Laymans Profit is a new horse racing tipster service that is being sold through the Winning Information Network arm of the Betfan group. As the name hints at, the service is based around lay betting.
What does the product offer?
I’ve been looking at various Betfan products recently, and the company appear to be trying to diversify the tipsters and services that they employ. Laymans Profit follows in these steps to a degree by being one of the few lay betting tipsters in their employ. This is a firm contrast with the high stakes, high odds betting style that a lot of their tipsters seem to use.
Naturally, this difference in betting types does have a rather significant effect on Laymans Profit as a betting service, however most of these changes are ultimately for the better. Generally speaking, things operate as you would expect with selections issued on a near daily basis. These are sent out via email and are also uploaded to a members area. Because of how lay betting works however, it is not uncommon for selections to have odds that are too high, and therefore shouldn’t be followed.
In terms of the logistics of the service, Laymans Profit definitely errs on the low side of volume with most days producing just one bet per day, occasionally two. For those who aren’t familiar with lay betting, it is worth pointing out that you will require an account with a betting exchange of which Betfair is recommended (and is generally considered to be the industry standard). The staking plan for Laymans Profit is based around staking between 1-3 points on a bet however I would expect to be betting at the lower end of this most days.
This only really leaves the strike rate to look at, and as you would expect from a lay betting service it is very high. Over 3 months, Laymans Profit has maintained an average strike rate of just shy of 90%. This is very much in line with
How does the product work?
Winning Information Network are surprisingly open about what the selection process for Laymans Profit entails. I do however feel that I should start by talking about what a lay bet is as it is surprising how many people don’t know about this betting method. Essentially, a lay bet is a bet against something. This means that if you lay a horse, you are betting for it to finish in any position other than 1st.
These bets are undertaken through a betting exchange which does mean that you set the odds that you will pay if that horse wins (think of it as acting like a bookmaker).
There is a balance to this and the sales material for Laymans Profit is quick to point out that this can take a lot of skill to navigate successfully. In terms of the tipster behind Laymans Profit, Winning Information Network say that they look at highly rated horses which are “expected to lose” as well as price. By applying statistical analysis to this idea, selections for Laymans Profit are chosen to ensure a long term profit.
What is the initial investment?
At the time of writing, Winning Information Network are offering 2 different subscriptions for Laymans Profit. These are a monthly subscription (actually 28 days) and a quarterly subscription (actually 90 days) and are priced at £29 and £49 per period respectively. There is also an offer at the moment which allows you to trial the service for 10 days for a one time cost of £4.97, however I expect that this may be taken away I the future.
As is typical for releases from the Betfan Group, there is no real money back guarantee in place for Laymans Profit. The team do however say that they will review any requests that are submitted, and where they feel it is appropriate, refund the cost.
What is the rate of return?
Since the service launched in September of 2016, Laymans Profit has made a profit of 65.79 points. Obviously this isn’t a lot of money compared to what some tipster services can make in this period, however this overlooks the main point of lay betting which is to minimise the risk involved.
As far as lay betting services go, Laymans Profit sits pretty much exactly where I would expect and this is in many respects, a limitation of the type of bet that you are placing. The return on any lay bets (at least placed through Betfair) is 1.95 which means that you are making just under 1 point per bet as your profit.
This is compounded by the fact that when you do lose a bet (i.e. the horse wins) you can pay out a lot. For example, a lay bet chosen by Laymans Profit won the race which meant a loss of 6.33 points. When you are earning 1 point profit on each bet, this means having seven bets win in order to end up back up in the black.
The beauty of lay betting however is that seven bet winning streaks are a common occurrence. In the example mentioned above, Laymans Profit hadn’t had a losing bet in 13 before that particular loss. This all means that (as with all lay betting products) there is a very strong low risk, low yield ethos in effect. Whilst this doesn’t suit everybody, for those for whom it works, it works very well.
As far as I am concerned, Laymans Profit is one of the safest bets that Betfan have put out in recent times and I see no reason why this is likely to change in the immediate future. The fact that there are strict limits on odds goes a long way to removing some of the problems that a lot of lay betting tipsters encounter. This namely involves a 50/1 outsider that never had a chance killing your betting bank overnight.
Even the pricing is fair and at £5 a point, there is still a lot of room to make money here. With all of that in mind, I would say that I am optimistic about Laymans Profit and can see no reason why if you are willing to stick to the rules you can’t build a decent little second income.