Blackjack player beats 3 Atlantic City Casinos for $15.1M

[illiquid]

So this guy had a max bet of 100k? Did he have a relative minimum bet? I thought the one biggest disadvantage (outside the game rules) against the player vs the house was the max bet limit.

 

[Visaria]

This chap was lucky. He probably had good streaks of wins with very few losing hands. I've had that myself in the past. I've turned £500 into a £1000 betting £25 a hand. There was no edge, it was just luck (or positive variance), nothing more. I've also turned £500 into zero as well.

I'm sure some on here would think that the next guy who wins the lottery had an edge and would be debating how he did it!!

 

[jem]

if the variable martingale strategy were true... would not everyone who bet small enough be able to make a living trading? I find the idea that betting strategy can take a losing edge into a winning edge in the long run.

n essence on every bet you are still facing the odds... it may be unlikely you will lose on your big bets 10 times in a row... but in the long run it is supposed to happen.

 

[jprad]

Quote from Kassz007:

But on an individual bet basis, the pass line odds bet in craps is 0% and therefore the best single bet you can make in a casino.

Nope, the house always has an edge...

Pass + 1X Odds 0.85%
Pass + 2X Odds 0.61%
Pass + 5X Odds 0.32%
Pass + 10X Odds 0.18%
Pass + 100X Odds 0.02%
http://www.insidervlv.com/casinoodds.html

 

[stock777]

I'm telling you, the story has more holes in it than a $5 web cam hooker.

Knowing what little we do about this guys scam, can someone estimate the ODDS against this feat?

 

[stock777]

Quote from bearmountain:

As they say in trading test out your ideas.

Here is a Blackjack Strategy Trainer. test out your martingale ideas. do it after the trading day, because it is addictive!

http://www.blackjackinfo.com/bst/

and trading isnt?

 

[Daal]

Quote from jem:

if the variable martingale strategy were true... would not everyone who bet small enough be able to make a living trading? I find the idea that betting strategy can take a losing edge into a winning edge in the long run.

n essence on every bet you are still facing the odds... it may be unlikely you will lose on your big bets 10 times in a row... but in the long run it is supposed to happen.

Martingale strategies only 'work' if you have an infinite bankroll but if you do why would you want to gamble in a casino instead of spending the infinite cash

 

[Nine_Ender]

Quote from intradaybill:

Why should we assume that wikipedia is correct? What are the assumptions for their calculations? I happened to believe that the house edge is an order of magnitude larger.

Is card counting taken into account in calculating the edge? What is the real edge of a casino against a large number of players who are counting cards? What about if dealers are chosen so that they can count cards? What about if the casino employs players who count cards?

Disclosure: I have only played blackjack once in my life and decided that unless I had a psychic next to me I could not make money.

Nope, house edge is pretty small with basic strategy. Of course, many players don't understand basic strategy. With card counting, the advantage is to the player. Problem is, you have to hide the fact you count cards, which can become fairly apparent if you win a lot using correct systems ( they monitor winners even smaller limit tables ).The casinos have various counter measures once they suspect you might be a card counter.

Doesn't matter if the dealer can count cards. What does matter is where they place the cut card ( quicker shuffles are bad for counters ), and if they cheat or not. Best rule is if you're not enjoying the game just leave and try somewhere else.

 

[Visaria]

Quote from stock777:

I'm telling you, the story has more holes in it than a $5 web cam hooker.

Knowing what little we do about this guys scam, can someone estimate the ODDS against this feat?

I read he made $5.8 million over 12 hours at one casino. Assuming flat betting £100k, over 2500 hands (thats about 2-3 hands a minute), the odds of him winning $5.8m are about 10%. Not exactly impossible!!!

(There are plenty of bj odds calculators on the web btw).

 

[bearmountain]

Quote:

I'm sure some on here would think that the next guy who wins the lottery had an edge and would be debating how he did it!!

if this don johnson did it only once, at one casino one can say he got 'lucky'. but to do it at three different casino's over a short period of time is application of some 'edge' in a systemetic manner.

he is not just an average joe off the street. remember he is the CEO of a company that uses computer-assisted wagering programs for horseracing. He even says in the interview that you should know the 'math'.

If you read up on pro black jack players, their understanding of math and statistics will put any 'pro' trader to shame....