The Gambler Who Cracked the Horse-Racing Code – Bloomberg

Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day.
Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. Hear the latest economic, business and market news, as well as global, national, and local news.
Ashlee Vance explores innovations in new tech, software, engineering, and science in places outside of Silicon Valley.
Adani Flagship Profit Jumps 138% as It Moves Past Hindenburg
Africa’s Biggest Fund Manager Boosts Gold Fields Stake to 15%
BOE Rate Hike Looks More Likely With UK Economy Showing Resilience
Hong Kong’s Retail Sales Jump in March as Rebound Strengthens
UK Mortgage Lending Stalls for First Time Since Pandemic in 2021
Bud Light Brewer AB InBev Beats Forecasts on Strong Pricing
Corporate Earnings Show Consumer Companies Have Pricing Power
Alibaba’s Global Online Commerce Arm Weighs a US IPO
Vodafone, CK Hutchison Near £15 Billion UK Mobile Tieup, FT Says
Goldman Sachs Names Kim Posnett as Global Head of TMT
Orban Urges Trump Return from Right-Wing ‘Incubator’ in Hungary
EU Aims to Target Nations Through Which Russia Evades Sanctions
The King’s Billions: a Tour of UK’s £17 Billion Royal Empire
Epstein’s Islands Sell to Finance Buyer Planning Luxury Resort
Meta Gets French Antitrust Order Over Ad-Verification Data
Smartwatches No Longer a Threat to Pricey Swiss Timepieces, Morgan Stanley Says
Shell’s New CEO Has to End Its Spendthrift Ways
Banking Is Heading Back to the Days of Free Toasters
Labor Market Tightness Is a Matter of Perspective
Biogen’s CEO Says He Doesn’t Want ‘Whole Portfolio of Moonshots’
Too Big to Fail, But Not Too Big to Bail Out Other Banks
How a Dishwasher Engineer Challenged Elon Musk’s Grip on Commercial Space
Trump Jury Hears of Alleged Assault on Journalist at Mar-a-Lago
Trump’s Only Witness in Trial Over Rape Lawsuit Won’t Testify
Americans Insist on 300 Miles of EV Range. They’re Right
Solar Panel Orders Point to Clean Energy Boom From US Climate Law
The US Shale Oil Capital Won’t Invest in Itself
Paris Plans Swimming Areas for Its Iconic Seine River
NYC’s $16 Billion Gateway Tunnel Wins Key Access at Hudson Yards
Coinbase Is Facing an ‘Existential Risk’ as SEC Reins In Crypto
Coinbase to Stop New Loans Against Bitcoin in Borrow Service
NFT Sales Pick Up After Launch of Peer-to-Peer Lending Site
Happy Valley Racecourse in Hong Kong. 
Photographer: Xyza Bacani for Bloomberg Businessweek

Subscriber Benefit
Horse racing is something like a religion in Hong Kong, whose citizens bet more than anyone else on Earth. Their cathedral is Happy Valley Racecourse, whose grassy oval track and floodlit stands are ringed at night by one of the sport’s grandest views: neon skyscrapers and neat stacks of high-rises, a constellation of illuminated windows, and beyond them, lush hills silhouetted in darkness.
On the evening of Nov. 6, 2001, all of Hong Kong was talking about the biggest jackpot the city had ever seen: at least HK$100 million (then about $13 million) for the winner of a single bet called the Triple Trio. The wager is a little like a trifecta of trifectas; it requires players to predict the top three horses, in any order, in three different heats. More than 10 million combinations are possible. When no one picks correctly, the prize money rolls over to the next set of races. That balmy November night, the pot had gone unclaimed six times over. About a million people placed a bet—equivalent to 1 in 7 city residents.