The remarkable story of Bill Benter and how he amassed a staggering $1B fortune betting on horses in Hong Kong has been extensively documented in the article, The Gambler Who Cracked the Horse-Racing Code1. In 1994, Benter published an academic paper titled Computer Based Horse Race Handicapping and Wagering Systems: A Report2. In it, he documents the implementation of a successful horse race betting model, which by virtue of it being published, likely meant that the model was outdated and super...