109: Edward Thorp – The Man Who Beat the Dealer, and Later, Beat the Market
Chat With Traders
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How to Beat the Casino at Blackjack
There were theorems in fact that have been proven as probability developed over several previous centuries. They proved a theorem which said that most of the standard gambling games could not be beaten. But Blackjack didn't quite fit the assumptions that they'd used to draw that conclusion. As you deal through the cards they don't reshuffle after every hand. And with the changing composition of the deck, the odds are for one against the player and the way he should play his hands. Those things shift also.
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