is it worth it?

my mate has told me that he is going to start doing a placepot everyday. he is going to stick to a formula of picking 3 horses in 1 race, 2 horses in 4 races and 1 banker horse in the other race. meaning 48 lines. he is staking 5p a line so in total £2.40.

do you feel it is worth it because really you need a big payout to win a decent amount dont you with only 5p a line. i dont really believe that it is worth it. i think in order to have a chance of succeeding in a placepot yes you need to pick a number of horses a race but still need a decent stake so you are looking at placing minimum £20 or something on in total.

what do you more experienced guys reckon? anyone with great experience in doing placepots?