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How an American gambler unlocked the secret to Hong Kong horse racing, winning almost US$1 billion

A race at Happy Valley, in Hong Kong, in May. How an American gambler unlocked the secret to Hong Kong horse racing, winning almost US$1 billion In the 1980s and 90s, computer nerd Bill Benter did the impossible: he wrote an algorithm that beat the unpredictability of the racetrack, winning big in the process A punter checks the horse form at Happy Valley racecourse, in Hong Kong. Picture: Alamy Horse racing is something like a religion in Hong Kong. Its citizens are keener gamblers than any other people on Earth. Their cathedral is Happy Valley Racecourse, its grassy oval track and floodlit stands ringed at night by one of the sport’s grandest views: neon skyscrapers, neat stacks of high-rises and a constellation of illuminated windows. On the evening of November 6, 2001, all of Hong Kong was talking about the biggest jackpot the city had ever seen: at least HK$100 million (then about US$13 million) for the winner of a single bet called the Triple Trio. The wager requires a gambler to predict the top three horses, in any order, in three races. More than 10 million combinations are possible. When no one picks correctly, the prize money rolls over to the next set of races. That balmy November night, the pot had gone unclaimed six times over. Hundreds of thousands of people placed a bet.

For the original version including any supplementary images or video, visit https://www.scmp.com/magazines/post-magazine/long-reads/article/2150721/how-american-gambler-unlocked-secret-hong-kong

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