Bank 500 is a new to market horse racing tipster service which is operated by Ken Coleman. He claims that his selections and betting strategy can produce some pretty substantial profits.
Introduction to Bank 500
By and large, making money consistently through pretty much any sort of betting requires a long term perspective. There are a lot of reasons for this, but the long and short of it boils down to the fact that betting is still a gamble. Sure, you may well be making a much more informed decision if you know what you are doing, but that doesn’t guarantee anything. This means that even the best of the best will get it wrong sometimes.
This is important to keep in mind when you look at the claim that Ken Coleman makes for his tipster service, Bank 500. “This Powerful approach to betting guarantees FAST results and profits form Day 1!”. The operative and interesting word in my eyes there is guarantee. Because that implies that something is definitively going to happen. Of course, if following the service does mean that profit is a foregone conclusion then all the more power to Ken Coleman. That would mean that there is no point in not signing up for it, right?
Well, as you can probably guess, I’m a touch on the sceptical side here. More than most people, I can keep an open mind to the possibilities of betting. I know plenty of people who regularly profit from betting, and some that make a living from it. But none of them would make the claims Ken Coleman does about Bank 500. So, let’s dive straight into it, and see if this really is as profitable as claimed.
What Does Bank 500 Offer?
As far as tipster services go, Bank 500 is quite an interesting beast. Don’t misconstrue me, it is a long way from being unique with a lot of the methods and approaches being things I have seen before. But if I’m honest, there is increasingly less and less that is unique, simply by virtue of the time that I’ve been doing this.
So, what are you getting into here? Well, the short answer to this is a daily horse racing tipster service. Kind of. It is a tipster service that carries the potential to be daily, should I say? You see, what Ken Coleman does is he says that he will send out selections for the week until Bank 500 hits a profit of £500. This is something that becomes very important for reasons that I will discuss a little later.
We are also given a bit list of what Bank 500 isn’t by Ken Coleman. This is an interesting ploy that has a lot more to do with marketing than actually describing the service, but it looks like this:
- Risking it all on a few lay bets that look tempting (until one wins and blows your entire bank)
- Playing the long game betting on small priced favourites
- Having to deal with a string of painful losses whilst you wait patiently for that outsider to do the business
- Doubling up on your next bet in the hope that the next one comes in and pays you what you just lost…
- Trading, in play betting or anything else that requires you to be glued to your screen everyday
Now, what is interesting about this list is that (with the exception of the reference to the now almost universally accepted as a rubbish Martingale type betting strategies) every method mentioned are approaches that I’ve seen work successfully.
What you are actually getting here are a combination of straight win and each way bets. The type of bet will ultimately be dictated by the risk involved. Those longer shots will tend to be each way, whereas the more likely bets will be advised to simply be backed on a straight win basis. Bank 500 isn’t really breaking new ground here, but that doesn’t have to be a problem.
Something that is worth noting is that you don’t really get any information on what sort of odds to look out for with Bank 500. I want to talk about this more a little later on, but effectively Ken Coleman says that you should be placing all of your bets with one bookie. That of course means that you simply aren’t going to be getting the best odds. Which is a touch frustrating, to say the least.
In terms of the volume of bets that you may be placing… Well, that’s just going to vary wildly due to the nature of Bank 500. In theory, some weeks you really may be placing just one bet, whilst others could easily be more than twenty. There just isn’t a way of consistently measuring this, and I don’t think it’s a coincidence.
Whilst we’re talking about things that aren’t really measurable, Ken Coleman doesn’t really seem to have any real staking plan in place for Bank 500. There certainly isn’t any mention of it that I’ve seen. With that said, one of the (highly questionable) “testimonials” for Bank 500 shows a bet being backed at £50 with the “customer” proudly talking about how they smashed the £500 target. This suggests to me that this is about where you should be aiming to stake.
This raises a very important question in terms of just how much of a betting bank you should need. Which is of course, yet another area, where Ken Coleman simply doesn’t seem to offer advice. If I’m realistic about it, I’d probably expect to have quite a substantial bank here. My usual go to for a tipster service with no bank information is 100 point and that applies here too.
Now, what is interesting about this is that, in theory, you shouldn’t need this kind of bank. Ken Coleman says that whilst Bank 500 doesn’t hit the target every week, 88% of weeks end in a profit. This all sounds well and good, but you should note that quite importantly, there is no proofing backing this up at all.
How Does Bank 500 Work?
There are two clear elements to Bank 500. The first of these is Ken Coleman’s rather questionable approach of betting till you hit a weekly target. Now what is really interesting about this is that it sounds great on paper. It makes it sound like you’re dealing with a service that, whilst not risk averse, at least manages that risk. But honestly, that is all fallacious. Simply “locking in your profit target” doesn’t remove risk.
