Patent Pete is a new to market horse racing tipster service which is operated by the eponymous Peter Philips. As the name suggests, the service is based around betting on patents and claims some substantial profits.
Introduction to Patent Pete
I don’t think that there are many people who would argue with the fact that betting small amounts and producing huge amounts of money is an attractive idea. If that could be achieved with any sort of regularity, you would undoubtedly have the tipster service to end all tipster services. And probably not surprisingly, given this, I see a lot of tipster services that claim to capitalise on this by claiming that they have achieved just that. Unfortunately, I haven’t seen many conclusive examples of this being the case.
Patent Pete is a new service that claims to be able to deliver on this this. Peter Philips actively talks about the fact that his selections offer “REGULAR PROFITS From LOW Stakes”. A statement that is taken directly form the headline of the sales page for the service. Obviously, this is all pretty exciting stuff. Especially when you look at what exactly the potential of this profit actually is. Make no mistake, if you buy into the claims made, this is a very big money service.
Of course, it is incredibly easy to make these kinds of claims for a tipster service. God knows, Patent Pete certainly isn’t the first service that I’ve looked at (nor will it be the last) that makes these kinds of statements. The real question here in my mind is a simple one. Can Peter Philips actually deliver on said claims? This seems like the kind of thing that should have an obvious answer. Especially when you start to look at the “betting slips” that are provided. However, I am not convinced that it is all technically quite this simple.
What Does Patent Pete Offer?
In many respects there is a hell of a lot to dissect when it comes to Patent Pete. There are a lot of different statements made pertaining to what you are getting into. Some of these are straight forward, some of them have much more nuance. But the fact of the matter is that however you want to paint it, Peter Philips is a pretty straight forward affair in my eyes.
Now, the first thing that jumps out at me when looking at Patent Pete is an offering is a list in which Peter Philips is very adamant about what the service isn’t and who it will not work for. This includes those looking for a get rich quick scheme, expect winners every day, and anyone who isn’t willing to give it a god “for at least a month”. It is quite important to me to establish these statements because I will be referring back to them a little later.
In spite of these rather elaborate statements, the fact of the matter seems to be that you are getting into a fundamentally quite simple affair, with a few small exceptions. One of the main ones being that Patent Pete rather interestingly simply runs from Monday to Friday. Peter Philips makes no effort at all to explain the reasoning for this however. It simply is.
Logistically, this is all probably what you would expect. As is pretty much industry standard at this point, selections are sent out directly via email. These typically arrive before 11pm, unless there are no selections available. Then, we are told, you will receive an email as early as possible. Unfortunately, however, the content of these emails is a bit minimal.
This is a bit of an issue in my mind, especially for those who are looking to get the best possible value from bets. Because a lack of guidance on odds can make it hard to know what you should be looking for. This is particularly notable with Patent Pete because of the fact that it deals exclusively with patent bets. A bet type that most odds comparison websites don’t really cover. As such, if you wanted to squeeze the most out of Peter Philips’s tips, prepare to put in the work.
Fortunately, the low volume of bets go some way to making this a possibility, if you were so inclined. Each day produces just one patent bet, something that is frustrating to me as the sales material for Patent Pete erroneously refers to it as being capped at “no more than 3 bets per day”. Whilst there are three selections you will receive from Peter Philips, they have to be counted as 1 patent bet, or 7 individual bets (3 singles, 3 doubles, and a treble).
As you might expect from a bet bringing all of this together, when it all comes in you get some huge odds. For example, we are shown that on the 25th of February, a £7 stake saw returns of £1,484 across all bets. This means an eye popping return of 211/1. Admittedly, this isn’t the norm (other patents have produced returns of less than 13/1), but it does highlight the apparent potential.
This also begs the question of how you calculate your stakes and betting bank. All of Peter Philips’s bets are “proofed” to £7 staked on each patent, or £1 each on the individual bets. This typically works out at a required betting bank of £140 for each month (or around 20 points as I would calculate it). This is a remarkably low betting bank in my eyes.
Peter Philips however seems to believe that it should be more than enough for you. An idea that appears to be steeped in the fact that Patent Pete has an average strike rate of some 46.5% (based off a claimed 2 months of betting). A very high number that, whilst not winning “every single day” is still much higher than I would expect to see from a service of this nature.
How Does Patent Pete Work?
When we talk about how a tipster service works, there are a lot of different things that should be discussed and considered. In the case of Patent Pete specifically, there are a few things that it comes down to. Firstly, there is the idea that is leveraged so many times in the sales material. This is that idea that bringing together bets into a patent is, in some way, a superior option to ant other sort of betting.
