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[PaceAdvantage]

This might be the best graph in whole piece:

I exchanged messages with a current computer player, one from the modern school, who agreed to talk anonymously. He was described to me by an industry insider as a “fucking genius guy”. He studied applied maths and finance and worked as a hedge fund quant. He learnt how to gamble by studying poker bots and “reading obscure machine-learning papers” and, to his credit, by spending time at the racetrack. He said he left Wall Street recently “to bet my personal capital full-time, split between horseracing and systematic trading of financial securities”. He’s not alone.Horseracing and the quantitative puzzles it presents are “really seductive for people who like that kind of thing,” Larmey said. “But it’s not marketed that way at all. Currently, in racing, it’s all about being hip and cool and going to the races in your fancy hat and your suit and making stupid bets.”