MIT Blackjack Team

What strikes you mind when you first think of the Massachusetts Institute of Technology, an institution that is renowned the world over? Did your response range from hacker to geek to a mathematical genius? Surprisingly, none of the answers are incorrect. A mix of all answers couples with investors and anarchy heralds the Blackjack Team at MIT, the biggest scam ever!

Evolution of the team

Students at MIT, started a club post school hours, where they could get together and unwind by putting their skills to use in the various card games. The club which started out on a lighter note, soon turned serious. Over a period of time they managed to come up with a complete mock set up of casinos spread over warehouses, classrooms and apartments in Boston where they further honed their skills at blackjack. Every player who intended to try their hand at the real casinos in Vegas had to clear a series of rigorous tests in flying colors. They tested waters in the casinos of China Town before advancing to their main grounds in Las Vegas.

Counting Cards

The technique of counting cards, invented by Edward Thorp, is the best way to bring down the house advantage and increase the chances of winning. Any player with discipline, determination and skill is sure to beat the dealer consistently. The owners of casinos, who are aware of this vulnerability in blackjack, either threaten players who win big or ban them from playing.

In addition to card counting, which is the foundation of the system, the MIT Blackjack team further increases the chances of winning by coupling it with the Hi/Lo system and card cutting techniques.

They travel together as strangers with well camouflaged identities. Every team member has a well crafted role to play. The stakes were provided by anonymous investors who looked forward to an increased return on their investment. The fact that one weekend at the Vegas raked in over 150% profits post expenses speaks volumes about the skills of this team.

The profile that didn't last long

Though the casinos at Las Vegas had established profiles to detect card counting, the MIT team countered the profile set by the casinos. However, over a period of time, the discipline and determination gave way to sloppiness which led to their downfall. The Swiss watch precision they prided on fell apart. Their public fraternization gave them away. They had to retrace to Boston's streets where they went separate ways.

Geniuses in News

The story did not end when the team disbanded. Almost every news channel carried their story. Kevin Lewis's first hand information of the happenings at Las Vegas casinos led Ben Mezrich to publish the book "Bringing Down the House" in 2002.