you, dave, and everyone he knows - What's luck got to do with it? The math of gambling

i am dave (E-M or L.F or FB). i am known to rock out on occasion, have a vast depth of knowledge about hockey, and am the proud bearer (barely) of a degree in political science. if you enjoy led zeppelin, craig finn, post-modernism, whiskey and good beer, have a nerd-like obsession with logical thought and laugh at things no one else really finds funny, we are probably compatible people and you will probably enjoy the blog.

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What's luck got to do with it? The math of gambling - New Scientist

peterwknox:

No one can predict the future, but the powers of probability can help. Armed with this knowledge, a high-school mathematics education and £50, I headed off to find out how Thorp, and others like him, have used mathematics to beat the system. Just how much money could probability make me?

Thorp is the primary reason why anybody that “knows what they’re doing” and properly executes can reduce the house edge at blackjack to a smidge over .4% on standard AC casino rules, better than any other game in the house. Savvier players can reduce that to under .1% with advanced play. And that’s before you talk about card counting, which flips the odds.