When you enter any casino and view the throngs of people engaged in gambling and playing card games such as Blackjack at the gaming tables it can be very easy for observers to simply perceive the game as being merely a leisurely pursuit that is good only for generating excitement and titillation for tourists. Although this may often be true, there are still a certain number of professional gamblers for whom games such as Blackjack are business. On closer examination, in fact, it appears that teams playing Blackjack in casinos work in very much the same way as investment banks do.
In a recently published book written by author and former Blackjack player, Josh Axelrad, more light is cast over just how such professional Blackjack businesses operate. The book, called Repeat Until Rich: A Card Counter’s Chronicle of the Blackjack Wars, Axelrad reveals that the teams’ method of making money is more often than not built around the controversial system of card counting which is a fairly straightforward mathematical system by which a player can keep track of just which cards have already been dealt and then use the information to determine when the game gets into positive territory for players and allow them to subsequently lay bets accordingly.
In historical terms, many of the most successful card counters have been linked with small and closely run extremely secret organizations due to their ability to profit almost exclusively from casinos. In his book, Axelrad assigns his Blackjack Company the fictional name of Mossad, and his descriptions of how the firm operates give some insider clues as to Mossad’s similarities to real-life trading firms. According to Axelrad Mossad operated in very similar terms to banks: “Mossad had controls that were analogous to banking controls,” he said. “We had documents that recorded wins, losses, amounts wagered and expenses; all of the information was kept in a database and we reported our taxes. Over the operating life of Mossad, which ran between 1996-2004, no-one was ever audited as a result of the organization.”
Everyday Mossad jobs were varied and included tasks such as scouting tables to putting down $10,000 bets at the very best times as well as signaling secretly to big bettors on how much they should wager and how to play their hands. The managers at the top of the ‘company’ oversaw sessions and devised strategies. The team often worked in difficult environments, as most casinos are hostile to card counting despite the fact that it is legal.
This, Axelrad admits, eats into returns, but he said, “If you could be in action 24/7 you’d make ridiculous money.” The team used a computer to track their money and also used the computer to analyze plays and results. The computer also kept details related to gambling opportunities, leading to Mossad’s ‘database of casino conditions.’ As a result, Mossad investigated investment opportunities in much the same way as a Wall Street firm might. In the end, as with many trading firms, they ended as a result of defections and changes in the moneymaking environment, although some ex-Mossad members continue to make their careers playing Texas Hold ‘em.
Related posts:
No user commented in " New Book Lifts Lid on Blackjack Firms "
Follow-up comment rss or Leave a TrackbackLeave A Reply