How Did the MIT Blackjack Team Earn Huge Profits?

In just about any casino, the only game where gamblers get a slight edge over the house is blackjack and that is where the MIT Blackjack team could come out on top with some spectacular wins.

It was the early 60s when Edward Thorp, a university professor wrote a famous book called Beat the Dealer which spoke about a computer program that could be used to count cards.

This gave a basic understanding of how the games’ odds worked and the rewards which could be claimed just like the MIT Blackjack team were able to in Las Vegas.

The game is very simple. The dealer and the player need to try and get to 21. Whoever got there first or the closest wins. Thorpe’s system gave you ways to beat the dealer and if you were just playing with a single deck, you’d have a 2% chance of winning.

But, casinos soon figured out how to protect themselves against card counters just like they protected themselves against other types of cheaters.

In the 90s, an assistant professor from MIT got together with some of his students and started studying the mathematics involved in gambling.

They developed a system using statistics and mathematics and turned gambling into a business. All the variables were considered and they managed to earn a lot of money in the few years that they were successful.

The team consisted of a spotter, rear-spotter, gorilla and big player. This only worked because the team worked well together. Therefore, they started having trouble towards the end just when they started having trouble getting along. This is when they were caught too. Unfortunately, most of them are no longer involved in gambling. But, some of them are still involved in the gambling industry although they certainly aren’t counting cards anymore.