Making Millions the Easy Way
In mid 1990, a team of American science students took on the might of the casinos in Las Vegas, and came home with millions of dollars. Engineering students work during the week, became the top-flight players for the weekend and showed that in a game at least, the house always wins.
The game was blackjack, and students of world-renowned Institute of Technology (MIT). Their audacious winnings marked the climax of an arms race between casino and player that began 40 years earlier with maths professor Edward Thorp. He realized that the feature of blackjack that made it different from other casino games also allowed to beat.
In most gambling games – roulette, craps, slot machines, lottery – events in the past determines the future. The odds are the same on every roll of the dice or spin of the wheel. Winning streaks or losing streaks can occur, but are only one possible outcome of the set of all possible outcomes. A currency that has shown up heads ten times, has only a 50% chance of showing his head in the next release.
Casinos and gambling make sure the odds are always stacked slightly in their favor. In other words, the passage of time, the house will always win.
Making Millions the Easy Way,