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Sometime in the distant future, maybe the year 3225 or so, when historians are studying ancient Western society or what will be ancient Western society by the timethey will marvel at one particular human enterprise perhaps more than any other: the epic, money-sucking efficiency of casinos.
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©2020 FOX News Network, LLC.

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But in the 1990s more info group of students proved the punter didn't have to be the loser.
This is the story of the MIT Blackjack Team.
Bill Kaplan laughs, remembering his mother's reaction when he told her he was postponing his entrance to Harvard to make his fortune at gambling.
What am I going to tell my friends?
Kaplan had read a book about card counting and believed he could use a mathematical model to make good money from blackjack.
It was certainly not his mother's dream for her straight-A student son.
But Kaplan's stepfather was more open to the idea and threw down a challenge.
He went on to graduate from Harvard and over the years kept playing blackjack how casinos make money from blackjack the world.
Image copyright Bill Kaplan His life took a dramatic turn when the leader of a small group of students from the Massachusetts Institute of Technology MIT who had dabbled with card counting overheard him discussing his Vegas exploits.
They asked him to train and manage what would later become known as the infamous MIT Blackjack Team.
In 1992, with the gambling industry booming and click to see more mega-casinos springing up, Kaplan and his partners saw an opportunity for them to go mega as well.
One of these students was Mike Aponte, then a 22-year-old who was unsure what he wanted to do with his life.
It had a jacuzzi, pool table - it was amazing.
I was in awe of the room but I didn't enjoy it as much as I would normally have, because I was still upset about losing all that money.
Image copyright Bill Kaplan Casino hosts look after high rollers - clients who gamble big money - and reward them how casinos make money from blackjack perks of free food, drinks, tickets and rooms, whether or not they win.
So the students, who spent the week going to class, eating in canteens and sharing dorm rooms, soon got used to being treated like VIPs.
But they also had to look the part - something that wasn't easy for many.
For Aponte, it was like going undercover.
I totally forgot about it.
I ran back and it's not there He says that while skill at maths wasn't a how casinos make money from blackjack for anyone at MIT "what was important was being comfortable, being able to deal with the attention, because money just attracts attention.
So my standard story was that I came from a rich family and I was the spoiled son.
One night some members of the team came straight from a gambling trip in Las Vegas to join in a practice session in a MIT classroom.
One put a brown paper lunch bag under his chair.
At 06:00 the next morning Kaplan received a phone call.
Well I left in the classroom.
I totally forgot about it.
I ran back and it's not there.
It took six months and investigations by the Drug Enforcement Administration and the FBI before the team eventually got their money back.
Pressure was also growing as more players started being spotted by the casinos and were barred from playing.
A private detective had been employed to find them and realised from the Boston addresses of many of those caught that this was a student team from MIT.
He even obtained a yearbook including some of their photos.
Image copyright Mike Aponte Image caption Mike Aponte left with one of his biggest wins in later life - some source still remain anonymous Many worried about being caught, even though Aponte says it was usually quite painless.
He wore glasses, he had a very meek personality, and he just looked really smart.
He was really smart - he was a PHD student.
That player and his wife - they never played for the team again.
So a card counter keeps a running tally in their head, adding 1 for low cards and subtracting 1 for high cards.
When their tally increases meaning more high cards than low ones are left in the deck they know it's time to start placing higher bets.
Card counters won't win every time - they often lose a lot of money - but statistically, and over time, the odds are in their favour.
It has to be done secretly because although it's not illegal, casinos don't like it and have the right to refuse to let someone play.
It was researched in the 1950s by a mathematics professor from MIT, Edward Thorp, using some of the earliest computers.
In 1962 he published a book about it called Beat the Dealer and forever changed how the gambling public viewed blackjack.
After being caught, many gave up.
But some took drastic measures to stay on the team.
Kaplan remembers how one 21-year-old managed to keep playing as a spotter - someone who counts cards and then signals to their partner who places the big bets when the cards were favourable.
