3min chapter

Economics Explained cover image

How This Man Profited $1 Billion Betting on Hong Kong Horse Races

Economics Explained

CHAPTER

The History of the Hong Kong Horse Racing Club

Hong Kong's racing used a paramutual, also known as a totalizer, or an exchange system. Winners split the pool and the house skims a commission of about 17%. This is remarkably similar to a stock exchange. Bento needed guidance on how such a system might work. He went to the gamblers book club at Vegas and bought everything he could find on horses.

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