Whilst there is some subjectivity to this, I am never certain that objectively, lumping bets together necessarily makes them better. The fact of the matter is that whilst it will drastically increase the returns that you receive, this is always offset by increased risk. As such, it is hard to definitively say that there is a pay off in terms of risk vs reward.
What is infinitely more important in discussing how a service works is simply how a tipster is finding their selections. For my money, it is the single most important element. Not to put too fine a point on it, but if there isn’t a decent system for picking horses with Patent Pete, then there isn’t much point in backing selections on any basis. And probably not surprisingly, Peter Philips doesn’t actually talk about this selection process.
Nor is there really any proofing that you can use to get any sort of gauge for the longer term profitability of Patent Pete. All that we are shown are a few examples of supposedly winning betting slips. Of course, this lacks a lot of the context that allows you to make an informed decision about what you are getting into. It also only further casts doubt on all of this in my book.
What is the Initial Investment?
At the time of writing there are two options available if you want to sign up to Patent Pete. The first of these provides you with access to Peter Philips’s selections up until the end of April 2021. This is priced at a one time cost of £30 plus VAT. Alternatively, you can sign up to Patent Pete until the end of June for the marginally increased cost of £45 plus VAT.
It is worth noting that whichever option you choose to go for, Peter Philips does provide a full 30 day money back guarantee. This is mentioned, although, somewhat in passing in my opinion. What is really important to keep in mind about this is that because payment is handled via Clickbank, you shouldn’t have too many problems claiming this if you want/need to.
What is the Rate of Return?
Honestly, there is one reason more than any other as to why a tipster may catch your eye, and that is profit. And with Peter Philips boasting of Patent Pete making a profit of £1,477 in a single day, it is hard to ignore. As is the claim of a profit of £4,006.36 so far in 2021. That isn’t bad going at all, right?
Well, I feel the need to put this into some sort of perspective. Firstly, let’s show that as a points profit. Using £7 as 1 point, Patent Pete is currently 572.33 points up. Or at least, it was by the end of February. Because very conveniently, Peter Philips has failed to update any results since the service actually launched. Furthermore, this would mean that the service has produced more profit in 2 months than even reputable tipsters make in 2 years.
Conclusion for Patent Pete
It is very easy to get carried away when it comes to looking at tipster services like Patent Pete. Those results, no matter how you want to dress it up, look bloody good. And let’s be honest, Peter Philips isn’t really asking a huge amount of money for it either. If I remove everything I know for a minute and ask if £30 is worth a punt on something that might make me £2,000 a month betting £7 a go. I might be inclined to say yes to that.
Of course, I am not in a position to remove myself that much, and because of that, it is hard to see anything but the myriad of problems that exist with Patent Pete in my mind. Now, I know that I’ve talked about them already, but I want to just summarise and bring things together a bit here. Because it is easy to get caught up in the excitement.
The blunt fact of the matter is that before I get to anything else, let’s not forget the fact that Peter Philips doesn’t really provide any evidence that really backs up his claims. Sure, there are a few betting slips provided, and if I didn’t know differently, I may be inclined to add weight to these. But unfortunately, this just isn’t something that I tend to consider legitimate.
But even if one did hypothetically choose to believe these to be entirely above board, all that you are seeing are 19 winning betting slips. You’re still taking Peter Philips’s word on the context for them. So again, you still aren’t really being given the full picture there. Which once again raises the question of why you’d want to put a lot of weigh behind this.
This whole point about simply taking Peter Philips’s word on anything is a very important one. Because when you sign up for Patent Pete, there is only one person who categorically stands to profit from your subscription. And that is the person selling it. The same person who claims to have a strike rate of almost 50%. The same person who can pick winners consistently but doesn’t tell you how. The same person who makes more in a month than most tipsters in a year.
Do you see where I’m going with that? There is pretty much nothing in the way of empirical evidence that Peter Philips can or will deliver. And because of that, I don’t think that this is a service that I could recommend. Everything is just too good to be true. If Patent Pete were being launched through a well known tipster stable, had better evidence, or even a solid description of why it works, we might be having a slightly different conversation.
Effectively, Patent Pete has come out of nowhere, supposedly drastically outperformed… Well, pretty much any other tipster service I have looked at. And Peter Philips (who I have never heard of or seen before) suddenly comes out of nowhere, having just created a system from scratch, in less than a year. I’m no bookmaker, but you don’t have to be to guess the odds on that being true.