Was the MIT Blackjack Team Successful?

The MIT Blackjack Team is one of the most famous groups of gamblers in history. They were a group of students and graduates from the Massachusetts Institute of Technology who used their mathematical skills to take down casinos and win millions of dollars at blackjack tables.

But were they truly successful?

The answer is not straightforward. The team, which was active from the late 1970s to the early 2000s, did indeed win millions of dollars playing blackjack. But they also faced setbacks and challenges along the way.

Let’s take a closer look at the history and legacy of the MIT Blackjack Team.

The Origins of the MIT Blackjack Team

The story of the MIT Blackjack Team begins in 1979, when a group of students and professors at MIT formed a club called “Strategic Investments.” The club was focused on using mathematical strategies to beat casino games, particularly blackjack.

One member of the club, J.P. Massar (also known as “Mr. M”), had read Edward O. Thorp’s book “Beat the Dealer,” which outlined a strategy for card counting in blackjack. Massar recruited another member, Bill Kaplan, to help him put together a team that could use Thorp’s strategy to win big at casinos.

The Early Years

In its early years, the MIT team operated as a loose collection of players who would travel to different casinos around the world to play blackjack. They would use fake IDs and disguises to avoid detection by casino security.

Their success was mixed – they won some big scores but also suffered significant losses. In 1984, for example, they lost over $100,000 during a trip to Atlantic City.

The Formation of Strategic Investments

In 1980, Kaplan formed Strategic Investments LLC as an official business entity for the team. The company raised $1 million from investors and used it to fund their casino trips.

The team also became more organized, with a strict set of rules and procedures for recruiting new members, training them in card counting techniques, and managing their bankrolls.

The Big Scores

Despite some setbacks, the MIT Blackjack Team had several huge successes over the years.

In the late 1980s and early 1990s, they won millions of dollars playing blackjack in Las Vegas and Atlantic City. They also traveled to other parts of the world, including Europe and Asia, to play.

One of their most famous scores came in 1994, when they won over $1 million at the Mohegan Sun casino in Connecticut. The team used a technique called “shuffle tracking” to gain an edge over the casino.

The End of an Era

The MIT Blackjack Team continued to operate throughout the 1990s and into the early 2000s. However, by this point, many casinos had caught on to their tactics and were using advanced surveillance technology to detect card counters.

In addition, many team members had become wealthy enough that they no longer needed to rely on blackjack winnings as their primary source of income. As such, interest in the team began to wane.

In 2000, Strategic Investments was dissolved and many team members went their separate ways. Some continued to play blackjack professionally; others pursued different careers entirely.

Conclusion

So was the MIT Blackjack Team successful? It depends on how you define success.

On one hand, they did win millions of dollars playing blackjack using mathematical techniques that were previously unheard of. They also helped pave the way for other professional gamblers who used similar strategies.

On the other hand, their success was not without setbacks and challenges. Many team members faced legal troubles or personal issues as a result of their involvement with gambling.

Ultimately, though, what is undeniable is that the MIT Blackjack Team left a lasting legacy on the world of gambling. Their story has been told in books and movies, and their techniques have inspired countless other gamblers to try their luck at the blackjack table.