A group of ambitious students from American universities went from humble poverty to high roller status, while becoming persona non grata in casinos around the world. Thanks to a unique strategy, they managed to beat the system more than once, becoming legends of the gambling world.
We are starting a series of publications about people who managed to challenge the casino and change the rules of the game. Some of them resorted to illegal methods, while others used exclusively legal strategies. These are the heroes we will talk about in today’s material.
The Beginning of the Legend
The history of the blackjack team from the Massachusetts Institute of Technology (MIT) dates back to 1977. Then, student Bill Kaplan, inspired by a book on card counting, developed a unique model of the game that brought in a stable income. To test his method, he postponed entering Harvard for a year and went to Las Vegas. His plan worked: the starting capital of $1,000 borrowed from his parents turned into $35,000 in nine months.
The essence of the method was to count the cards remaining in the game. If there were more large cards left in the deck, the stakes should be raised, and if there were too many small cards, the stakes should be lowered. This tactic did not guarantee success in every game, but it provided a stable profit over the long term.
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Creating a team
Kaplan could have remained a loner, but MIT students noticed him and offered to become their mentor. Together they founded the company Strategic Investments, which turned into a real blackjack academy. In addition to mathematical skills, players were taught endurance and psychological fortitude.
One of the students, Mike Aponte, learned from his own experience how important it is to keep your cool. He was entrusted with $40,000, but in the first ten minutes he lost $10,000. Despite this, Mike managed to pull himself together and finished the game with a profit of $25,000.
“When the casino owner took me to the penthouse with a jacuzzi and a pool table, I was delighted,” Mike recalled. “But losing money still marred the experience.”
Life on the Edge
The team’s work was not without its challenges. Constant attention from the casino and the need to remain calm in stressful situations became a serious test for the players. One day, a student brought $125,000 to a lecture in a paper bag and forgot it in the classroom. It took six months to get the money back.
Despite the difficulties, the team’s results were impressive. The average win was $190,000 per game, and they once won $1.5 million at the Desert Inn. The total income of each permanent team member reached $5 million.
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The Decline of the Team
Over time, casinos began to recognize players from MIT. They were either banned from entering or had limited access to blackjack tables. At its peak, the Strategic Investments team consisted of about 80 people, which complicated management and reduced profits. In 1993, Bill Kaplan closed the project and moved into the investment business. Many players followed his example, although some continued their careers in other teams.
The Team’s Legacy
In 2002, writer Ben Mezrich published a book, “Hitting the House,” in which he told the story of Kaplan’s team. In 2008, the book was turned into a film, “21,” which made the story of MIT students truly iconic. Casino laws, big wins, and industry trends – find it all in real-time gambling updates. Reand more on our site.
