Who is Edward Thorp?
Edward Thorp is an American professor of mathematics, a blackjack researcher or a player, and a hedge fund manager. He was the father of modern applications of probability theory. In fact, he is a scientific genius who hopes to be a multi-millionaire for his critical reasoning. His blackjack activities have given him fame and wealth.
Beat the Dealer
Thorp is the author of the Beat the Dealer game, which mathematically showed that the house advantage in blackjack could be solved by counting the coin. As a result, he came up with an idea that if the player could keep a list of cards already played during the match, the blackjack game could be beaten. As a result, he showed that a player could beat the blackjack house based on the system of counting that he developed.
Inventing Wearable Computer
Another fascinating thing about Thorp, he invented the very first portable device in the 1960s when he studied at MIT. He used the device to demonstrate that Newtonian mechanics was able to defeat the game roulette. It turned out that he was correct; it was possible to win the roulette. The gadget he invented went into the player ‘s foot which included a radio transmitter that played sounds in the player’s ear to relay messages to the player that the ball could reach.
Testing his Theory
Armed with a winning tactic, Thorp is going to test his research by running seriously at the casino blackjack tables. Eventually, he found that he wanted others to support him. He met a wealthy professional gambler who had been his economic sponsor, Manny Kimmel. Early on, Reno and Lake Tahoe were the first stops on their journey where they showed that their blackjack plan was powerful and profitable, and they won a lot of money.
Thorp finally transferred to Las Vegas, but his potential to secure major victories drew police forces. This caused a number of casinos to ban and reject him. Thorp needed to conceal and cover himself, then, in order to try to obtain membership. Later, he set up a baccarat team that enjoyed a lot of accomplishments during that period.
After the Casino Journey
Beat the dealer became a phenomenon after the film. Thorp has trouble accessing a casino without getting spotted and refused. He then took a break from gambling and turned his attention to investment. In 1967, Thorp published his observations and bits of advice in a book entitled Beat the Market. The book appears to have had a major long-term influence on the investing environment.
In fact, Thorp now spends semi-retirement with his wife and children. As a result, his reputation in the field of gambling is already known. He is respected by peers from his chosen profession. He is also a philanthropist who has contributed millions in cash to the foundation.