10 posts
Using statistical models to win almost a $1B in horse-race gambling

Kit Chellel for Bloomberg tells the riveting gambling story of Bill Benter, who used statistics to model horse-racing in Japan. My favorite part is the pre-Internet process Benter took to collect data and predict results: Benter’s model required his undivided attention. It monitored only about 20 inputs—just a fraction of the infinite factors that influence a horse’s performance, from wind speed to what it ate for breakfast. In pursuit of...

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