Matthew Benham’s story is a prime example of how analytical acumen, and a willingness to challenge conventional wisdom can lead to extraordinary success. The Oxford Physics graduate turned a $700,000 loan into a fortune exceeding $300 million, primarily through his ventures in sports gambling and football club ownership.
Early Career and Foray into Gambling
Benham’s sports betting career began after a successful career in finance, working as a hedge fund manager and derivatives trader. In 2001, he entered the gambling industry, working for Tony Bloom at Premier Bet. His breakthrough came through using a statistical model (developed by Stuart Coles and Mark Dixon) to accurately predict football scores more effectively than high-street bookmakers.
Founding Smartodds and Matchbook
In 2004, after parting ways with Bloom, Benham founded Smartodds, a company providing statistical research and sports modeling for professional gamblers. His approach was grounded in rigorous statistical analysis, a stark contrast to the conventional wisdom-driven betting world. In 2011, Benham expanded his footprint in the gambling industry by investing in Matchbook, a sports betting exchange.
Revolutionizing Brentford FC with Analytics
Benham’s most notable venture is Brentford FC, a club he has supported since childhood. In 2007, he began investing in the club, initially clearing its debts and later taking full control in 2012. Under his ownership, Brentford FC underwent a radical transformation, embracing data analytics in player recruitment and on-field strategies. This approach, often compared to the ‘Moneyball‘ strategy in baseball, involved identifying undervalued talent using statistical models, developing these players, and selling them at a profit.
Success with FC Midtjylland
Benham’s analytical approach wasn’t limited to Brentford. In 2014, he became the majority shareholder of Danish club FC Midtjylland. Here too, he implemented data-driven strategies, leading the club to its first league title in 2015. The success of both Brentford and FC Midtjylland has been widely attributed to Benham’s use of data analytics in football.
Challenges and Achievements
Despite initial skepticism, including the controversial departure of Brentford’s manager Mark Warburton, Benham’s methods have proven successful. In 2021, Brentford FC’s promotion to the Premier League marked a significant milestone, achieving top-flight status for the first time in 74 years.
Matthew Benham’s journey from a finance professional to a respected figure in football and sports betting illustrates the potential of analytical approaches in intuition-driven fields. Benham’s success in football has brought him substantial financial returns and changed the way many think about the role of data in sports.