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A comment on A Gambler Who Cracked the Horse-Racing Code. Parent comment
https://www.scribd.com/doc/166556276/Benter
If you're interested in those two papers, the earlier paper 'Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races' (Bolton, Ruth N. and Randall G. Chapman) is also worth reading:
http://www.ruthnbolton.com/Publications/Track.pdf
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https://www.scribd.com/doc/166556276/Benter
If you're interested in those two papers, the earlier paper 'Searching for Positive Returns at the Track: A Multinomial Logit Model for Handicapping Horse Races' (Bolton, Ruth N. and Randall G. Chapman) is also worth reading:
http://www.ruthnbolton.com/Publications/Track.pdf