Bill Benter did the impossible: He wrote an algorithm that couldn’t lose at the track.
Close to a billion dollars later, he tells his story for the first time.
Benter struggled to make his algorithms stay ahead of a statistical phenomenon called gambler’s ruin. It holds that if a player with limited funds keeps betting against an opponent with unlimited funds (that is, a casino, or the betting population of Hong Kong), he will eventually go broke, even if the game is fair.
A fascinating read – click to read more on www.bloomberg.com
