We’ve all seen those stories before of people winning millions on a lottery ticket or a single spin on a progressive jackpot slot game in Vegas. With people looking to emulate the methods of successful gamblers, it is unsurprising that many avid gamblers ask the question, “who is the richest gambler in the world?”
Well, we were searching for answer to this question ourselves, which is why we decided to list three of the richest gamblers alive today. We also delve a bit into how they were able to accumulate their fortune, so that you can try your luck with these methods too.
1. Zeljko Ranogajec
Zeljko Ranogajec is a famous Australian gambler who made use of advantage gambling opportunities to amass a net worth of more than $1 billion. Ranogajec first started making use of card counting during the 1980s as a University student who had been studying tax and finance. While still a student, he was allegedly able to work the strategy to turn a few hundred dollars into millions.
Ranogajec became so good at gaming blackjack that he was eventually banned from most casinos in Australia. So, he moved to the United States, where he was later banned from most venues as well. But this didn’t really matter as he was already beginning to move onto other exploits, such as Keno and horse racing.
Horse racing proved to be very profitable for Ranogajec as he employed a strategy that saw him identify betting pools with regular bettors making an enormous number of bets, betting significant amounts of money while making rebate deals with bookmakers. It all sounds like a lot of work but he is a billionaire for it.
2. Edward Thorp
If you know anything about blackjack, then you would know that Edward Thorp is the creator of the card counting strategy, which he began developing around the 1960s. His success isn’t totally random. As a mathematics professor, he was simply looking for new areas in which to apply probability theory. Blackjack as well as the stock market are the perfect places in which to apply these theories.
He used a computer simulation in which to test his blackjack theories, which is how he developed the card counting scheme. As the creator of the strategy, Thorp had the benefit of the strategy never having been used at Nevada casinos. So, he was able to make full use of card counting to generate a massive income before it was eventually banned in the 1980s.
Although Thorp is no longer allowed in Vegas casinos, he was able to use his understanding of probabilities to garner a fortune of more than $800 million. He did this by playing gambling games and manging hedge funds. (We bet that he thought the student loan was worth it.)
3. Bill Benter
Bill Benter is famous for making more than a billion dollars through using analysis computer software programs for horse racing purposes. After obtaining a degree in 1977, Benter came across a card counting book written by Edward Thorp. He begun using the strategy to game table in Las Vegas. After seven years of making a profit, Benter was banned from Vegas tables.
So, Benter set his sights on other targets. He teamed up with Australian horse racing expert Alan Woods in 1982 to develop a computer algorithm. The algorithm would accurately predict horse racing winners. The algorithm used mathematics, track trends, horse form and the weather to determine results. It proved to be very successful because Benter won more than $1 million in 1984.
Benter continued to work on refining his statistical model, which continued to be fairly accurate in predicting results. It remains one of the primary reasons he is one of the richest gamblers in the world.
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