As part of a course I took, I was tasked to perform a semester-long research project on a topic of my choosing. I had a nascent interest in blackjack after seeing the film 21, and wanted to learn more about the history and mathematics behind how/why card counting worked for the MIT blackjack team so well.
This research project was my first introduction of Monte-Carlo methods, probability and expectation, and game theory. Little did I know how intimately familiar I would become with these topics as a graduate student…
I learned that incredible amounts of patience and just the right mixture of circumstances needs to take place in order for card counting to be a profitable venture. At best, the theory only supports a 1% return on investment. I presented my results at the GREAT Day conference later that year.
