{"title":"Casinos, card counters, and the law of large numbers","authors":"Shamal Lalvani, A. Katsaggelos","doi":"10.1109/MPOT.2023.3276572","DOIUrl":null,"url":null,"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.","PeriodicalId":39514,"journal":{"name":"IEEE Potentials","volume":"15 1","pages":"8-11"},"PeriodicalIF":0.0000,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"IEEE Potentials","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1109/MPOT.2023.3276572","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
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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.
期刊介绍：
IEEE Potentials is the magazine dedicated to undergraduate and graduate students and young professionals. IEEE Potentials explores career strategies, the latest in research, and important technical developments. Through its articles, it also relates theories to practical applications, highlights technology?s global impact and generates international forums that foster the sharing of diverse ideas about the profession.
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