Ed Thorp and Card Counting

January 02, 2011 | Article Category: Blackjack

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In November 1962, Professor Ed Thorp published a book that was to change the face of blackjack for some card players. The book he published was a card counting manual called Beat the Dealer. From that time on, there were many that attempted card counting in casinos, some of whom were quite skilled at it, and others who were not.

Casinos got quite a fright, and some even attempted to change the rules, although they relented when their regular card players objected that the casinos had now given them an unfair disadvantage.

The book showed that a player did not have to be a mathematical genius in order to learn how to count cards, and they did not have to possess a photographic memory either. It did, however, require a fair amount of practice, effort, and also some serious concentration. Not only did players need to count the cards successfully, but first they had to ensure that they could play blackjack with perfect strategy, which can also be learned with some patience, practice, and effort. It is also important for players who wish to use card counting to make sure they know how to manage their bankrolls too. Without this combination of skills, which can all be learned, card counting is not likely to reap too many rewards.

Ed Thorp made millions, but interestingly, not directly from card counting. In fact, he made most of his money from applying the strategy he learned with card counting, and using it as a stock market investor. Of course, he also sold his best selling book about card counting. Thorp certainly found that it was easier to make money in other ways, rather than in brick and mortar casinos using his own method of card counting.

Land based casinos claim that there is no rule against card counting, and they do not mind their players using it, if they are not particularly skilled at card counting, or at blackjack. However, for those players who are good at bankroll management, have perfect blackjack strategy, and are able to count cards effectively, the casinos will do all that is in their power to prevent the player from playing in their casino.

Thorp describes situations in which he was barred from certain casinos, and times when he had been drugged. He was often given restricted betting limits. Thorp had estimated that he could have made about $300,000 a year if he used card counting in casinos, which is probably equivalent to around $2 - $3 million today. However, had he chosen that path, rather than using his knowledge on the stock market, he would have had to continue to contend with the casinos that were not particularly pleased to see him enter their doors.

Thorp's method did not give players a particularly large advantage over other players who could use perfect blackjack strategy, however, combined with perfect blackjack strategy, it certainly did increase the odds of winning over the long term.