Sporting heroes

As a kid, I am not sure I had a wall .. That was my own, anyway, and never thought about putting up a picture, of someone.

I might have chosen, Bobby Charlton - or someone of that ilk, not even considering cricketers, or, anyone from a different field.

If I had to chose one now, v high on the list, would be Edward O Thorpe.

 

 

He has many claims to fame :

PhD maths / physics.

Developed first Blackjack card counting system

Developed first roulette speed measurement device, to create a 44% edge

Developed statistical arbitrage models, for the stock market

Went on to run Hedge funds, that beat the market, (at one of his former companies, for 227 months, losing in only 3)

Was one of the first, to discover Bernie Madorf was a fraud.

He has written quite a few books, or had them written about him, and would commend anyone, to read :

 

 

During the days, when he was discoveri mathematical models, for beating blackjack, he also discovered significant edges, in the Baccarat side games.

Specifically, when u can bet, the bank or house, will get dealt a natural 8 or 9.

This paper was released, a long time ago, but, it has just been turned into a book :

 

It only available in print, so, haven't got a copy yet, but, a decent analysis of the theory, is here :

http://apheat.net/2013/11/06/a-favorable-side-bet-in-nevada-baccarat-by-thorp-and-walden/

A true legend

 

There is a great interview, by Jack D.Schwager , in his book, Hedge Fund Market Wizards, which, I would commend to anyone.

 

Posted with Blogsy

Phil Ivey and Crockfords

So, details ares now emerging, as to how he won the money.

For those not abreast of events, Phil Ivey is a widely recognised Top 10 poker player, and obviously has fantastic memory recall/visualisation skills.

He is a huge high-stakes gambler .. some would say, de-gen .. playing sports/craps/golf for astronomical sums of money.

This life, should make it easier to actually play v big in a casino, and .. so it came to pass.

It is said, some 10's of Billions of playing cards, are used by casinos each yr, and, its natural, the manufacturing process, is occasionally flawed, so, that some cards, are recognisable, due to a design flaw on the back.

Imperfections in the backs of the playing cards, used by Crockfords, would enable someone to vary their bets, in Punto Banco, where the amount bet, is established before the start of each hand. In this game, an 8 or 9, are exceptionally valuable to a player, raising your edge in excess of 20%.

I imagine he waited for each new hand, saw what the first card was, before it was dealt, and bet, either big or small, based on this.

Over 2-3 days, you would have to win - and the £7.8million he won, shows, how .. by betting up to £150k a hand, edges multiply .. whether they be for the house, or the player.

As Crockfords provided the cards, I don't see hes done anything wrong.

I reckon, he will get paid.


http://www.dailymail.co.uk/news/article-2214409/The-7m-streak-luck-Mayfair-casino-thinks-good-true.html