The man who wins at horse racing
Bill Benter has figured out how to win at the track, said Kit Chellel in Bloomberg. Over three decades of gambling on horse racing, Benter has refined an algorithm that includes dozens of factors and has netted about $1 billion picking winners. “Gambling has always been the domain of wise guys from the wrong side of the tracks,” says Benter, 61. But he approaches it like a shrewd Wall Street investor. After Las Vegas casinos caught Benter in the early 1980s counting cards at the blackjack table, he moved to horse racing. He taught himself coding and statistics before moving to Hong Kong, where gamblers bet close to $10 billion at the tracks each year. His algorithm grew to more than 120 factors, including wind speed and what the horses ate for breakfast. “When there aren’t many computer players,” he says, “the guy with the best system can have a huge advantage.” Soon his assistants were phoning in eight bets a minute. His operation now bets on horse races all over the world. He’s tried running other kinds of businesses, but found it was too hard to make money. “I’m kind of a one-trick pony,” he says.