Blackjack is a card game that has no dearth of geniuses. From rags to riches to the best of the best, the game has given us moments and names that we will never forget. The blackjack professor, Edward O Thorp is a name who has his class. Thorp was born in 1932 and went on to become a mathematics professor, writer, hedge fund manager, and also one of the best blackjack researchers. He’s best known for his work in correlations in the financial gains, and application of the probability theory. He later applied this knowledge in the stock market as well as in blackjack that gained him quite a fortune. Apart from that, his work continues to gain him the respect that he deserves. He is also the author of the popular book on the casino games Beat the Dealer that gives insights into how the house advantage can be beaten by counting cards. In addition to that, he has a variety of skills in the financial market and offers insights into that as well.
Thorp is a Ph.D. holder from the University of California from the class of 1958. In addition to that, he has also worked at MIT, remained as professor of mathematics in the New Mexico State University (1961-65). He was also working as a professor of Mathematics at the University of California from 65 to 77. He also worked as a professor of math and finance from 1977-1982.
His initial finding in the game was inspired by a paper that was published in 1956 by Kelly. He based his theory on the Kelly criterion to ascertain the probabilities of beating the house edge and winning the game. In addition to that, he analysed the game, and then went on to develop the card counting schemes that could help you beat the edge. This could help you beat the odds, and increase your chances of winning the game.
For the theory to work in the field, it had to be implemented. So, he decided to make sure that he was put to work. With an investment of $10,000 at a local blackjack table, he along with many Kimmel managed to win $11000 in a week. This proved the potency of the theory, and he went on to play at various tables. In addition to that, the casinos soon discovered his techniques and he had to play in disguise. In a matter of months, his name became so popular that everybody was inspired by the new techniques. Thorp wrote the book Beat the Dealer in 1966. The book took the casino world by storm and sold 700,000 copies. The book made it to the New York best-selling list.
He has written a couple of books in this regard. These include A Man for all Markets, Elementary probability, A winning Strategy for the Game of Twenty-One, the Mathematics of Gambling, and Beat the Market. They offer unique insights into the game and allow the player to know different aspects of the card game.