The Gambler Who Cracked the Horse-Racing Code
I’ve only been to a racetrack once, and found the whole thing mildly entertaining. Gambling on horses never really did it for me, but I do understand it’s big money. What I didn’t understand was just how much money can be involved, particularly in Hong Kong.
In The Gambler Who Cracked the Horse-Racing Code, we’re introduced to Bill Benter – a man who has made close to a billion dollars betting on horses, using predictive software.
While always interested in Mathematics, Benter’s early approaches to gambling were fairly humble:
While only winning $40 a day, eventually Benter would join a team of card counters (led by Alan Woods) and began pulling in around $80,000 per year.
After Woods and Benter decided to tackle horse racing, that’s when things got a little crazy:
The article is a fascating read, long but just full of amazing stuff. Though I’m really not a gambler by nature, I’m drawn to stories like this – big money, big amounts, and people using math and processes to overcome odds. It’s like a rags to riches story, but in this case it’s more of a stats to riches story.
[Photo by Mathew Schwartz]