can live comfortably with this as generally speaking, we are talking about the approach that Race Reader Service has. This is fine.

The second is slightly more interesting to me. Matt Mitter says that “Race Reader Service is, and always will be, our flagship service here at Value Rater”. Whenever anything is referred to as the flagship, I find that my expectations are instantly raised. This isn’t me being obtuse, but if you are going to put your best foot forward then it only seems right that it should be judged as the best. With this in mind, I am very eager to see what Value Rater CEO Matt Mitter can do with Race Reader Service. After all, this is his service and supposedly the best in his stable of tipsters.

With all of this in mind, I am quite keen to see whether Race Reader Service can come close to delivering. Based off an initial glance, there is one thing that stands out more than anything else and that is that the service is genuine. Logistically, Race Reader Service is what you would expect. Selections are issued when they are available which can mean going several days without a tip unfortunately. Given the value based approach that Matt Mitter has however, this should be expected from a quality service. The bets themselves are a combination of win and each way.

As you can probably picture from the fact that Race Reader Service doesn’t tip every day, the volume of selections is prone to being on the low side. Since the end of august, Matt Mitter has tipped just 153 bets. These can however come in groups of 3 bets in a day, only to face a 3 day drought (a very real example that I did not have to look for). What does stand out however is the odds that you are backing. The lowest odds that have jumped out at me are 3/2 however the majority are much more than this. What doesn’t ever happen is silly 100/1 horses being thrown in, seemingly for the sake of it.

There is a staking plan in place for Race Reader Service which is a level affair. It is advised that you stake 1 point on each win bet. This is pretty straight forward. What is a bit different however is that Matt Mitter recommends staking 2 points on each way bets. This can get a little expensive as there is a healthy mix of the two.

In terms of the strike rate, it is definitely on the lower side. Of 153 bets, Race Reader Service has had 113 lose. There have also been 6 none runners and 1 abandoned as well which means that effectively, 33 selections have been winners. This makes for a strike rate of 21.5% which is not terrible given the nature of Race Reader Service however it is something that concerns me.

How does the product work?

As is clear from the name, the approach, the odds and countless other little nods, Race Reader Service is a value based approach. Fortunately, Value Rater do provide a little bit more information on the selection process than that. Supposedly, Matt Mitter specialises in “better quality racing” and that he uses unique handicap ratings. This is somewhat reassuring to me as I at least have an understanding of the basis for selections. On top of this, the sales material for Race Reader Service says that Matt Mitter used to be an on course bookmaker as well as a shop manager. As such he “knows how to beat [the bookies]”.

What is the initial investment?

Value Rater provide just two options when it comes to subscribing to Race Reader Service. These are a monthly subscription and a quarterly subscription. The monthly option is available for £50 per month whilst the quarterly option is much better value at £99.99 for 3 months. It is worth noting that at the time of writing, there is also an option that provides your first month at a cost of £15. It is particularly important to keep in mind that these figures don’t include VAT which means you will pay out 20% on top of the quoted costs.

What is the rate of return?

Since it went live, Race Reader Service has produced an overall profit of 62.99 points of profit. It is recommended that you stake £10 per point. What all of this means is that you would have made around 10 points per month on average. If you factor in the subscription costs, you would be looking at around 4 points profit per month to £10 stakes (obviously there is slightly more profit to be generated using a quarterly subscription). Even the ROI isn’t stand out at 28.76%.

Conclusion

Race Reader Service isn’t the first Value Rater product that I have looked at, and whilst I haven’t seen enough to call it a pattern, there are some similarities that need to be highlighted. These are mostly based around the profit and loss and how this balances out with subscription fees. It is a point that I find is often overlooked and it certainly isn’t something that any tipster will publish in any way shape or form.

The fact that £10 stakes would produce an average of £40 per month means that following Race Reader Service barely seems worthwhile in my opinion. Especially when you factor in how much more profitable rival services can be. This brings me to my two main criticisms of Race Reader Service and they are value for money and the fact that it simply isn’t profitable enough. Sure, these are inexorably linked, but they are still important points to consider.

This is all rather disappointing as I do believe that there is definitely, for lack of a better word, potential to what Matt Mitter is doing here. His selections are making money and that is a positive that can’t be argued with, and I can’t help but feel that there is more profit potential to be had here. When you are paying a premium price for a tipster though, actual profit seems to be a pretty reasonable demand as a consumer.

In no small part I think that the results are down to the value based approach that Matt Mitter employs. There is simply no denying that it is an important part of getting the most profit out of horse racing. It does however have some innate flaws and one of them is that you can often spend a lot of time waiting for a big win to come in. When they do, your profit and loss sheet will always look good but until those wins, there are simply no guarantees.

This does bring me to a slightly bigger picture in terms of Value Raters a tipster stable. The service does still seem to be in relative infancy and as such, I feel inclined to almost offer the benefit of doubt. Both services of theirs that I have looked at have been profitable, just not profitable enough. This is more than some of the bigger tipster stables can bost of. All of this leads me to believe that with some tweaking (probably including the price), Matt Mitter could really build something,

As it is though, I have to look at Race Reader Service for what it is and not what it can be and what it is is a mildly profitable tipster service. Unfortunately, there is an oversaturation of these on the markets, many of which are cheaper. With that in mind, I don’t believe that I can really see Race Reader Service as being something that I would recommend, however I would keep Value Rater as a larger stable on your radar.

 

 

 
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From: Simon Roberts

 

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