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Revisiting the algorithm that changed horse race betting (2023)

Explore Bill Benter’s iconic horse betting strategy, enhanced with modern code and contrasted against three decades of evolving data.

Despite this, the paper remains an insightful read, offering a rare glimpse into the lucrative application of mathematics to an unconventional field, made even more interesting by the substantial hardware and software limitations of the time. Instead of building the fundamental and combined models, we’ll be highlighting interesting aspects of the paper using the public estimate, derived from the Hong Kong Jockey Club’s historical win odds. Table A: Historical Win Odds from Hong Kong Jockey Clubdatevenuenumberhorse_nameplacewin_odds 1979-09-22Happy Valley1Victorious II 13.4 1979-09-22Happy Valley1Money First 216.0 1979-09-22Happy Valley1Star Trouper 33.2 1979-09-22Happy Valley1Red Rocker 427.0 1979-09-22Happy Valley1New Gem 527.0 ………… …… 2023-07-16Sha Tin9Master Of Fortune 55.1 2023-07-16Sha Tin9Pegasus General 6122.0 2023-07-16Sha Tin9Charity Bingo 713.0 2023-07-16Sha Tin9Chiu Chow Spirit 810.0 2023-07-16Sha Tin9So We Joy 933.0 This paper examines the elements necessary for a practical and successful computerized horse race handicapping and wagering system.

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