I just ran the numbers, and according to Kelly Criterion, (and this is pushing the upper end, with a high risk of ruin) the action he's claiming would require - given an EXTREMELY generous estimate of 60% chance of winning at 33/20 odds - a dedicated gambling bankroll of about $175,000.
If you actually apply the criterion conservatively, as one should, and estimate your chances of winning that 33/20 bet at around 50% (this means it's still, by a lot, Christmas coming early), a dedicated gambling bankroll of about $300,000 is required.
I know you're a numbers guy so I thought you would appreciate teh anals cyst. You know, to help evaluate anonymous message board claims.