Waterhouse VC is a fund that specialises in global publicly listed and private businesses related to wagering and gaming sectors. The fund is only available to wholesale investors.

Since inception in August 2019, Waterhouse VC has achieved a gross total return of +3,133% (annualised at 84%), as at 30 April 2025, assuming the reinvestment of all distributions.

Lessons from Ben Keith

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.

*Star Sports betting shop on Curzon Street, Mayfair. Source: Star Sports*

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’s 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.

*Bookmakers used to signal and communicate prices through tic-tac. Source: Star Sports*

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’d 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, whilst 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’s rare.

*Ben Keith with Simon Nott and Martin “Lofty” Chapman, manning the pitch at Towcester. Source: Ben Keith*

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.

*Ben Keith at Quaglinos in London. Source: X.com*

“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’s 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 6 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 a 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.

Pitch us

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

Media

Tom spoke on Ausbiz recently about the growth potential for horse racing in the crypto casino sector and rumours of a possible sale wagering juggernaut Bet365.

For wholesale investors interested in following wagering and gaming industry news and trends, please follow our updates on Twitter (@waterhousevc) or through our website at WaterhouseVC.com.

All the best,

Tom

DISCLAIMER AND IMPORTANT NOTES

Please note the above information in relation to Tom Dry, Priced Up, Planet Sport Bet, NRG Bet, Sporting Life, Racing Post, Tony Bloom, City Index, Ben Keith, Martin Chapman, Ladbrokes, Gary Woodgate and Star Sports and Star Property is based on publicly available information and should not be considered nor construed as financial product advice. The Fund currently has a position in Tom Dry’s betting syndicate. The information provided in this document is general information only and does not constitute investment or other advice. Readers should consult and rely on professional investment advice specific to their individual circumstances.

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This material may not be released or distributed in the United States. This material does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be illegal. The units in the Fund have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the units in the Fund may not be offered or sold in the United States unless they are offered and sold, directly or indirectly, in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable United States state securities laws.

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This material is for general information only and is not an offer for the purchase or sale of any financial product or service. The material has been prepared for investors who qualify as wholesale clients under sections 761G of the Corporations Act or to any other person who is not required to be given a regulated disclosure document under the Corporations Act. The material is not intended to provide you with financial or tax advice and does not take into account your objectives, financial situation or needs. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by Sandford Capital, Waterhouse VC or any other person. To the maximum extent possible, Sandford Capital, Waterhouse VC or any other person do not accept any liability for any statement in this material.

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Waterhouse VC is an Australian Unit Trust denominated in AUD and available to wholesale institutional investors worldwide with a minimum of AUD 500,000 or USD / EUR / GBP / JPY / CHF equivalent. This material has been prepared by Waterhouse VC Pty Ltd (ABN 48 635 494 861) (‘Waterhouse VC’, ‘Trustee’, ‘us’ or ‘we’) as the Trustee of the Waterhouse VC Fund (the ‘Fund’). The Trustee is a corporate authorised representative (CAR 1278656) of Sandford Capital Pty Limited (ABN 82 600 590 887) (AFSL 461981) (Sandford Capital) and appoints Sandford Capital as its AFS licensed intermediary under s911A(2)(b) of the Corporations Act 2001 (Cth) to arrange for the offer to issue, vary or dispose of units in the Fund.

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