The Man Who Broke Gambling – The Story Of Bill Benter

The Gambler Who Cracked the Horse-Racing Code, Bill Benter did the impossible: He wrote an algorithm that couldn’t lose at the track. This is his Billion Dollar story!

this is the story of a man that dominated sports betting in the hong kong jockey club, using the kelly criterion / kelly formula, he used the kelly criterion horse racing. sports betting or sports betting 101, in this video is for betting on horse racing for beginners, horse betting explained, from the man that broke gambling, horse betting for beginners.

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He set his mathematical mind on what was thought to be impossible.
To beat the game of horse gambling, he almost got bankrupt in his first attempt and got ditched by my business partner he didn’t give up…
He returned to Atlantic City disguised to make a final hit on blackjack before returning to Hong Kong for some unfinished business.
This is the story of a man that won the biggest cash pool prize in horse betting history to that date, roughly equal to 20 million dollars and did not bother collecting it.
This is Bill Benter the man that made a billion dollars on horse betting!
Despite having researched all the mathematical and financial models and studied thousands of horse races.
What had gone wrong? There were 2 main reasons.
First of all, the sizing of his positions was incorrect due to a number of factors, which ultimately led him to financial ruin the first time.
And secondly his mathematical model was incomplete.
It was missing a real important variable called insider trading which is pretty common in horse racing.
One of the real important questions every investor needs to answer before investing is, how much of his total wealth should be allocated to each investment.
Despite the correct financial modeling and proven edge, if the allocation per trade is not correct, you will face the risk of ruin.
The risk of ruin in gambling or investing is broadly summarized as the probability of an individual losing a substantial amount of money to the point where it is no longer possible to recover the losses or continue.
To find the answer to his job Benter used the Kelly Formula to determine the correct allocation to each of his trade, in order to maximize the portfolio’s long-term growth potential.
The Kelly Formula is commonly used among traders and investors, like Warren Buffet and Charlie Munger.

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The Gambler Who Cracked the Horse-Racing Code

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