The other element of Bank 500 is of course the selection process. For my money, this is the single most important element. It is also the one that Ken Coleman really skips over. To a very questionable extent if I’m honest. What is frustrating about this is that there are several mentions made in the sales material to this.
Ken Coleman says that he has “developed a strategy for picking winning bets”. He says that the method is adapted to the jumps and all weather season. There is a clear implication that there is a measured approach to betting. But there is no insight that would allow you to make an informed decision as a consumer, and that concerns me greatly.
It isn’t even like you get any proofing. Ken Coleman shows his Betting Profit & Loss on some very questionable Betfair screenshots. They show you the claimed profit, but they don’t show you any bet information. This suggests to me that there is either something about Bank 500 that Ken Coleman wants to keep hidden, or that there simply isn’t any information to show. Neither is particularly reassuring.
What is the Initial Investment?
There are 3 different options available if you want to subscribe to Bank 500, each of which varies massively in terms of cost and value. The first option that Ken Coleman offers is a 3 month subscription. This will cost you £45 plus VAT, but rather interestingly, it isn’t a reoccurring payment. Something that is rather telling to me.
As well as that option, you can also subscribe to Bank 500 on a 6 monthly basis, which has a higher outlay but represents better value at just £75 plus VAT. Or finally, you can take advantage of a full 12 month subscription to Bank 500. This costs £120 plus VAT which is the most expensive, but the best value for money.
It is noteworthy that whichever option you go for, Bank 500 comes with a full 30 day moneyback guarantee. This is backed by Clickbank who are generally pretty good at honouring this, so long as you aren’t somebody who returns products on a regular basis.
What is the Rate of Return?
Now we come to the part of Bank 500 that is arguably the most appealing, and also the most questionable. In theory, you should be making £500 per week. And I suppose that sounds like a reasonable enough number if you don’t question Ken Coleman too much.
The problem that I have is that the number also lacks any real context. £500 per week could easily be anywhere from 50 points to 5 points. Using the £50 stakes mentioned in that testimonial, that still means 10 points per week. That is a very big ask. And whilst Ken Coleman does say that Bank 500 doesn’t hit this every week, he also doesn’t actually say what percentage of weeks hit that £500 target.
Conclusion for Bank 500
On the surface of things, Bank 500 looks like a decent option. It’s not expensive, it’s supposedly really quite profitable, and it comes with a money back guarantee, so you can bet on paper just to see how it works out. But I have some very real questions about whether or not it is worth even doing that.
Because really, Bank 500 is rife with problems in my book. First and foremost, there is the fact that there is pretty minimal supporting evidence that the service can actually perform. Let’s not forget that Ken Coleman doesn’t talk about his selection process, he doesn’t provide proofing, and whilst there are testimonials, they are the easiest thing in the world to compose yourself.
On top of that, there are other things that don’t quite add up. For example, Ken Coleman says that other Bank 500 subscribers have had their accounts closed over the last 12 months. The problem that I have with this is that the website for the service was created very recently. As such, I’m curious about where these previous members have been recruited from.
Furthermore, if he’s been operating Bank 500 for 12 months, why isn’t there any proofing for the service? You really wouldn’t be acting unreasonably in questioning why a tipster who is running a professional service hasn’t kept proofing. I know that every genuine tipster I have reviewed before now has done that.
Now, let’s come back to that point about performance, because this is a big one for me. £500 per week is a good number because it sounds reasonable. £26,000 per year doesn’t sound nearly as outlandish as some of the services that I look at. But it is also very important to note that Ken Coleman doesn’t provide context for these results.
I know that I’ve already touched on this, but I don’t see why a genuine tipster would want to obfuscate information to the extent that Ken Coleman does. I can only really think of two reasons and neither of them is great. Firstly, Bank 500 is based on ridiculously high stakes. For example, £100 per point would make £26,000 viable, but that doesn’t sound as good.
The second option is simply that the results have been chosen specifically because they sound good. Because if all you are looking to do is sell a product rather than actually run a bona fide tipster service, then that is what is important. That it sounds good.
With all of that said, I don’t want to say that Bank 500 is in either camp because I’m being a touch speculative. But I really do wish that Ken Coleman would come forward and provide this very basic information. Because the fact is that when I look at this as it is, all I see is a service that is wrought with risk.
And because of that, it probably won’t come as a surprise that I wouldn’t really recommend Bank 500. Honestly, I don’t believe that Ken Coleman does a single thing that I would say is in line with what I would expect from a genuine tipster service. And that casts a very reasonable doubt over… Well, everything. Because you’re taking the word of the one person who definitively stands to benefit from your signing up.
The unfortunate truth is that even the money back guarantee doesn’t count for quite as much these days. Once upon a time, services like Bank 500 might be worth following on paper, but Clickbank are slowly making it more difficult to claim a refund. And I can tell you that at any given time, they might have 12 questionable tipsters on the market. Do you really think you’re getting 12 refunds if you want to give them a shot?