- Company: Profit Accumulator
- What it does, in a sentence: We make the process of making easy, tax free money as easy as it possibly can be!
- Founded: 2014 and based all over the UK
- Founder/s: Sam Stoffel, CE0
- Size of team: 20
What problem are you trying to solve?
As a matched betting organisation, my goal is to let people know matched betting is a legitimate way to bring in a sustained income on your own terms, from home. For those not familiar with matched betting, it’s a system using bookmaker incentives to bet on both outcomes of a wager. If the principles are applied properly a person can wager on an event with no risk of losing. The act of match betting is considered by experts to be a risk-free form of gambling if done properly. Technology is fundamental to providing matched bettors the edge they need to find suitable offers that guarantee a return on the money they outlay. That’s why we recently hired a new CTO and invested half a million pounds in industry-leading technology and software to ensure our members can keep one step ahead of the bookies.
How big is the market – and how much of it do you think you can own?
The matched betting industry is interesting in that its potential is largely untapped, and the size of the industry relatively unknown, because the activity itself is a recent phenomenon. Our membership demographics are incredibly diverse, and we count everyone from students and full-time parents, to nurses and teachers, amongst our userbase. In essence anyone who wants to make money is a potential matched bettor. Since Profit Accumulator launched in 2014, we’ve had over 375,000 sign up to our services, and I would estimate that our current industry market stands at around 50%. Such has been our success that we even have a 4.7/5 rating on Trustpilot!
How do you make money?
Profit Accumulator is a membership organisation, and we charge subscription fees in order for members to access our online platform, software and intelligence. The company also receives money from the betting exchanges we utilise to take advantage of the high street bookies’ “special offers”. The bookies like to use these offers to entice people into gambling, so I find it amusing we are turning this tactic on its head. I like to image the CEO of Ladbrokes Coral sitting in his office throwing darts at my picture in sheer frustration.
Who’s on your team that makes you think you can do this?
I have every confidence we can do this already, because the company has been doing what it does for five years, and our growth trajectory shows no sign of letting up. That being our company is built upon the passion and expertise of qualified matched bettors who love what they do, really understand our members, and relish helping other people make money just as much as themselves.
Who’s bankrolling you?
Profit Accumulator was started by me on a shoestring budget and fortunately was profit making from day one, so I have never given outside investment any thought. My priority is for this business to be a wealth generator for others first and foremost, and this has been the reason for Profit Accumulator’s growth. I don’t have to worry about the dictates of investors. Instead I can focus on delivering what is best for our members.
What do you believe the key to growing this business is?
In a nutshell we must continue to put our members first and keep doing what we’re doing effectively. On a company level that means growing our executive team with skilled and competent individuals, who can support our continued innovation, and provide continued value for our members. In terms of our industry, we are ready to move beyond the shores of the UK and take our offering worldwide.
What metrics do you look at every day?
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 9am 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.
What’s been the most unexpectedly valuable lesson you’ve learnt so far?
When you get to the top don’t get complacent. Always keep striving to innovate and prepare for problems before they happen.
What’s been your biggest mistake so far?
When I started out, I was happy to take people at face value. My thinking when doing business with someone, was that both parties would want to develop long term relationships for mutual profit and long-term prosperity. I quickly learnt the hard way that was not the case. My advice to any would be entrepreneur is to learn the value of contracts, and if need be, the power of a good lawyer. Gentleman’s’ agreements don’t work, and people don’t play nice.
What do you think is on the horizon for your industry in the year ahead?
Specifically speaking I think there’s huge opportunity in the US because of a recent law to make online sports betting legal, which many states are drafting, and bookmakers are looking to take advantage of. Where they go, Profit Accumulator will follow!
Which London start-up/s are you watching, and why?
HubSpot is a developer and marketer of software products for inbound marketing and sales. They’re a massive innovator that are expanding rapidly in a tough market.