January 31 - Alan Woods was not a household name in the horse racing industry yet his computer betting syndicate was routinely responsible for wagering as much as $1 billion on the Hong Kong tote every year! As the most successful horse racing gambler that the world has ever seen he is destined to become a name of legend and historical importance. Woods died earlier this week in a Hong Kong hospital at the age of 62.

Woods' incredible betting operation, which used betting algorithms to find value horses in Hong Kong races, was the subject of a fascinating profile in a book on Gambling by Mike Atherton, which is a surprsingly good read. Atherton turns out to be a far more entertaining writer than he was a cricket player.

That chapter in question is essential reading to anyone interested in horse racing, and it paints a picture of Woods as a man who was far more interested in the numbers expressed as mathematical probabilities (the odds) than in the animals they represented (the actual racehorses).

Woods and his team of mathematical hotshots would analyse betting patterns for Hong Kong races and when they found an overlay, say for example a horse that was trading at 8/1 when the "real" odds of it winning the race were 6/1 - according to his handicapping formulas - then they would place a massive wager on the horse. In most instances they had no idea what the horse's name was, nor did they care.

Year in an year out this syndicate made a small fortune with millions won and lost on a single horse race. At the time of his death it is estimated that his personal fortune was worth US$600 million. Woods also earned a reputation as a hard partier, left behind two ex-wives, and was known for moments of bacchanalian (read: divorce from wife) celebration when his computers spotted a big winner.

Woods died from a suspected pulmonary embolism as he was undergoing treatment for cancer.

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2011/12/09 12:47:44 AM