Beating the odds: the mathematics of gambling

2019-03-02 01:07:03

John James Wood/Getty When Edward Thorp, a mathematics student at the Massachusetts Institute of Technology, stood at the roulette wheel in a Las Vegas casino in the summer of 1961, he knew pretty well where the ball was going to land. He walked away with a profit, took it to the racecourse, the basketball court and the stock market, and became a multimillionaire. He wasn’t on a lucky streak: he had harnessed his knowledge of mathematics to understand, and beat, the odds. Thorp was armed with the first “wearable” computer,