Blackjack player beats 3 Atlantic City Casinos for $15.1M

BTW, I am sure there will be those within casino management/security watching the CCTV videos of his table action to get some tips......LOL! :eek:


:D
 
OK, I'm not an expert on this stuff, but wouldn't a 20% haircut on losses be pretty much a guaranteed way to print money? The house edge is what, like 3-5%? Suddenly, it is -6%? Why would they ever make a deal like that?
 
Quote from AAAintheBeltway:

OK, I'm not an expert on this stuff, but wouldn't a 20% haircut on losses be pretty much a guaranteed way to print money? The house edge is what, like 3-5%? Suddenly, it is -6%? Why would they ever make a deal like that?
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That's what I was wondering. If they made that deal, they must have had good reason to expect to still make money, presumably they have a track record of this guys hands.

OTOH gamblers are so emotional. The house may have studies that show offering a 20 point HC to a whale generally brings in more profits.
 
Quote from AAAintheBeltway:

OK, I'm not an expert on this stuff, but wouldn't a 20% haircut on losses be pretty much a guaranteed way to print money? The house edge is what, like 3-5%? Suddenly, it is -6%? Why would they ever make a deal like that?
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Your math is wrong
 
Quote from Daal:

Your math is wrong
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The house/casino edge by a player using black jack basic strategy is 0.5%. an average player is probably at a 2% disadvantage. play long enough a player will lose it all, their 20% loss giveback just prolongs the play for an average player.

I think in this case, they were just giving him an 'incentive' to play at their casino, little did the house know!
 
House edge is 1% with perfect play for standard blackjack. So if 100,000 hands are played at 1 dollar per hand is played 51,000 to the house 49,000 to the player. But since the the house edge gives back 20% of the 51,000 lost the player gets back 10,200. So that means the players edge goes from -1% to 9.2%

I have no clue why a casino would do this. I guess the hope is a breakdown in play and and a bank roll that can not handle the swings. But with these odds, huge losses for the casino are bound to happen.
 
Quote from Pekelo:

I am not sure whom you refer to, but if it is to my probability, please check this out:

"According to China Global Times – Shi Yinyin, his father Shi Chancong, and his mother Tang Yanfen have all disappeared after YinYin lost 1.5 billion yuan ($230 million US) at Macau high-roller blackjack card games and baccarat tables in one week."

Yeap, just like in the movies....
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Huh? yin yin disapeared after losing 1.5 billion yuan( not winning )--- i don't get your point--of course they would vanish after being shamed to such an extent......
 
Quote from marketsurfer:

Huh? yin yin disapeared after losing 1.5 billion yuan( not winning )
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I had a feeling you wouldn't get it... :eek:

It is a safe guess that he didn't have 200+ mill in his pocket, so he was signing markers, backed by his family's fortune. When he lost, the money was due to be paid, and when it is not paid, it is still a loss for the casino, because they took the risk but can not take the reward.

You do have to read the article though....

TL; DR: an unpaid debt is a loss for the casino
 
All the maths are wrong.

And he martingales, he doesn't even bother with Revere or any simple 10-count. His table limits are $100k, but he's typically betting 5-10k per hand and will marti-party to $100K on the 4th or 5th hand.
 
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