Edward Thorp number 2 of Gamblers who Hustled a Casino
We are down to our Runner up on our list of Casino Players that manage to win a lot of cash using different techniques. The man we have put on the second place on our list was gifted with the skill to Count Cards. He started to count cards already in the early 60s. He was the one who invented the original system of card counting and is called the Godfather of Card Counting, we presents Dr Edward Thorp.
Edward Thorp was mathematic professor with a master´s in physics and doctorate in mathematics. As you understand by know he was a very intelligente man.
How and Why Edward Thorp Started to Count Cards
Thorp was born in 1932 and when he began his adult life in the 60s he had been studying for his entire life so far. He basically knew nothing about any casino game. Edward and his wife got invited to Las Vegas by a friend of Edwards and immediately he became interested in Black Jack. He only needed to play the came a couple of time to be certain that there was a mathematical way to beat the game and in that way hustle the casinos.
Edward then started to study the game down to every detail. He used a computer at the University he worked at to simulate billions o black jack hands to totally understand the mathematics of the game. Edward finally created a system from all his observations and calculations. The basic strategy behind his system was that it “accounted for the variations in those (cards) that remained after certain hands were dealt”.
How Edward Thorps System Worked
With the system he had created he now knew that the smaller cards were more advantageous for the dealer and when they left the deck, he would get an advantage and should bet more.
The system also worked the other way around, larger cards where more advantageous to him and and when they left the deck the casino would get an advantage and he should now bet less.
Edward calculated that if he used this technique he could get a 1% to 5% advantage over the casino.
Edward Thorp Hit the Casinos
With the system Edward had created he now hit the casinos and he did it hard. He returned with his pocket filled with cash. In one weekend he could bank around 70.000$. Card counting had never before been used so not a single casino had an idea what just happened. Thorp executed his card counting method in casino after casino. He drew the casino bosses attention many times when he began to win extremely high amount and many of them were convinced that he was cheating. They studied him for hours and watch video tapes of Edward at the tables for hours and hours but couldn´t figure out what was going on. There were even casinos that asked Edward to leave because he was winning too much but they had no clue how he managed to.
What then happened to Edward Thorp
As he became more and more unwelcome at the casinos in Las Vegas he instead wrote a book about hus system that he called “Beat the Dealer”. The year was now 1962 and the book became an instant hit. He became very rich from the selling of his book and wrote a second edition in 1966. Card counting exploded but most of the times it was in the casinos favor as most of the casino players that tried Edwards system didn´t manage to pull if of and lost instead.
Edward later aslo applied his mathematical skills to the stock market and manage to make himself a fortune there as well.
Edward Thorp has dominated and revolutionized the casinos and was one of the first people to be inducted in the Black Jack Hall of Fame.
Written by: niklas
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