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Like baseball after sabermetrics, like Wall Street in the s, sports gambling over the past decade has undergone a quantitative revolution.
Nearly every successful sports bettor in the world now uses some form of computer model to assist in the handicapping of sporting events. Like their brethren inside hedge funds, these gamblers are known as quants.
Like the advanced trading systems operating on Wall Street, the models used by this technologically adroit breed of sports bettor are sometimes called black boxes.
Their models and their identities are shrouded in secrecy. Their algorithms are proprietary. And with each passing year, their sophistication mounts.
Their goal is nothing less than a sustainable edge. It is a paradoxical quest. The history of sports betting is littered with the corpses of gamblers who have enjoyed spectacular runs only to flame out just as quickly when their edges die.
When they see a gambler winning big, bookmakers correct their mistakes. Rival gamblers spot the same edges -- or copy them -- and bet the line back to plumb.
Indeed, while the wide availability of information in the Internet age and exponential increase in computer processing power have given rise to the sports gambling quant, those very same factors have made the pursuit of a sustainable edge that much more quixotic.
The marketplace evolves. The betting public, square though it may be, is better informed than ever before: Reams of team and player statistics reside in the cloud, awaiting download.
The bookmakers, meanwhile, have joined the quantitative battle. Some who formulate the opening lines only a few still do so; all the others simply copycat have engineered their own sophisticated models.
Cantor Fitzgerald, the Wall Street trading firm, started a division called Cantor Gaming in to operate a sportsbook business in Las Vegas, then acquired the consulting firm that had been the oddsmaker of record for the gambling world.
Andrew Garrood, a former high-finance quant whose previous experience included developing pricing models for interest rate derivatives at a London bank, designed it.
A slim six-footer with dark hair and dark eyes, Voulgaris talks fast. His eyes flit. He has the canny, quick-minded air of a merchant in a bazaar in the Eastern Mediterranean.
Since birth, he seems never to have lacked for self-confidence. He likes to say that he had no mentors when it comes to his gambling career, but in reality, he did.
When Voulgaris was 18, he took a gap year between high school and college. First he traveled to Greece, visiting the hardscrabble villages -- Argos, Tripoli -- where his parents were born and raised before they immigrated, in their 20s, to Canada.
Then he and his father made a trip to Las Vegas, where they lived for most of the next two months at Caesars Palace. The elder Voulgaris had risen from poverty to become a successful Winnipeg entrepreneur.
He developed commercial real estate; he owned and operated a Greek restaurant called Hermes -- the patron god of among other things games, sports and sudden enrichment.
His net worth grew into the millions; he also happened to be an avid gambler. He was also, his son now suggests, the consummate square.