Alan Woods

Childhood

Born in Murwillumbah, New South Wales, Woods grew up in a business-oriented family. His parents ran a newsagency, a cordial factory, and later a hotel. Unlike many gamblers, Woods had no early exposure to gambling; his formative games were family rounds of solo whist, which honed his analytical skills. He studied mathematics at the University of New England but dropped out before graduating. During this time, he dabbled in poker machines, though unsuccessfully, and worked briefly as an insurance actuary.

Career

Blackjack (1979–1982) After his marriage ended in 1979, Woods turned to professional gambling. Introduced to card counting by bridge players, he tested the strategy in Hobart, winning 16,000 in four months. He then moved to Las Vegas, earning 100,000 through relentless play. His success took him to casinos across Europe, Australia, and Asia 110. Horse Racing (1982–2008) Woods shifted focus to Hong Kong’s horse racing, leveraging its small pool of horses for statistical modeling. He partnered with Bill Benter to develop a groundbreaking computer program analyzing track conditions, weather, and form. By 1987, their model generated $100,000 in profits, though they later split. 

Personal life

• Family: Married Meredith in 1972; they had two children before separating in 1979.
• Politics: A self-described liberal, Woods opposed the Iraq War.
• Philanthropy: He funded Bluelight, a drug harm-reduction forum, from 1999 until his death.
  

Revenue

Woods’ estimated net worth at death was AU 670 million (approximately 500 million USD), primarily from horse racing. His algorithms consistently outperformed traditional betting systems, making him one of gambling’s wealthiest figures.

Interesting facts

• Nickname: Dubbed "Mr. Huge" for his high-stakes wagers.
• Tech Pioneer: Among the first to use computers for gambling analytics.
• Avoided Treatment: Refused chemotherapy for appendiceal cancer, opting to manage it naturally.
  

Legacy

Woods transformed gambling into a data-driven science. His work with Benter laid the foundation for modern algorithmic betting, influencing syndicates worldwide. The "Alan Woods model" remains a benchmark in quantitative gambling 18.