They were brilliant students, not criminals. Yet, the MIT Blackjack Team pulled off a legendary casino scam and won millions—without breaking the law. Here’s the full story.
Gambling relies on luck, which makes it a dangerous field that can lead to addiction, financial ruin, and the complete destruction of a person's life. However, a team of students from MIT, one of the most powerful universities in the world, sought to break the equation of luck using an innovative method, to transform gambling games from mere chance into a determined outcome in their favor. Their goal was to hit casinos at their core and earn millions of dollars in a perfectly legal way.
The Story Begins at MIT in 1992
The events of our story begin in 1992, specifically at the American university MIT, one of the top five universities in the world, and in many years it was ranked first. Naturally, the students who study at this university are the elite of the elite. From this university will emerge the team of students who will challenge the casinos. The founder of this team was not a student, but a professor at the university known as Mr. M. Mr. M was a computer science professor at MIT, a genius in technology and mathematics, and he would be the leader, mastermind, and founder of this operation.
Blackjack and the Card Counting Technique
Mr. M had a passion for a gambling game called Blackjack, one of the most famous gambling games. At first glance, this game seems to be purely about luck, but if you are good at mathematics, you will quickly realize that you can play this game in a way that shifts the odds and probabilities in your favor using a technique called "Card Counting". What distinguishes this game is that the more cards are dealt during the rounds, the more you are able to count the remaining cards in the deck. By counting the remaining cards, you can shift the probabilities of winning in your favor using some mathematical calculations.
The Legality of Card Counting and Casino Reactions
The card counting technique is not considered an illegal move, and no one can accuse you of cheating if you do it, as it is merely mathematical calculations in your mind. However, casinos have supervisors and security guards who monitor games and players, and if they notice someone using the card counting technique, they will immediately eject them from the casino. Mr. M was not the person who invented the card counting technique in Blackjack; others had used it before him, and there was even a mathematician who wrote an entire book about it. But Mr. M added his own touch to this method and implemented it in a much better way.
Forming a Team of Mathematical Geniuses
Mr. M, who had a passion for Blackjack and the card counting technique, spent several years studying this method, conducting experiments, and mastering it from A to Z. After he felt he was completely proficient in all its aspects, he decided that the time had come to form his dream team. In 1992, the gambling industry in America was at its peak, and new casinos were opening everywhere, with Las Vegas being the center and hotbed of this activity.
Team Structure and Securing Capital for the Venture
Mr. M felt that this was the right time to start forming his team. He would personally supervise the team members and train them to be a fully integrated team. What motivated him even more was the opening of a new casino near the university, which could be used as a training ground before heading to the large casinos in Las Vegas. But before all this, he needed people to help him establish the team, as the team would need management and significant capital, estimated at least half a million dollars to be able to earn worthwhile money. Therefore, they had to secure investors.
Establishing a Formal Company to Safeguard Rights and Attract Investments
Mr. M met with two of his close friends and discussed the matter with them. Their idea was to establish a real company, a company with management, an accountant, and tax payments. They wanted to establish an entity that operates legally, as what they were going to do, as we mentioned, was not considered against the law. By establishing a company, everyone's rights would be guaranteed, even the players', and thus it would be easier for them to attract investors. Indeed, they established this company and officially registered it under the name "Strategic Investment".
Attracting Investments and Distributing Profits to Partners and Players
The founding partners who were registered in the official papers of this company were Mr. M and his friends Bill and John. In these official papers, the company's objective was clearly stated: "Applying mathematical analyses for profit in the game of Blackjack," which means it was a formal operation with clear objectives. The presence of these three founders, who had a reputation in the scientific community and had friends and acquaintances, easily attracted investments. They managed to raise capital of half a million dollars and more in a short period. Any profits they made were distributed in clear percentages to management, investors, and players. The profit distribution was 45% for management, 45% for investors, and 10% for players. Players also received modest salaries in addition to their profit share.
Criteria for Selecting Players and Training Them
Their goal was to recruit students who possessed high mathematical intelligence, daring, and the ability to focus under pressure. The news spread around the university, and about 40 students attended the first meeting held by Mr. M. Mr. M explained to them that it would take time and months of rigorous training to reach the mastery stage. He told them that the matter would not be easy and that many of them would likely drop out. He told them that anyone who did not take the matter seriously would be immediately disqualified because it was not a game, and there was an investment and capital of half a million dollars at stake. He explained to them that the matter was conducted legally, with a company, official papers, accounts, and everything perfectly executed.
