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The MIT Blackjack Gambling Team
It all started when a course was given in MIT titled "How to gamble if you must". In this course, certain concepts and strategies of card counting were discussed. Card counting is a method by which a card player can make statistically better choices by taking into account the cards already played in a given game. |
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| This course resulted in several students traveling to the nearby Atlantic City to win their fortunes at blackjack. The initial foray in 1979 was a failure but the fascination with the idea remained.
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The MIT Blackjack Gambling Team Success
The original blackjack team that came from MIT and their successors originally started with a general lack of success. Apparently this lack of success stemmed from a lack of order as to how precisely should things be done and which counting method to use. A meeting with a certain Mr. Kaplan changed all that. The MIT blackjack team became a well organized and run business operation. The rules by which the players played were clear and strict. The payoff of adhering to strict protocols was a great success. The initial stake that the players began with in 1980-81 was a total of 89,000$. This was quickly doubled again and again. The players averaged a salary of some 80$ an hour and the investors were rewarded with a more than doubling of their investment in a very short time.
Advanced Blackjack Techniques
Although standard counting techniques can usually provide a statistical edge of about 2% the MIT group occasionally used advanced techniques that were supposed to boost that edge to about 4%. In practice, these techniques were apparently to difficult implement since it has been reported that for the most part the MIT blackjack groups went back to the straight forward, classic card counting techniques.
Gambling Team in Blackjack Makes it to the Media
The glamour of gambling teams going to take on the casinos and win a bundle has captivated the imagination of many. The result has been that the MIT gambling teams not only made considerable fortunes at their gambling forays. They have also left us a legacy of movies, books and fascinating documentaries that describe and retell this legend to the delight of the audience. Besides, if some youngsters out of MIT could do it, couldn't we too?
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