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Sam Stoffel is the founder of the U.K.based company Outplayed (Formerly Profit Accumulator). Sams aimed to get back at the gambling industry and make it easier for the little guy to win by using a concept called Matched Betting. The journey from student to CEO of a multi-million-pound technology company was funded through his savings, which should be admired as it shows that a multimillion-pound business can be started with a relatively low start-up cost. Sam even went as far as acquiring basic coding skills to kick-start his venture, initially setting aside a modest marketing budget that scaled and grew as the business gained traction.
Now before we give you some more information on Sam we will give a brief explanation of how matched betting works so you can understand how his company operates and how it can make a profit (as well as make the public a profit too).
What Is Matched Betting?
Matched betting involves setting up accounts with two or more bookmakers or betting exchanges, at least one of which offers a free bet. The technique is designed to hedge all possible outcomes of a bet, ensuring the bettor retains the value of the free bet regardless of the event’s result. At its core, matched betting requires placing a back bet using the free bet at a bookmaker while simultaneously placing an opposing lay bet at a betting exchange. More advanced strategies might involve “dutching,” where bets are placed across multiple bookmakers to avoid the commission typically charged by betting exchanges.
Bookmakers often require bettors to place a qualifying bet using their own funds to unlock the free bet. This involves placing a bet on a particular outcome with the bookmaker and a counteracting bet on the same outcome not occurring through a betting exchange. This dual-bet strategy mitigates any potential loss should the original outcome not occur. Once the free bet is available, the same hedging process is applied, guaranteeing a profit since the bet was initially free.
How Does Sam’s Business Outplayed Work?
Outplayed has served over 100,000 customers, and it offers more free bet offers than any other site. So now we know how matched betting works we can see how Outplayed can help people make money while offering a subscription to its services.
Metrics are of big importance here and Sam has gone on record to state this is one of the biggest factors to his company’s success. He told LondonLoves Business “I love metrics and appreciate their value. When properly interpreted they can provide the basis for new financial and marketing strategies, as well as for improving relationships with customers, employees and other stakeholders. Every day at 9 am you will find me looking at the numbers for everything from new trial uptakes, the size of our community forum, or even the number of Facebook advertising clicks we’ve received.”
Sam’s attention to detail is one of the biggest reasons he is such a success and it’s clear that he applies this to most if not all aspects of his life. We here at Prolific London are looking forward to seeing how his journey in the world of business continues.
