Published on October 20th, 2013 | by Tom Wake4
First Look: UK Racing Lays
We’ve got a number of systems in the betting lab at the moment. Right now I’m personally testing (with my own battered Betfair account) a lay betting service from the team at Tipster Warehouse.
They publish a number of different tipping services but I’m currently looking at this one:
What kind of tipping service is UK Racing Lays?
UK Racing Lays is a straight up, level stakes lay tipping service.
I’ll quickly explain what this means in case you’re not familiar with the terms.
Level stakes means that there’s no staking plan – you place exactly the same amount of money on each bet.
So if you decide you want to place £10 on each bet, that’s what you do. You never tinker with numbers or percentages and you never chase losses – you put the same amount of money on each tip.
This makes things straightforward and quick because you don’t have to faff around with a calculator or any of that gubbins.
Many professional betters argue that this is the purest test of a system or service. If it can profit to level stakes it’s worth following.
A quick summary of Lay betting…
Lay betting is betting against an outcome instead of for it.
UK Racing Lays is a horse racing tipping service so in this instance that means that you’re betting money that horse x WON’T win. If any other horse wins in that race you make money.
There are pros and cons to Lay Betting…
Pros – Every other horse in a race is running for you. So for example in a 10 horse race 9 horses are running for you (and you have 9 chances to make money). Your chances of winning (or rather losing!) are therefore MUCH higher.
Cons – Your liability is higher. Should your horse win you lose your stake multiplied by the odds you got. So if you layed a horse at 2/1 with £10 and it won, you would lose £20. In a straightforward back bet you can only ever lose your stake.
First impressions of this service are positive
I’d heard good things about these guys so I was pleasantly surprised when they got in touch and asked me if I wanted to review their service.
It’s a good sign when tipsters come to you, are open with their results and happy to let you give their system a long-term test. So there’s the first positive (although of course the proof will be in the results).
So far I’ve sent 3 emails to the team at Tipster Warehouse and have received polite, helpful and speedy responses on every occasion.
They aim to get the daily email to you containing the day’s selection(s) before 11am. Here’s what it looks like:
It’s refreshingly unfussy and to the point. To place selections you can just head to Betfair, copy and paste the selection e.g. Castlelawn into the search bar and then click on the race. It only takes a few minutes from receiving the email to placing your bets.
There are two rules when you use UK Racing Lays (which you can see in the above email).
1) You bet at BSP (Betfair Starting Price) at odds no greater than 8.00 (or 7/1). This is a simple one-click thing in Betfair. You just click a tick box and type in ‘8’.
2) You shouldn’t bet if the total number of runners in a race is less than 6. If you use Betfair trading software to place bets you can specify this in the settings (again it’s a one click thing). If not you can place your bet just before the race starts (and check the number of runners is 6 or more).
Day One: £85.38 profit for 3 minutes work
Here’s a screenshot of my profit and loss for day one.
Needless to say I’m very happy with that start.
Now obviously that could all change which is why I’m doing a 3 month test on this to get a true sense of UK Racing Lays’s performance over time. In the 3 betting days that followed so far we’ve had a break even, one slightly down and one slightly up (and overall I’m well in profit). The reason my profit on each race varies is because I’m placing the selections on a fixed liability in Betfair (because it’s easier and more manageable) – I’ll explain this in more detail in my full review.
On average there have been between 1 – 5 selections each day (all provided in the same email).
I’m intrigued to see how this one pans out. I’ll do another update at the end of Week One, a further update at the end of Week Two and then after that I’ll be reporting monthly.
How results are recorded
All the results are recorded to BSP (Betfair Starting Price) for transparency. That’s to avoid discrepancies with available odds. Someone who lays a selection 4 hours before a race might get different odds (and therefore profits) to someone who bets 4 minutes before the race.
BSP is the price ‘at the off’ which makes it fairer. You can find these on their website but here are the past 6 month’s results:
April: 15.72 points profit
May: 18.50 points profit
June: 10.28 points profit
July: -1.12 points loss
August: 19.58 points profit
September: 8.29 points profit
A detailed breakdown can be downloaded from their website in Excel format here.
Right, that’s it for now. I’ll keep you updated with my results.