Economics Explained cover image

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

Economics Explained

00:00

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.

Transcript
Play full episode

The AI-powered Podcast Player

Save insights by tapping your headphones, chat with episodes, discover the best highlights - and more!
App store bannerPlay store banner
Get the app