Waterhouse VC: How Star Sports and founder Ben Keith carved out a bookmaking niche 

Last month, we explored the mindset and methods of elite tennis bettor Tom Dry, revealing how he built his extraordinary success. This month, we flip the lens – from bettor to layer – and profile Ben Keith, the charismatic founder of Star Sports, one of the UK’s biggest and most respected independent bookmakers.  

Ben’s story is one of resilience and relentless determination. Today, his impact in the UK market is visible across 18 Star Sports shops, numerous racecourse pitches and a growing online presence through his brand, but also PricedUp, Planet Sport Bet and NRG Bet. He now employs over 300 staff.

Unlike the corporate giants, Ben is comfortable taking bets from just about anyone. He plays the man and bets to figures. In doing so, he has built a business that stands liabilities most would duck – making him a true outlier in today’s operator market.

Where it began

Ben’s journey started at Hove greyhounds. Barely a teenager, he was reluctantly dragged to the track – but a £2 winning Tote bet on Sara Jones, the spring of the traps, dust in the air and the roar of the crowd left an instant impression. He was hooked. From that night, he knew he’d found his calling. 

He quickly became the school bookmaker, taking bets from students and teachers on everything from school sports, to the next head boy. He washed cars on weekends to afford The Sporting Life and Racing Post and spent every spare moment in the betting ring – ferried from track to track by his father. Before his first day of work experience at Hove, his dad offered a parting line that stayed with him ever since:

“Take the good, leave the bad.”

Learn from the best

The betting ring became Ben’s university and the bookmakers were his professors.

One of the earliest was Martin “Lofty” Chapman, who taught him how to price a race, balance a book and communicate odds with tic-tac. Today, Chapman remains an integral part of the Star Sports team – a regular presence at pitches across the UK.

While still a teenager, Ben also gained experience at City Index, working in the sports spread betting division. There, he encountered Martin Johnstone, whom he later described as City’s “shrewdest and most successful punter”.

In his late teens, Ben would start watching Martin at work in Bournemouth. The chance to learn from someone who operated on both sides of the fence – as a pro punter and a bookmaker – was formative.

“He was the perfect example of both a professional punter and bookmaker.”

Missed opportunity

Ben returned to City Index, where he had previously been promised a full-time role once his A-levels were complete – thankfully, passing them wasn’t a condition. A couple of years later, a new spread betting job came up in Gibraltar, which he accepted. But, in Ben’s view, the venture wasn’t going anywhere fast.

His boss, however, might have been. He was working for a young Tony Bloom, who was already making money trading Asian handicap football markets. But that world held little appeal. So when he landed a £10,000 win on the aptly named Pension Fund, he handed in his notice the very next day to become an on-course bookmaker.

Asked if there were early signs of Bloom’s future success, Ben doesn’t hesitate: “Absolutely. Tony was a very professional and hard-working chap. I was just a complete idiot and nothing would have stopped me from going to become a racecourse bookie.”

Painful lessons

Ben launched his on-course business with a £10,000 float – but it didn’t last.

“I lost my float within weeks and spent the rest of my 20s suffering, being mocked and learning very hard lessons. It took years off my life with stress, while those who worked for Tony became immensely wealthy. I was a fool.”

His twenties were defined by trial and error. He kept going – falling, standing up again and pushing forward – with a high tolerance for risk.

“When you’re skint, you can play like a lion.”

One person who saw this hunger up close was Gary Woodgate, then behind the counter at the Ladbrokes in Brighton.

“Gary knocked back my team of putter-onners’ bets. I was a professional gambler. It was with this money I built a bookmaking business. My punting paid for my bookmaking mistakes, lessons and growth.”

Ben quickly recognised Gary’s skills complemented his own and, after a lunch discussing the vision, Gary joined him. He would go on to become Ben’s right-hand man.

Building a brand

The pair cut their teeth at Walthamstow dogs, building a reputation and slowly growing a shop business. The early days were tough. As newcomers, they were effectively fresh bait for sharp bettors and had to learn quickly to survive.

The turning point came with the rise of tele-betting – taking bets over the phone. Ben saw the potential early. Bigger punters started to find him and he moved to London to network and chase the action more seriously.

From day one, Star Sports focused on doing the basics right: paying winners promptly, accommodating large bets and building strong, personal relationships with customers. It sounds simple – but in today’s industry, it is rare.

Walk into a Star Sports shop today and you’ll be greeted by staff who know the game – and know their customers. Ask for a bet on the Derby and you won’t get a blank look.

The approach has given Ben the confidence to open shops in the most competitive locations, trusting that good service and well-kept shops – where bigger operators often fall short – will bring business his way.

“Go right amongst the competition. And compete on everything (except price).”

Customer acquisition

Star Sports has carved out a niche at the top end of the market. At Cheltenham and Ascot, they trade seven-figure positions and cater to high-value punters. Ben knows he can outdo the big corporates on-course and in the shops by offering a level of service that their scale simply can’t match. That connection between punter and bookmaker breeds loyalty – and puts rest to the idea that betting shops are a thing of the past.

His approach to acquiring and retaining customers is refreshingly traditional.

“Look somebody in the eye. Shake their hand. Give them your attention. What service do they want? Connect with them. If you can’t find punters in a betting ring and you’re a bookie, I’m afraid you’re in the wrong game”

Ben doesn’t deal in illusion. His edge is built on clarity – of people, of situations, of risk. His guard is never down.

“I like to look at the man. I like to see: How does he behave when things change? I like to break his stride – to see his reactions when plans go awry. If anything is hidden or unclear, I am worried. You must see what you are looking at.

“I have only fallen when hope and greed have got the better of me. A clever gambler will play to your greed to pull you in. He will throw out sprats to catch his mackerel. Stop believing. Start watching and listening.”

What’s next?

Scroll through Ben’s social media and you’ll find a man who is passionate about food, conversation and learning from others.

“I like to eat something different every night, with someone from a different demographic. A balanced diet, both in your tummy and mind, leads to a healthy body and soul.”

It is a philosophy that mirrors his broader view of the game: adapt or be outpaced.

“Gambling is the ultimate Darwinism.”

He’s also a devoted supporter of greyhound racing – and in 2021, he won the GWA Services to Greyhound Racing Award. While he continues to build Star Sports, his success is reflected through a growing property empire, having acquired over £150 million worth of assets across six countries (Source: Star Property).

“All of my money goes into property. One day, cleverer bookies will come along. When that happens – and the wave goes over – I want to have something to show for it.”

Power of the Network

Ben’s story is a reminder of what it takes to succeed in one of the toughest businesses around – where your customers are actively trying to put you out of business. He’s not just a bookmaker, but a sharp, driven entrepreneur.

At Waterhouse VC, we’re fortunate to have individuals like Ben in our network – people who bring deep insight, real-world experience and a willingness to help others navigate the complexities of the industry.

If you know any gambling tech companies seeking capital or distribution support, our new ‘Pitch Us‘ page makes it simple to connect with our investment team.