Computer Betting Special with Marshall Gramm

PTF sits down with Marshall Gramm for a lengthy discussion about computer betting and computer teams — who are they, what do they do, where do they come from, and what do they mean to you? Throughout the chat, several resources to learn more are mentioned and we’ll link to those in these show notes.

Here’s Marshall’s tweet about calculating imputed odds.

Articles and books:

Bill Benter (1994) “Computer Based Horse Racing Handicapping and Wagering Systems: A Report” from Bill Ziemba’s anthology “Efficiency of Racetrack Betting”(1994-benter)

Ruth Bolton and Randall Chapman (1986) “Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Racing” in Management Science (Bolton_Chapman_1986)

The Gambler Who Cracked the Horse-Racing Code by Kit Chellel in Bloomberg (2018)

The Gambler Who Cracked the Horse-Racing Code – Bloomberg

I used AI to bet on horse-racing. Here’s what happened in FT Magazine (2023)

I used AI to bet on horse-racing. Here’s what happened | Financial Times (


Precision by CX Wong (2011)

Precision: Statistical and Mathematical Methods in Horse Racing: Wong, C X: 9781432768522: Books

Calculated Bets by Steve Skiena (2001) Calculated Bets: Computers, Gambling, and Mathematical Modeling to Win (Outlooks): 9780521009621: Skiena, Steven S.: Books

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  • Very informative. As discussed having an edge, is so key to beat the computers and get paid. Also informative about not using the all button in the structure of your ticket. My biggest wins in P5’s was using the all button when the race looks chaotic. Will try to focus on win wagers at Saratoga this summer and ticket structures discussed. Thanks.

  • Excellent podcast. Learnt a lot about betting horses. Need to see the links with the reference material.

  • Based on the old days this year’s KY Derby and Belmont tri payoffs were pathetic due to the computer model players!!

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