The Wizard of Odds

Like many people, Ernie Dahlman shows up at the office around 8:45, switches on his computer and spends the rest of the day making telephone calls. His office is nondescript, and so is he: blandly handsome, of average height, with an open, friendly expression and rimless glasses that give him a mildly intellectual look. He could be a travel agent, or a stockbroker, or perhaps a real-estate agent.

Actually he is one of the biggest horseplayers in the United States. Just how big is anyone's guess. In a busy year, Dahlman might bet as much as $18 million.

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