Blackjack is a casino banking game. It is the most widely played casino banking game in the world. It uses decks of 52 cards and descends from a global family of casino banking games known as "twenty-one". This family of card games also includes the European games vingt-et-un and pontoon, and the Russian game Ochko. The game is a comparing card game where players compete against the dealer, rather than each other.
Games available in most casinos are commonly called casino games. In a casino game, the players gamble cash or casino chips on various possible random outcomes or combinations of outcomes. Casino games are also available in online casinos, where permitted by law. Casino games can also be played outside of casinos for entertainment purposes, like in parties or in school competitions, on machines that simulate gambling.
Gambling is the wagering of something of value on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three elements to be present: consideration, risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season.
Roulette is a casino game which was likely developed from the Italian game Biribi. In the game, a player may choose to place a bet on a single number, various groupings of numbers, the color red or black, whether the number is odd or even, or if the number is high or low.
A martingale is a class of betting strategies that originated from and were popular in 18th-century France. The simplest of these strategies was designed for a game in which the gambler wins the stake if a coin comes up heads and loses if it comes up tails. The strategy had the gambler double the bet after every loss, so that the first win would recover all previous losses plus win a profit equal to the original stake. Thus the strategy is an instantiation of the St. Petersburg paradox.
Card counting is a blackjack strategy used to determine whether the player or the dealer has an advantage on the next hand.
The MIT Blackjack Team was a group of students and ex-students. The students were from Massachusetts Institute of Technology, Harvard University, and other leading colleges; they used card counting techniques and more sophisticated strategies to beat casinos at blackjack worldwide. The team and its successors operated successfully from 1979 through the beginning of the 21st century. Many other blackjack teams around the world have been formed with the goal of beating the casinos.
Vigorish is the fee charged by a bookmaker for accepting a gambler's wager. In American English, it can also refer to the interest owed a loanshark in consideration for credit. The term came to English usage via Yiddish slang which was itself a loanword from Russian.
Edward Oakley Thorp is an American mathematics professor, author, hedge fund manager, and blackjack researcher. He pioneered the modern applications of probability theory, including the harnessing of very small correlations for reliable financial gain.
Breaking Vegas is a television series that premiered on The History Channel in the United States in 2004. The series covers the great lengths people have gone to make money, sometimes illegally, from casinos.
J. Doyne Farmer is an American complex systems scientist and entrepreneur with interests in chaos theory, complexity and econophysics. He is Baillie Gifford Professor of Complex Systems Science at the Smith School of Enterprise and the Environment, Oxford University, where he is also director of the Complexity Economics programme at the Institute for New Economic Thinking at the Oxford Martin School. Additionally he is an external professor at the Santa Fe Institute. His current research is on complexity economics, focusing on systemic risk in financial markets and technological progress. During his career he has made important contributions to complex systems, chaos, artificial life, theoretical biology, time series forecasting and econophysics. He co-founded Prediction Company, one of the first companies to do fully automated quantitative trading. While a graduate student he led a group that called itself Eudaemonic Enterprises and built the first wearable digital computer, which was used to beat the game of roulette. He is a founder and the Chief Scientist of Macrocosm Inc, a company devoted to scaling up complexity economics methods and reducing them to practice.
Norman Harry Packard is a chaos theory physicist and one of the founders of the Prediction Company and ProtoLife. He is an alumnus of Reed College and the University of California, Santa Cruz. Packard is known for his contributions to chaos theory, complex systems, and artificial life. He coined the phrase "the edge of chaos".
John Larry Kelly Jr., was an American scientist who worked at Bell Labs. From a "system he'd developed to analyze information transmitted over networks," from Claude Shannon's earlier work on information theory, he is best known for his 1956 work in creating the Kelly criterion formula. With notable volatility in its sequence of outcomes, the Kelly criterion can be used to estimate what proportion of wealth to risk in a sequence of positive expected value bets to maximize the rate of return. As a substantial warning, the outcome for the Kelly criterion's recommendation on bet-size "relies heavily on the accuracy" of the statistical probabilities given to a gamble's positive expectations.
Mobile gambling refers to playing games of chance or skill for money by using a remote device such as a tablet computer, smartphone or a mobile phone with a wireless internet connection. Over a hundred mobile casinos were operating as of December 2013, with most of the big casino operators in gambling now providing a mobile platform for their player base.
Jerry L. Patterson is an American writer. He authored several gambling books as well as a gambling newspaper column.
Advantage gambling, or advantage play, refers to legal methods used to gain an advantage while gambling, in contrast to cheating. The term usually refers to house-banked casino games, but can also refer to games played against other players, such as poker. Someone who practices advantage gambling is often referred to as an advantage player, or AP. Unlike cheating, which is by definition illegal, advantage play exploits innate characteristics of a particular game to give the player an advantage relative to the house or other players. While not illegal, advantage play may result in players being banned by certain casinos.
The Eudaemonic Pie is a non-fiction book about gambling by American author Thomas A. Bass. The book was initially published in April 1985 by Houghton Mifflin.
Due-column betting is a type of fixed-profit betting strategy whereby a bettor increases the amount they wager on a single proposition after each successive loss. According to this system, the bettor determines a target profit before they begin betting. Then they increase their bet on propositions following a loss in such a way that a win will recover the sum of all amounts they have lost from their preceding bets plus gain them their predetermined profit.
"How to Take Down a Casino", also called "How to Beat a Casino" or "How to Beat the Casino", is the fourth and final special in British psychological illusionist Derren Brown's The Events television series. The episode featured both live and pre-recorded segments, and showed Brown attempting to win £175,000 by placing money that he had taken from a member of the public on a roulette wheel in an undisclosed European casino.
William T. Walters is an American entrepreneur, philanthropist, New York Times best-selling author, and one of the most successful American sports bettors of all time, having a winning streak which extended over 30 years. Walters was convicted of insider trading and received a 5-year prison sentence, later commuted.
