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blackjackvariationsguide.comMIT Blackjack Team
Beginnings
Perhaps the biggest break for the MIT Blackjack Team occurred in 1979 when New Jersey's Casino Commission legalized card counting. Thus, the MIT Blackjack Team could go gamble in Atlantic City and use their magic strategies.
A Blackjack player known simply as "Dave" was the leader of the foursome; the other three were MIT grads. Their first run on Atlantic City was pretty much a failure, and Dave was removed from his position. He was replaced by Bill Kaplan, someone "Mr. M," one of the other team members, knew. Under his tutelage, the MIT Blackjack Team began to succeed on a large scale.
Big Money
The team's initial investment had been $5,000, and they soon began to get it back under Kaplan. Just seven years after the ban on card counting was lifted in New Jersey, they had $300,000 to their name and the foursome had grown to 25, all new additions hand-picked.
Of course, the casinos couldn't let them carry on like that. Eventually, every one of their 25+ members was banned from casinos around the country. It took a couple of decades though, and in that time they amassed between four and ten million dollars.
The MIT Blackjack Team only lasted a couple of decades, but it did a lot for the publicity of Blackjack in the United States. Economists believe they were an asset to the casinos, as much as they hated them, by attracting more gamblers. Most of them didn't make it, simply because they didn't know the first things about using card counting, and the casinos go their millions back in no time. It's a win for everyone- a legacy for Blackjack players and money for the casinos.
