William Benter - Professional Gambler
The stories of William Benter(shown below) and Alan Woods are intrinsically linked. Bill Benter was born and raised in Pittsburgh, Pennsylvania, and in the 1970’s came across the book “Beat the Dealer”, this book changed his life as he memorized its card counting strategies and started his professional gambling career at the blackjack tables of Las Vegas.
It was at these tables that he met Alan Woods a former actuary who had also become an accomplished card counter, and after Benter started to become interested in handicapping horseracing they decided to start up together, and make their money from the racetrack, rather than at the Casinos which they were rapidly being excluded from due to their success at the table.
Equipped with a $150,000 bankroll provided mostly by Woods, the two card counters planned to apply the theories of winning at blackjack to winning at the races. Beat the Dealer, after all, had been written with the aid of a computer that analyzed every possible situation at a blackjack table and assigned numerical values based on which cards remained in the deck.
The idea, when you follow that best-selling guide, is to rigorously stick to its formula and bet high even when you have only a tiny advantage. In the long run, despite frequent fluctuations and potentially long periods of losing, you will win a prescribed percentage of money. By the time Benter refined his program to the point where it worked consistently, he and Woods had bitterly fallen out over money disputes. But in the end, each wound up with an odds- and probability-crunching machine - both built by Benter.
When Woods and Benter parted ways, in 1987, Benter refined his computerised probability model. William Benter is now known as having the best statistical handicap method, assigning numerical values to estimate a horse’s probability of winning.
Benter has acknowledged that the increase in computer technology have helped his team’s workload over the years, while greater experience has also allowed this professional punter more accurate betting. For example, while Benter started out examining only 16 variables for each horse in a race, it is now alleged that his team score horses on120 different handicapping factors.
William Benter’s pioneering work with computerized betting, his mathematical skill and knowledge, all have made him one of the most successful gamblers the horse racing industry had ever seen.