The founder of Betting Gods tells Pound Sterling Live he remains bullish on the company's prospects following the Brexit vote and if anything they will target the European market more aggressively.
- See no complications to company performance following Brexit vote
- Fluctuation in currency markets behind company’s recent successes
- May urged to get on and invoke article 50
When thinking about the impact of Brexit, issues for the gambling industry isn’t something you’d consider straight away.
But with a large amount of bets being placed by Europeans, the power of the exchange rate could mean the difference between success and failure for sites like Betting Gods.
A leading provider of sports betting tips, the site connects and educates amateur bettors with the help of full-time professional gamblers.
The content is diverse, and covers Horse Racing, Golf, Football, Tennis and Greyhounds. Founder Darren Moore sums it up, “We aim to offer something for everyone who enjoy making money from their betting activities.”
Betting Gods has sprung up to capture a niche in the market, instead of going to more well known gambling organisations who have various trading arms in different countries and rely on ‘local’ knowledge.
Instead, Betting Gods are a UK web-based service business which means they can target people across the globe.
This distinct path allows would-be betters from one country, to gain insight about another. And it’s working well for the company.
“In the last month, 80.8% of our sales are from the UK, 11.8% are from within the EU and the remaining 7.4% are from the rest of the world including the United States, Australia and New Zealand.
“I can’t see any complications for us post-Brexit at all, if anything it’s actually unlocked more markets and opportunities for us as a result of the currency fluctuations.”
With a considerable portion of bets placed by customers outside of the UK, Darren puts a fluctuating currency market at the heart of his recent success.
“The increase in Euro’s against the Pound has worked in our favour, we’ve seen quite a significant increase in the number of customers subscribing from Europe.” he says.
“Obviously being a UK business our services are priced in pounds sterling so our customers across Europe are now receiving much better value for money. If we look at the month before the Brexit result and the month after, we have seen an 11% increase in sales from EU member countries.
In any business, 11% is a huge margin. But with the company based online, it means any future plans in the pipeline can quickly be adapted to chase after a large revenue stream.
Darren agrees, “In terms of UK marketing we will continue the same strategy that we have employed over the last couple of years.
“However, we are also now making an increased effort to target a wider European audience given that Brexit has made us much more valuable to them but without any cost to ourselves.”
The company had in fact been exploring opportunities to increase brand awareness much more across Europe over 2016/2017 but the currency fluctuations have made it even easier for the relatively new company.
And as a result, they are now pressing ahead with plans that they had for 2018 onwards and working on reaching markets in Australia.
It helps that most of the staff work from their own homes, and this isn’t set to change.
“As a forward-thinking online business we don’t require our employees or associates to work from any fixed physical location. In fact, all team members work remotely from home, or their preferred location. While we do have team members across the UK and Europe, any restriction on the freedom of movement would not cause us any problems.” Darren adds.
Of course, with the UK Government currently hard at work thrashing out a Brexit solution, in-roads may be short lived. Darren says, “We’re keen to learn when Article 50 will be invoked and how this may influence any of our partners or suppliers, but realistically it’s business as normal.”
For Darren himself, Brexit proved a strange quandary:
“I’ve lived almost all of my life here in the UK where I was born but I’ve also spent time living in Lanzarote as a child and a few months of my adult life living in Malta so if we were to lose the freedom of movement then personally I would be disappointed.
“However, I do feel that the UK does need to take care of itself if it is to help others, and if that means removing ourselves from political union for the benefit of our country then I support that reasoning.
“As a business I can honestly say we had no concerns before the referendum, but post-referendum things are certainly a lot brighter for our future. I can’t see any complications for us post-Brexit at all, if anything it’s actually unlocked more markets and opportunities for us as a result of the currency fluctuations.”
So for Theresa May, Darren’s advice would be:
“Get on with invoking article 50! Every individual and business, both in the UK and across the EU, are currently in limbo and a state of uncertainty. As the say goes, “there’s no time like the present”. Brexit has been a positive event for Betting Gods Ltd, and I hope that effect is long lasting.”