One of the best articles that I’ve read in 2018 was a Bloomberg piece I opened while commuting in the subway on a rainy weekday.
Kit Chellel’s ‘The Gambler Who Cracked the Horse-Racing Code’ was simply breath-taking.
It chronicles the life of Mr Bill Benter, a swashbuckling horse-racing gambler born in Pittsburgh in the United States, who originally started as a professional blackjack player in the colourful casinos of Las Vegas.
According to the article, Benter created algorithms to win bets at horse races, which led him to win close to a billion dollars in terms of accumulated gains over his entire career in Hong Kong’s famous Jockey Club.
That’s truly phenomenal… and inspirational.
I don’t know about you, but I know it isn’t easy to consistently win horse-racing bets. It’s incredibly tough, and Benter effectively pioneered a quantitative horse-racing hedge fund that would deliver returns via a probabilistic