Casinos, card counters, and the law of large numbers

Shamal Lalvani; Aggelos Katsaggelos

doi:10.1109/MPOT.2023.3276572

Casinos, card counters, and the law of large numbers

Shamal Lalvani^*, Aggelos Katsaggelos

^*Corresponding author for this work

Electrical and Computer Engineering

Research output: Contribution to journal › Article › peer-review

Abstract

In movies, blackjack card counters confidently place huge bets in casinos when the time is just right, making huge profits. While counting cards can be used to profit from casinos, the truth of how card counters profit is a bit different. In this article, we get to the heart of how casinos and card counters manage their profits - the law of large numbers, a fundamental theorem in statistics. We discuss how card counting works and what this looks like in practice.

Original language	English (US)
Pages (from-to)	8-11
Number of pages	4
Journal	IEEE Potentials
Volume	43
Issue number	1
DOIs	https://doi.org/10.1109/MPOT.2023.3276572
State	Published - Jan 1 2024

ASJC Scopus subject areas

Education
Strategy and Management
Electrical and Electronic Engineering

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10.1109/MPOT.2023.3276572

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Casinos, card counters, and the law of large numbers

Abstract

ASJC Scopus subject areas

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