Bill Benter created one of the world’s most effective computer software programs to help him solve the horse racing industry in Hong Kong. Not only is he a mathematical genius who has come with an excellent piece of gambling software, but he has also come to be a charitable individual.
Insights into Benter’s Past Gaming Journey
Bill Benter is a professional American gambler and philanthropist focused primarily on betting on horses. Benter was born and raised in Pennsylvania. As he grew up, he wanted to create a living by using his mathematical skills. He went to play casino in Las Vegas and used his mathematical abilities to count cards. It was around that time, Benter went across this book and captivated by Edward Thorp’s “Beat the Dealer,” which primarily discusses how to overcome the house advantage in blackjack. To continue his gambling journey, in the year 1980, he encountered this guy who will influence his life no other than Alan Woods. His tales amazed Benter and joined Woods ‘ team later. Wherein he performed with his colleagues at casinos together and within a year, he gained thousands of bucks. From then on, he gave up the concept of going back to college.
In 1984, because of the notoriety of hustlers and pickpockets in the region, they went to believe about altering their gambling location and game of focus should be an option. Woods in mind, especially in Hong Kong, understand the gigantic horse betting pools in Asia. From then on, Woods flew to Hong Kong first, while Benter first studied the regressions and began creating codes, thus follow afterward. The two leased a place together after that, where they were studying and placing bets on horse racing. The two stakes lost in their match, though. And, for getting more investment, Benter flew back to Vegas. The two met in Hong Kong again, but Woods wants a bigger share of their partnership. That brought their alliance to an end.
Breaking the Code
Bill Benter returned to Hong Kong in 1988 and continues to study the horse’s performance variables. From there he became confident that depending on the temperature, horses raced differently. When he learned the British meteorologist held an archive of weather information from Hong Kong in England. He ultimately traveled and went there by plane. An archivist took him to the cellar of the library where he copied numbers into his notebook. He then returned to Hong Kong and entered the information in his computers and discovered out there was no impact on race results from what he had been researching on.
Benter recognized variables influencing a race’s outcome. He and his previous team assessment go against these factors to assign values to each horse. These factors are known to represent both the shape of the horses and how the race will operate. The variable is fed into a computer that stimulates the race’s future results. Benter then compares the horse’s likelihood of winning to its marketplace and defines instances where a horse’s market price is considerably greater than the computer’s simulated chance of winning–called value opportunities.
A breakthrough came when he built his own set of odds from scratch was more lucrative, but he discovered it more important to use the public odds as a starting point and refining them with his algorithm. It turned out that his forecast model improved the public odds exponentially more effectively than it generated odds from scratch. He also accomplished something without a known precedent: a horse-racing hedge fund and quantitative using probabilistic modeling to beat the market and yield returns to investors.
Winning the Triple Trio Jackpot
Benter thought of giving up, but he and his team never gave up, thus, try their luck one last time. Therefore, won a Triple Trio Jackpot prize before he returned to the U.S. Winning was a shot of 1 in 10 million and it was such a large deal in Hong Kong. Benter had spent over $200,000 putting 51,000 bets. One of the 51,000 bets resulting to be precisely correct and struck the jackpot prize. But he does not intend to claim the award. Because he knew it will give to charity if no one claims the award. To give you more information about where the money went. He sent a letter stating that he never intended to claim the award from the organization. Therefore, he moved back to Pittsburgh and is still betting online, supposedly.
Charity and Other Works
Bill Benter founded the “Benter Foundation” with his wife to support organizations. They are looking for an organization committed to schooling, human services, and many other service acts. In fact, they are proud and passionate democrats, Benter also pours a lot of their cash into politics.
Benter ironically loves being a visiting teacher despite attempting to prevent this profession when he was younger. He has also been a great guest speaker throughout the United States and China at Harold University, Stanford University, and many more universities. Aside from that, he runs a medical transcription company too.
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