Racing Goldmine is a new horse racing tipster service from the Betfan group with selections coming courtesy of Richard Man. It boasts some very impressive returns, all using 1 point stakes.
Introduction to Racing Goldmine
I know that Betfan are usually pretty thorough when it comes to releasing and taking on management of a new service. I say usually because I have also seen a few that have crept through on the back of a few big wins.
Racing Goldmine is not one of those services. In fact, it has been proofed by Betfan for over 12 months before becoming available to the public. Make no mistake, this is one of the most rigorous proofing periods I have heard of and all credit to Richard Man for having the wherewithal to get through this.
Especially with the results that have been generated. Usually, I like to poke a bit of fun at Betfan’s marketing (all in a good natured enough way) because they say things like “Are YOU Ready For Some Brutal Bookie Bashing” (an actual quote from the sales material from Racing Goldmine). But here, there is a more subdued header which may well speak volumes. “You’re about to discover something incredible”.
What Does Racing Goldmine Offer?
Tipster services from within the Betfan group do not tend to really deviate in terms of how they work and this is no bad thing. In the case of Racing Goldmine, you can expect to receive selections on a daily basis,. These are sent out directly to subscribers via email as well as being uploaded to a member’s area on the Betfan website. Richard Man’s selections are sent out the night before racing which allows for plenty of time placing Racing Goldmine selections.
Moving on to the bets themselves, Richard Man has an interesting approach with Racing Goldmine. Whilst the bets are all seemingly straight forward win bets, the service is somewhat based on dutching and as such, you will often receive several tips for the same race.
Dutching is a bit of an art form however it does involve covering a pretty high volume of bets. In the case of Racing Goldmine, Betfan’s proofing shows that placing 12 plus bets per day isn’t necessarily off the cards.
Naturally this kind of volume of betting requires a decent staking plan.. Make no mistake, whilst ditching can ultimately improve your odds of big wins, you are still essentially backing outsiders. As such, you can very quickly lose money whilst you wait for on to come in. To be fair to Richard Man, he really seems to understand this fact and Racing Goldmine is based around level stakes of just 1 point per bet,
As you can probably guess at this point, the strike rate for Racing Goldmine is going to be less than stellar. This is won to the fact that even if Richard Man picked one winning horse every time, the highest strike rate that he could hope to achieve is about 33% with Racing Goldmine (one of three selections for a given race coming in).
With this in mind, a strike rate of 13.77% doesn’t necessarily look too bad. I will admit that before looking into Racing Goldmine properly, I had much lower expectations than this.
How Does Racing Goldmine Work?
As I have mentioned before now, Richard Man has based Racing Goldmine around the concept of Dutching. For those who may not be familiar with this betting strategy, what you essentially aim to do is place multiple bets on different horses that are running in the same race. By getting the right odds, you can increase the overall likelihood of picking a winning horse (choosing 3 out of 8 will always be easier than 1), whilst still leaving room for profit.
This is why almost all of the horse that are advised through Racing Goldmine have longer odds. Essentially, if a horse wins at 10/1 and you backed 3 in that race, your profit will still be 8 points.
This is all well and good and it is a well known method of making betting profitable. There is however one problem that I have with Racing Goldmine. Despite proofing Richard Man’s selections for a year, nowhere do Betfan talk about how selections are actually found.
This might not sound like the biggest deal, but there is a fine line between intelligent Dutching and throwing money at outsiders. Without any insight into Richard Man’s process, it is difficult to know what light to cast on Racing Goldmine. Especially when you look at the results (which I will shortly).
What is the Initial Investment?
If you want to subscribe to Racing Goldmine there are two options available and honestly, neither is necessarily what you would call cheap. The first subscription length is 28 days and is priced at £57 plus VAT. It is worth keeping in mind when you look at this price that you will pay this 13 times in a 12 month period. Alternatively, there is better value to be had by signing up to Racing Goldmine for 90 days at a cost of £114 plus VAT.
As is the case with all products from Betfan, there is no money back guarantee in place. The team do say however that they will review refund requests as they come in.
What is the Rate of Return?
The income potential for Racing Goldmine is a big thing for me and this is down to the results. Betfan are marketing Richard Man’s service off the back of 399.72 points of profit since they started proofing the service. This is a phenomenal result that has only increased since that figure was generated.
What is somewhat glossed over however is that this is based off getting BOG for more than 12 months. If you were to look at Richard Man’s advised stakes, you see a very different picture with just 110/.4 points of profit generated over this time. This includes a substantial dip down to a 100 point loss around April/May.
Conclusion on Racing Goldmine
Racing Goldmine was shaping up to be a sure fire winner. The profits are solid. Betfan’s involvement means that you know fundamentally, everything is above board. Even the premise of the service works for me. I am a massive fan of Ductching and when it is done right, it can provide a lot of profit with almost no risk. Unfortunately, I am not entirely convinced that Racing Goldmine does it right.
The big problem that stands out for me is the fact that the properly profitable results are all to Best Odds Guaranteed. Here’s the thing. As much as we like to anthropomorphise the bookies and paint a picture of a shady and greedy character, they aren’t stupid. Dutching is a very recognisable betting pattern and if you think you aren’t going to have restrictions or even worse, bans, when you get a few wins you are sadly mistaken.
This leaves you trying to get those recommended odds and as has been clearly demonstrated, this is where things can go south very quickly. A reliance on getting these best odds each and every time is foolhardy and whilst Richard Man has turned a relatively small profit to his advised odds, it is not enough for me. This brings me into my final point.
Racing Goldmine is pretty expensive. £57 per month is a long way from the priciest tipster service I have seen, but it is also a damn sight more than I would typically look to pay. Especially for a tipster service that 6 months ago was 100 points in the red.
As such, I don’t see any value for money to be had here, and in fact, there are many other services which cost a lot less and arguably perform better and in some ways, that is the defining problem. Rather disappointingly, I have to say that I’d give this one a miss.