Posts Tagged "gambling"

The Edison of the Slot Machines

“Although lacking the romance of card sharps, or the freakish genius of card counters, slot cheats are uniquely innocuous, almost laudable characters. If you cheat at table games, you’re siphoning money from your fellow gamblers. But if you cheat at slots, it’s just you versus the casino. There’s a reason that slots are nicknamed ‘one-armed bandits’: we intuitively sense that their gains are ill-gotten.”

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The Phantom Gambler

“On September 24th, 1980, a man wearing cowboy boots and carrying two brown suitcases entered Binion’s Horseshoe Casino in Las Vegas. One suitcase held $777,000 in cash; the other was empty. After converting the money into chips, the man approached a craps table on the casino floor and put everything on the backline. This meant he was betting against the woman rolling the dice. If she lost, he’d double his money. If she won, he’d lose everything.”

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The Gambler Who Cracked the Horse-Racing Code

“Benter taught himself advanced statistics and learned to write software on an early PC with a green-and-black screen. Meanwhile, in the fall of 1984, Woods flew to Hong Kong and sent back a stack of yearbooks containing the results of thousands of races. Benter hired two women to key the results into a database by hand so he could spend more time studying regressions and developing code. It took nine months. In September 1985 he flew to Hong Kong with three bulky IBM computers in his checked luggage.”

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