Intensive Training and Preparing Players for a Challenging Casino Environment
Explaining the game's principles to the team, Mr. M provided a simplified explanation of Blackjack. The game involves a dealer and players, and the goal is for the player's card total to be higher than the dealer's, but not exceeding 21. The importance of card counting lies in the fact that the more cards are dealt, the fewer cards remain in the deck, allowing the player to predict the value of the remaining cards and anticipate winning chances based on quick mathematical calculations. If the remaining cards are in their favor, players raise their bets, and if they are against them, they lower their bets.
Grueling Training and Rigorous Testing
Mr. M subjected his students to extremely rigorous training and tests, which only the elite would pass. After six months of study and training, it was time for the practical tests. Mr. M would put the students under conditions of noise, commotion, and distractions that simulated the casino environment, and even more challenging. Amidst these conditions, he would test them and deal cards, and the task of the student under test was to count cards and keep their mind working with mathematical calculations without any errors. If the student could count cards correctly under this pressure, they would pass the test. However, passing one test did not mean qualification; they had to pass multiple times consecutively. Mr. M was a master at creating challenging conditions and distractions for the students.
Teamwork and Challenging Casino Security
Learning and applying the card counting technique was not the most difficult part of the operation. The hardest part was working together as a team, and this was crucial to bypass casino security. It is true that what they were doing was not considered illegal, and casinos could not even accuse them of cheating, but security guards monitoring the games, if they noticed someone using the card counting technique, would immediately eject them and ban them from re-entering the casino. So, dealing with casino security was, in fact, the most challenging part.
The Teamwork Strategy: The Counter and The Gorilla
Mr. M's innovative method to outsmart casino security was teamwork. The idea was that most of the students or team members would play the role of the "counter." The counter's job was to go to a specific table and play like any normal person, with small bets (10 or 20 dollars). During the game, the counter would use the card counting technique, and after several rounds, when mathematical calculations indicated that it was a good opportunity to raise the bet, they would give a signal to their teammate standing near the table, who was called the "Gorilla" (also referred to as "the big shot" or "whale"). The Gorilla is the person who has the money and places high bets. The Gorilla would come and join the same table and suddenly place a large bet, for example, 10,000 dollars, because their teammate, the counter, had been counting cards and knew that this was the right moment to enter.
Difficulty in Detecting the Team and Casino Environment Challenges
With this method, casino security would not be able to notice that someone was counting cards, because the person counting (the counter) had stable and small bets that did not change, while the person who suddenly came and placed a high bet (the Gorilla) always gambled with large amounts, this was their nature. This made it much harder for casino security and surveillance to detect the card counting operation. This meant that the students' task was more complex than just learning how to count cards; they also had to learn teamwork and how to do all of this under pressure, noise, and surveillance in the casino.
Final Tests and Facing Pressure
Mr. M subjected his students to extremely rigorous training and tests, which only the elite would pass. After six months of study and training, it was time for the practical tests. Mr. M would put the students under conditions of noise, commotion, and distractions that simulated the casino environment, and even more challenging. Amidst these conditions, he would test them and deal cards, and the task of the student under test was to count cards and keep their mind working with mathematical calculations without any errors. If the student could count cards correctly under this pressure, they would pass the test. However, passing one test did not mean qualification; they had to pass multiple times consecutively. Mr. M was a master at creating challenging conditions and distractions for the students.
Prominent Players in the Team and the Beginning of Real Operations
Naturally, some students adapted faster to these conditions than others. Among these students, we will mention three by name: Semyon, Dan, and Katie. These three students would play a more significant role in the story. However, they were not the only ones who passed Mr. M's tests; approximately 12 students managed to pass the tests and became qualified to work on the team. Semyon was the only student who passed Mr. M's tests on the first try, and he was considered the best among them, highly proficient in the card counting technique because he had researched it before learning from Mr. M.
First Field Trips to Las Vegas
After Mr. M felt the team was ready, he decided it was time for their first practical experience. There was a nearby casino called "Foxwoods," which Mr. M chose as the first place for them to try. Since it was their first time, they didn't bet large amounts, but rather the minimum, which was 5 dollars per round. During this first experience, the results varied from student to student. Some students made good profits, and some lost, but this loss wasn't due to playing incorrectly. As we mentioned, the card counting technique doesn't guarantee a win every time, but it ensures that the probabilities are in your favor.
