How Star Sports and Ben Keith carved out a bookmaking niche
Tom Waterhouse of Waterhouse VC profiles Star Sports founder Ben Keith and outlines the lessons he has learned on his way to success.
In our previous analysis, we delved into the mindset and strategies of elite tennis bettor Tom Dry, showcasing the blueprint behind his remarkable achievements. This month, we shift our focus from bettor to bookmaker, presenting Ben Keith, the visionary founder of Star Sports—one of the UK’s largest independent bookmakers renowned for its high standards and innovation.
Star Sports: An Independent Powerhouse
Ben Keith’s journey is a testament to resilience and ambition. Currently, Star Sports boasts 18 physical locations, a multitude of racecourse pitches, and a robust online presence through brands like PricedUp, Planet Sport Bet, and NRG Bet. With a dedicated team of over 300 employees, Keith’s impact on the UK betting landscape is both substantial and transformative.
In stark contrast to corporate giants, Ben welcomes wagers from diverse bettors, regardless of their profile. His business model revolves around personal engagement, allowing him to manage liabilities that many other operators would shy away from—positioning him as a true outlier in today’s competitive market.
Where It Began
Ben’s passion ignited at Hove greyhounds during his teenage years. Initially dragged to the track, he placed a £2 Tote bet on Sara Jones; the thrill of victory, amplified by the vibrant atmosphere, made an indelible impression. From that moment, he recognized he had found his passion.
Almost immediately, he assumed the role of the school bookmaker, taking bets from peers and teachers on an array of topics—from athletics to student elections. To finance his growing obsession, he washed cars on weekends to buy The Sporting Life and Racing Post, spending every spare moment within the betting ring, guided by his father’s wisdom:
“Take the good, leave the bad.”
Learn from the Best
The betting ring became Ben’s educational institution, with seasoned bookmakers as his mentors. One of his earliest influences was Martin “Lofty” Chapman, who introduced him to the intricacies of pricing races and managing a betting book. Today, Chapman remains a vital asset to the Star Sports team, a familiar presence across UK racecourses.
While still a teenager, Ben gained invaluable experience at City Index in the sports spread betting division. There, he encountered Martin Johnstone, one of the firm’s top punters. Observing Johnstone’s dual-agency—both as a pro punter and a bookmaker—was formative for Ben, highlighting the skills necessary to excel in both realms.
“He embodied the ideal combination of professional punter and formidable bookmaker.”
Missed Opportunity
Once given a full-time position at City Index after completing his A-levels — a milestone he didn’t need to pass — Ben gravitated towards a new spread betting role in Gibraltar. Unfortunately, the experience didn’t meet his expectations, particularly as he worked under the budding Tycoon Tony Bloom, who was already excelling in Asian handicap football markets. However, when Ben secured a £10,000 win on the aptly named Pension Fund, he seized the opportunity to launch his career as an on-course bookmaker.
Reflecting on Bloom’s potential, Ben acknowledged, “Absolutely. Tony was a disciplined and driven individual. I, on the other hand, was impulsive—I had to pursue the path of being a racecourse bookie.”
Painful Lessons
Launching his on-course business with a £10,000 float proved to be a steep learning curve, as the funds dwindled within weeks.
“I lost my float within weeks and spent much of my twenties grappling with setbacks and absorbing difficult lessons. The stress aged me prematurely, while my peers thrived under Tony’s guidance. I was foolish.”
His twenties were marked by an unyielding capacity for risk and continual reinvention. Ben’s perseverance led him to navigate the challenges and emerge tenfold stronger.
“When you’re broke, you play like a lion.”
A key ally throughout this period was Gary Woodgate, who worked at Ladbrokes in Brighton. “Gary turned down my team’s bets consistently. It was from my professional gambling journey that I financed my burgeoning bookmaking enterprises. My enthusiasm for punting offset my early business mistakes and facilitated my growth.”
A pivotal moment arrived during a lunch discussing objectives, prompting Gary to become Ben’s trusted partner, reinforcing Keith’s vision for Star Sports.
Building a Brand
At Walthamstow dogs, Ben and Gary built a reputation as they gradually expanded their shop business. The initial stages were fraught with challenges, often positioning them as targets for sharp bettors requiring rapid adaptation to survive.
The advent of tele-betting, allowing patrons to place bets via phone, marked a turning point. Ben immediately recognized the potential, attracting more substantial punters, and subsequently moved to London to deepen his network.
From the outset, Star Sports prioritized fundamental principles: promptly paying winners, accommodating sizable bets, and establishing strong personal customer relationships. Although seemingly basic, such dedication is often lacking among larger operators.
Entering a Star Sports shop today, customers encounter knowledgeable staff who understand their needs. Requesting a bet on the Derby will elicit engaged responses instead of blank stares.
Ben’s strategy empowered him to establish locations in highly competitive markets, relying on exceptional service and well-maintained premises—an advantage where bigger operators often falter.
“Compete aggressively, yet don’t compete on pricing.”
Customer Acquisition
Star Sports has successfully carved a niche within the premium segment of the market, especially at significant events like Cheltenham and Ascot where transactions reach seven figures. Recognizing the inability of corporate giants to match his level of service, Ben believes in nurturing the bond between punters and bookmakers, fostering an enduring loyalty that contradicts the myth that physical betting shops are becoming obsolete.
His philosophy regarding customer acquisition and retention is refreshingly genuine:
“Look someone in the eye. Shake their hand. Provide your complete attention. Understand their needs. Build connections. If you can’t identify potential punters within a betting ring, this isn’t the industry for you.”
Ben eschews illusion. His advantage arises from clarity—be it with people, situations, or risks. His vigilance is unyielding.
“I prefer to assess the individual. I want to observe: How do they react under pressure? I strive to disrupt their rhythm—to gauge how they respond when circumstances deviate. Any hint of deceit raises my concerns. Assure you perceive the reality.”
“I’ve only faltered when my aspirations and greed led me astray. A cunning gambler will exploit your craving to ensnare you—employing bait for greater catches. Stop yearning for easy fortune. Start observing and listening.”
What’s Next?
Reviewing Ben’s social media reveals a man with eclectic tastes—passionate about gastronomy, dialogue, and learning from diverse perspectives.
“I seek different cuisine each evening, often with individuals from varied backgrounds. A balanced diet enriched by diverse experiences nourishes both body and soul,” he states, a sentiment mirroring his broader approach to gambling: adaptability is paramount.
“Gambling epitomizes Darwinism.”
Endorsing greyhound racing, he earned the 2021 GWA Services to Greyhound Racing Award and has expanded his endeavors beyond Star Sports into a burgeoning property portfolio, having amassed over £150 million in assets across six countries (Source: Star Property).
“All my finances are allocated to property. In a landscape where innovative bookmakers will inevitably emerge, I aspire to secure a lasting legacy.”
Power of the Network
Ben’s journey exemplifies the tenacity required to excel in an industry fraught with challenges, where customers are constantly seeking ways to unseat you. He transcends the role of a traditional bookmaker, emerging instead as a savvy entrepreneur.
At Waterhouse VC, we value having exceptional individuals like Ben within our network—leaders who bring profound insights, industry expertise, and a commitment to aiding others in navigating the complexities of the gambling landscape.
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Waterhouse VC specializes in investments related to global public and private businesses situated in the wagering and gaming sectors. Note: The fund is exclusively available to wholesale investors.
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