The Economics of Everyday Things 30. Card Counting
Jan 1, 2024
Former professional card counter, Ben, and Bill Zender, co-founder of a casino consulting firm, discuss the concept of card counting in casinos. They explore the perception of card counting as a threat and the drastic measures taken by casinos. The podcast also delves into the strategies and countermeasures of card counting, as well as the challenges faced by card counters.
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Movie Portrayal of Card Counting
- In the film 21, an MIT student uses card counting to win big in Vegas.
- Casino security brutally punishes him, reflecting a common, albeit exaggerated, portrayal of card counting.
Casino Overreaction
- Casinos overreact to card counting, implementing drastic, costly measures.
- Their reaction is based on a mythologized view of card counting.
Casino's Losing Bet
- Casinos often go to extremes in their attempts to deter card counting.
- These efforts, ironically, harm their profits more than card counting itself.