I would greatly appreciate any help as I'm new to all of this and technically naive
To be honest, this isn't the right forum to be asking such questions: http://diybetfairbots.lefora.com/2012/09/02/posting-guidelines/
Your question is a bit vague, so is difficult to answer. Personally, I would suggest that you either contact your bot developer or consider using a commercial software which will be fully supported.
Regarding actual "speed", it's fairly difficult to program a "slow" bot (unless the developer is a complete novice) as it will spend most of its life waiting for data to travel across the internet, so obviously internet response time is a major factor. If you are running the bot from home, I would suggest that you are 100% positive that you don't have a "slow" internet connection before blaming the software. If you are a UK resident, avoid all "budget" ISPs such as TalkTalk, Tiscali, Sky, BT, Plusnet, Orange, O2, etc. And beware of speed vs ping time if you are botting. You need the fastest possible ping time so that your bot will have a short find bet -> place bet turnaround. So given these two packages:
20Mb line speed, 60ms ping time
16Mb line speed, 25ms ping time
You should go for the 16Mb package every single time. Basically, you need to consider any ISP that is popular with the hardcore gamers. This site is an excellent ISP guide: http://www.ispreview.co.uk/review/top10.php
To check your ping speed: http://www.speedtest.net/index.php. Mine is 28ms from home and just about usable for testing bots. Ideally, you need a ping speed below 25ms to be competitive and less than 20ms to be "fast".
As you are probably aware, the Free API is restricted to 60 refreshes per minute (or 120 if you combine similar functions) but that should be adequate for most purposes providing you have a fast ping speed. The subscription API costs £200 per month (or cheaper if you use a commercial software as the cost is split over number of customers) and although it will gave you up to 20 refreshes per second, without a fast find bet -> place bet turnaround the speed is wasted.