Sam Stoffel | Building The Business That Made Bookmakers Sue Me & Why I Sold It
by
Get the full episode insights!
Enter your email below to get notified about more insights from:
Disruptors
This episode is titled:
Sam Stoffel | Building The Business That Made Bookmakers Sue Me & Why I Sold It
Notable Quotes
"As soon as you start to win, they're going to ban your account."
"The whole thing a bookie does is it tries to rope you in with a free bet as a kind of loss leader because they want you to become addicted to gambling."
"It's a business. And we're getting people in that have no experience doing anything like this."
Get episode summaries just like this for all your favourite podcasts in your inbox every day!
Get More InsightsEpisode Summary
In this episode, the guest shares his unique journey of building a successful matched betting business from scratch, scaling it to 10 million in annual revenue, while exposing exploitative tactics of betting firms. He explains that the betting industry thrives on instilling gambling addiction in customers through promotional offers, but his system uses these free bets to guarantee profit by exploiting the system legally. The conversation reveals the legal challenges faced, including attempts by betting companies to sue for allegedly inducing customers to breach contracts. Despite these struggles, the guest was able to build and eventually sell his business for a significant profit, utilizing the funds to invest in new ventures and highlight personal insights on entrepreneurship.
The guest laments the lack of entrepreneurship education in schools, suggesting that children should be taught about the possibility of starting their businesses rather than solely working for others. Throughout the episode, he provides candid observations about the gambling industry's corrupt nature, questioning the ethics of firms that profit from vulnerable customers. The discussion culminates with advice for aspiring entrepreneurs on discovering market needs and emphasizing the importance of persistence in overcoming failures and setbacks.
The guest laments the lack of entrepreneurship education in schools, suggesting that children should be taught about the possibility of starting their businesses rather than solely working for others. Throughout the episode, he provides candid observations about the gambling industry's corrupt nature, questioning the ethics of firms that profit from vulnerable customers. The discussion culminates with advice for aspiring entrepreneurs on discovering market needs and emphasizing the importance of persistence in overcoming failures and setbacks.
Key Takeaways
- Matched betting can be a profitable venture that exploits free bets offered by betting firms.
- Betting companies implement predatory practices to eliminate winning customers and profit from vulnerable gamblers.
- Entrepreneurship should be taught in schools to encourage self-employment and business creation.
- Successful businesses often come from identifying existing needs in the market and improving on what's already available.
Found an issue with this summary?
Log in to Report Issue