Man Creates Algorithm to Bet on Horseracing; Makes a Billion

[madsircool]

https://getpocket.com/explore/item/the-gambler-who-cracked-the-horse-racing-code?utm_source=pocket-newtab

This is a fascinating article about how a man used math and computers to create a betting system for horseracing. His adventures in the world of professional gambling should be made into a movie.

…
Across the road from Happy Valley, 27 floors up, two Americans sat in a plush office, ignoring a live feed of the action that played mutely on a TV screen. The only sound was the hum of a dozen computers. Bill Benter and an associate named Paul Coladonato had their eyes fixed on a bank of three monitors, which displayed a matrix of bets their algorithm had made on the race—51,381 in all.

Benter and Coladonato watched as a software script filtered out the losing bets, one at a time, until there were 36 lines left on the screens. Thirty-five of their bets had correctly called the finishers in two of the races, qualifying for a consolation prize. And one wager had correctly predicted all nine horses.

“F—,” Benter said. “We hit it.”
…

[snfaulkner]

Fantastic read! Thanks!