He was a very good looking guy!
By then the team had grown to around 80 click to see more and he says it was time to call it quits.
Kaplan decided that for the amount he was making, he would be better off investing in property and business.
His wife was relieved people weren't calling at two in the morning saying "I just got kicked out of Caesars what do I do?
Image copyright Mike Aponte After Strategic Investments folded, Aponte went on to form another team, as did other players.
Those teams learned from their experiences with Strategic Investments and concentrated more on the personalities of the people they recruited.
Mike says the amount of money they won rocketed.
Eventually, Aponte became too well known as a card counter to play but he still makes his living from the game.
He how casinos make money from blackjack the World Series of Blackjack champion in 2004, he teaches people to play and advises the casinos.
Ironically, he has become friendly with some of the people who used to spend their days hunting for him.
But he still looks back at his MIT team days with fondness.
Everyone knows the golden rule that you can't beat the house over the long run but that's exactly what we were able to pull off.
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But for a few years in the 1980s, Bill Kaplan and a few associates figured out a way to clean house and rake in cash, and thus, the legend of the MIT Blackjack Team was born.
With the Encore Boston Harbor Casino throwing open its doors, I wondered: Do you have to be an MIT-level genius to pull off a scheme like this, or can any schlub with a will to learn and dollar signs in his eyes make do?
Kaplan was kind enough to hop on the phone and break down just what it takes to beat the house.
The interview has been lightly edited for length and clarity.
You founded the MIT Blackjack Team, which became famous for beating casinos and winning huge amounts of money.
How did that all start?
When I first got out of college—I went to Harvard—I was supposed to go right into Harvard Business School.
Instead, I deferred for a year, moved out to Vegas, and started a blackjack team.
The thing about blackjack is that you can actually win at this game.
So, I ran a team for a year, and kept running it while I was in https://ipodxs.com/blackjack/blackjack-hand-interaction.html school.
Eventually though, everyone was burned out, all the casinos knew our faces.
I read this book by Edward O.
Thorp called Beat the Dealer.
He said if you crunched all the numbers, the game actually could be beaten, if you kept to a certain system.
My background was in stats, applied math, and computer science, and I was curious: How can you win at a game that casinos win billions of dollars at?
So how do you do it?
Counting cards lets you see whether the player or the casino has the odds, and then you use a betting strategy, how much you can bet on each hand.
Card counting tells you how to optimally play each hand, based on what cards are remaining in the shoe and your expected advantage.
Was there something that set the MIT team apart?
Most teams fail on the money management.
They never https://ipodxs.com/blackjack/how-much-do-blackjack-dealers-make-a-year.html it to the long run.
Is this something that you need to be an MIT genius to figure out, or do you think me and the BoMag staff can put together a team?
Honestly, just about anyone with a high school education how casinos make money from blackjack learn the game.
It just happened to be, everyone on the team was from Harvard, MIT, Princeton, University of Chicago.
You how casinos make money from blackjack teach someone—there eventually were a couple of people who played on the team who just had a high school education.
What if I tried to give it a go on my own?
As a player, your advantage is about one percent.
Did you ever get kicked out of a casino?
At every casino, eventually you how casinos make money from blackjack kicked out.
By the time we were playing, most were public companies.
Casinos did a bunch of things that were illegal back then.
Did you ever try to beat another game?
Blackjack is the only game that you can legitimately beat.
If you play basic strategy, you only have a half percent disadvantage.
If you count the cards, the advantage switches to the player, even though the link are switching and moving as the cards are being played out.
What made the MIT team so good?
There are tens of thousands of people who tried to win at the game, but MIT was the only team who really won how casinos make money from blackjack over year, because we ran it like a business.
Training, extensive training, checkout procedures, two hours of perfect play, leaving the table right.
It was really run more tightly than most businesses.
Read more about how to have the most fun possible at the.