Many of us may have heard of the famous MIT Blackjack Team that operated from the late 1970s to the early 2000s. This group of students and alumni from the Massachusetts Institute of Technology (MIT) used their skills in mathematics and card-counting to beat casinos at blackjack and win millions of dollars.
But did they keep all that money
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Background
The MIT Blackjack Team was founded in the late 1970s by Bill Kaplan, who had previously made a fortune playing blackjack in Las Vegas. Kaplan recruited students from MIT and other prestigious universities to form a team that would use mathematical models to beat blackjack.
The team used a technique called card-counting, which involves keeping track of which cards have been played in order to determine the odds of winning on future hands. The team also had a system for signaling each other when certain conditions were met, such as when the deck was favorable for the player.
Their Success
The MIT Blackjack Team was incredibly successful, winning millions of dollars from casinos around the world. They were so successful that casinos eventually caught on and began banning members of the team from playing at their establishments.
Despite this setback, the team continued to operate for many years, with new members joining as others graduated or moved on. Their success continued until around 2000, when many members retired or moved on to other pursuits.
Their Money
So, did they keep all that money they won
The answer is yes and no.
Some members of the team undoubtedly kept much or all of their winnings. However, it’s important to remember that gambling winnings are subject to taxes just like any other income. Additionally, the team itself had operating expenses, such as travel and lodging, that had to be paid for.
There were also legal issues to deal with. In 1994, a member of the team named Dave Irvine was arrested and charged with cheating at blackjack. Although he was eventually acquitted, the incident brought unwanted attention to the team and may have contributed to their decision to disband a few years later.
Their Legacy
The MIT Blackjack Team’s legacy lives on today in popular culture. They have been the subject of books, documentaries, and even a major motion picture (21), which dramatized their story.
But perhaps more importantly, the team’s success helped to popularize card-counting as a legitimate strategy for winning at blackjack. Today, many people use this technique when playing blackjack in casinos around the world.
Conclusion
In conclusion, while some members of the MIT Blackjack Team undoubtedly kept much or all of their winnings, it’s important to remember that there were taxes and operating expenses to deal with. Additionally, legal issues such as Dave Irvine’s arrest may have contributed to their decision to disband in later years.
Regardless of what happened to their money, there is no denying that the MIT Blackjack Team was incredibly successful and helped to popularize card-counting as a legitimate strategy for winning at blackjack. Their legacy will continue to live on for many years to come.
