Alan Woods (gambler)

Alan Woods
Born 1945 (1945)
Murwillumbah, New South Wales, Australia
Died (aged 62)
Hong Kong
Cause of death Appendix cancer
Occupation Mathematician
Businessman
Gambler
Net worth AU$670 million
Spouse(s) Meredith Woods
Children 2

Alan Woods (1945 – 26 January 2008) was an Australian professional gambler and mathematician consider among the biggest gamblers in the world with a recorded betting turnover of US$64 billion in the 2006–2007 horse racing season. Woods focused on blackjack and betting on horse racing. He has worked with Bill Benter and Zeljko Ranogajec during his career and "pioneered quantitative gambling by betting on Hong Kong horse races".[1] His estimated net worth at the time of his death was AU$670 million.[2][3]

Early life

Woods was raised in Murwillumbah, New South Wales, Australia. His parents ran a newsagency, followed by a cordial factory and a hotel. Woods was not exposed to gambling in his youth and played solo whist with his family. He studied mathematics at the University of New England, in Armidale but dropped out his final year before graduating. There Woods began playing poker machines and described himself as a losing player. He stopped due to a relocation to Sydney where poker machines were not available.[4] He also worked for a time as an insurance actuary.[5]

Woods also picked up horse betting during college and won his first bet. Unlike in poker and solo, Woods was generally losing betting on horses and developed a gambling habit.[4]

Gambling career

Woods was introduced to card counting in blackjack from his fellow bridge players. He tested the method and won a few thousand dollars. Woods did not focus on gambling seriously until his wife left him in 1979. After, he played blackjack in Hobart and won $16,000 in four months. He moved to Las Vegas where he won an additional $100,000.

Woods retired from professional blackjack in 1982 and focused on horse betting in Hong Kong due to the small pool of horses. There he met Bob Moore and Bill Benter. Benter and Woods worked on a computer model "based on mathematics, to choose race winners based on formulaic consideration of track, form, weather and other factors".[6] The model began generating $100,000 in the 1987 racing season. That same year Benter and Woods dissolved the partnership.[4]

Woods traveled to Manila and worked with Zeljko Ranogajec, who he also described as a rival. By the 1990s, Woods had won millions from horse betting.[7][4]

Personal life

Woods married his future ex-wife Meredith in 1972; the two separated in 1979. They have two children, Anthony and Vicky. Woods was against the Iraq War and described himself as a former conservative turned liberal.[4]

Death

Woods died of appendiceal cancer on 26 January 2008 shortly after he was diagnosed.[8]

See also

References

  1. ↑ M. F. (2017-07-19). "How data changed gambling". The Economist. Retrieved 2018-03-07.
  2. ↑ Arrold, Tony (1 February 2008). "Gambler more than broke even". theaustralian.com.au. Retrieved 2018-03-07.
  3. ↑ gamproadmin (2012-05-08). "Alan Woods, the Godfather of Horse Racing Software". gambler-profiles.com. Retrieved 2018-03-07.
  4. 1 2 3 4 5 Wilson, Tony (2005-12-01). "Mr. Huge Alan Woods and his amazing computer. A nags-to-riches-story". The Monthly. Retrieved 2018-03-07.
  5. ↑ Chellel, Kit (2018-04-05). "The Gambler Who Cracked the Horse-Racing Code". Bloomberg. Retrieved 2018-04-04.
  6. ↑ Delvecchio, Jerry. "Alan Woods (Deceased), Horse Racing Pioneer". worlds-greatest-gamblers.com. Retrieved 2018-03-07.
  7. ↑ "The Richest Gamblers in the World and Their Net Worth". bestcasinosites.net. 2017-07-07. Retrieved 2018-03-07.
  8. ↑ Aitken, Alan (2008-01-30). "Super-punter Woods quietly masterminded a revolution". South China Morning Post. Retrieved 2018-03-07.
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