Mike Aponte, leader of the MIT Blackjack Team featured in the movie 21, provides a Card Counting 101 from the Def Con XX conference in Las Vegas.You can lear. If you know the MIT blackjack team you should know all strategies and systems they used for winning: card counting was the main of them and it really worked for the team. Edward Thorp explained the concept of card counting to all average players in 1962 when published his book ' Beat the Dealer '.

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• Mit Students Caught Counting Cards
• Mit Students Vegas Movie
• Mit Las Vegas Card Counting

Related

• MIT students scammed Massachusetts State Lottery for $8 million: report NY Daily News
• Lottery officials knew about Cash WinFall’s flaws, IG saysBoston Globe

Maybe Uncle Ben was right: With great power comes great responsibility. While most students at the famed Massachusetts Institute of Technology use their powers for good — for example, creating drugs that can fight any virus — others are busily using their prodigious math skills to game the state of Massachusetts’ lottery system, earning millions of dollars in the process.

Several years ago, while doing research for a school project, a group of MIT students realized that, for a few days every three months or so, the most reliably lucrative lottery game in the country was Massachusetts’ Cash WinFall, because of a quirk in the way a jackpot was broken down into smaller prizes if there was no big winner. The math whizzes quickly discovered that buying about $100,000 in Cash WinFall tickets on those days would virtually guarantee success. Buying $600,000 worth of tickets would bring a 15%–20% return on investment, according to the New York Daily News.

(MORE: When Good Things Happen to Good People: 8 Heartwarming Lottery Wins)

When the jackpot rose to $2 million, the students bought in, dividing the prize money among group members. But they didn’t stop there; they were so successful in their caper that they were eventually able to quit their day jobs and bring in investors to front the money they needed to purchase the requisite number of lottery tickets. Several other syndicates sprang up to capitalize on the Cash WinFall loopholes, but the MIT group remained one of the most successful and innovative. By 2005, the group had earned almost $8 million with its system, according to an investigation by the Boston Globe. By 2010, it had figured out how to win the entire jackpot in a single drawing.

A recent report by the state’s inspector general reveals more details about the scheme, including the fact that the Massachusetts Lottery knew of the students’ ploy and for years did nothing to stop it. The inspector general’s report claims that lottery officials actually bent rules to allow the group to buy hundreds of thousands of the $2 tickets, because doing so increased revenues and made the lottery even more successful. While the students’ actions are not illegal, state treasurer Steven Grossman, who oversees the lottery, finally stopped the game this year.

The inspector general concluded that because lottery officials received no personal benefit from the syndicates’ manipulations of the game, no further action was necessary.

This isn’t the first time that MIT has been involved in a gambling controversy. Ten years ago, students and a professor were involved in a massive card-counting scandal in Las Vegas casinos.

Mit Card Counters

Card counting has been in use since decades, but it got much publicity recently when the movie '21' was released. MIT blackjack team's play had been based on card counting techniques, so we can talk here about MIT card counting.

Card counting is a strategy used to determine when the player has advantage at the game. Card counting is used mainly in blackjack and its other forms like Spanish 21.

How It All Began

With the card counting theory, players can determine their probability ratios of their advantages and disadvantages during the game. Using this they can then determine whether to play or not and how much to bid which increases their levels of earning.

When players use only basic strategy in blackjack, even if it is perfect, they only have an edge of around 0.5%. A player who uses card counting techniques and uses it to his advantage will have an advantage of 1% approximately against the casinos. It is even possible to have an advantage of around 2.5% in certain games like Spanish 21.

However, this would depend on the skill levels of the player as well as various other factors like the penetration level, number of hands played per hour and several others. Blackjack has a high level of variance so even those who are skilled card counters would generally have to put in hours of play for making a sizeable amount of profit.

Also, the amount of profit generated by a card counter would also depend on the average bets he makes. If a player having a 1% advantage makes an average $50 bet then he would win around $0.5 per hand. This would mean that if he plays 50 hands every hour he would win $25. If he bets more he would win more.

A player who uses card counting techniques would generally try to increase the levels of profits by betting more. This would mean that a card counter would need a sizeable bankroll to make most of it. By calculating the odds of winning the player can then make the most of it by betting large amounts on hands where he/she has a higher probability of winning and not betting on hands where there is low probability of winning.

Mit Students Caught Counting Cards

In the earlier days, card counting used to be done with the mind solely. Individuals good at math and those with a knack of quick calculations in the mind used to have an edge over the other. In the recent years, with the advancement in technology, there are plenty of devices available, which are used for card counting.

However, using devices for card counting is illegal in all casinos. Devices like applications for iPhones and other hand held devices were declared to be illegal for card counting by the Nevada Gaming Control Board in 2009. However, counting with your mind is still legal and according to many serious card counters it is even more effective.

MIT Books

Bringing Down the House

by Ben Mezrich

Price on Amazon: $11.21

Busting Vegas

by Ben Mezrich

Price on Amazon: $11.21

Million Dollar Blackjack

Mit Students Vegas Movie

by Ken Uston

Mit Las Vegas Card Counting

Price on Amazon: $11.21