The Law of Large Numbers and Achieving Profits
Since the odds are in your favor, mathematical laws indicate that you will ultimately make a profit. You might lose a few rounds or games, and you might even lose for several days, weeks, or even months, but eventually, if you persevere, you should start winning, and the net outcome should be a profit because the overall probabilities are in your favor when using this method. This is what is known in mathematics as the "Law of Large Numbers". On the first day of the students' practical work, some of them ended up losing, but overall, the team made a good profit. They repeated this experience and practical training several times in the same casino.
Confronting Major Casinos and Shifting Operations to Las Vegas
After Mr. M felt that the team was ready and the students were prepared, he decided that it was time to attack the big targets, which were the casinos of Las Vegas. There, they would use their real money, the half-million dollars they had raised from investors. In September 1992, it was the team's first trip to Las Vegas. Semyon, being one of the best students, was trusted by Mr. M and given a large sum of money, approximately 150,000 dollars, to be the high roller who would bet large amounts. Semyon had to keep this money with him at all times, so he hid it in his jacket.
Semyon's Awe of Las Vegas and the Ongoing Adventure
Semyon's flight was delayed compared to the rest of the team because preparing the money took longer than expected, so the students went ahead to Las Vegas. Semyon had to wait until Mr. M could prepare the cash and then give it to him. Mr. M always repeated the same warnings to him: "Don't drink alcohol, focus on the game, and don't let anything distract you or take your attention away." He used to tell him: "Las Vegas is a flashy city made to distract and enchant people, but you're going with a purpose, so focus on your goal." Semyon took the first plane to Las Vegas, and when he arrived, he was immediately awestruck by the lights, the commotion, and the people. He felt as if he had entered a different world, and all this made him even more excited for the adventure he was about to experience in this place.
The Backup Plan: Semyon and Katie as Counter and High Roller
Since Semyon was the high roller with the money, none of them could gamble without him. Now, only he and Katie remained, so they devised a plan to gamble together without needing the rest of the team members. Ultimately, two people were enough to carry out the operation: one would be the counter, and the other would be the high roller. Semyon and Katie decided to play characters. This was one of Mr. M's instructions. Semyon would impersonate a Russian arms dealer, and would even speak with a Russian accent (he was originally of Russian descent), while Katie would play the role of his American wife. Impersonating characters was one of the things Mr. M advised them to do, because when they impersonated characters, it gave them an opportunity to blend more into the casino environment. For example, it is natural for a Russian arms dealer to come and gamble with large sums, so his character aligned with the place.
Starting the Game at The Mirage Casino
So, Semyon and Katie went to one of the Blackjack tables and sat down. Semyon took out 10,000 dollars and gave it to the dealer who was managing the table. The dealer took the money from him and exchanged it for chips, which are circular pieces considered the casino's currency. In the first rounds, Semyon gambled small amounts, wanting the rounds to progress so he could start counting cards and see where the probabilities were heading. The game proceeded, but at first, the numbers were not in their favor; large cards were dealt, and smaller cards remained in the deck. In such a situation, the probabilities are not in the player's favor. So, they would continue counting cards round after round until mathematical calculations indicated that the probabilities were in their favor.
The Secret Signals for Role Switching
When the probabilities were not in their favor, it was best for the high roller, or the one with the money, to leave and let the counter play in their place. So, Semyon, who was playing the role of the high roller, got up from the table and said he was going to the restroom, and Katie, who was supposedly his wife, sat in his place. Here, Katie would play the role of the counter and would only bet small amounts, because her husband, the one with the money, went to the restroom, which was logical. Semyon would pretend to go to the restroom, but he would return and monitor the table from a slight distance. Katie would bet the lowest possible amount each round (25 dollars according to this casino's rules), and at the same time, she would be counting cards and calculating probabilities mathematically using the method Mr. M taught them. Katie would continue to play and count, and Semyon would monitor from a distance, until the probabilities turned in their favor.
The Winning Moment and Dealing with Casino Management
When the time came, Katie was supposed to give Semyon a signal to come to the table. They had agreed on specific signals: if she put her face on her left hand, it meant the probabilities were good. If she put her face on her right hand, it meant the probabilities were excellent. And if she put her face on both hands, it meant the probabilities were incredibly in their favor, and Semyon had to come immediately. The signals were very simple but extremely clever; no one could notice or understand them except the people who had agreed upon them. As soon as Semyon saw this signal from her, he immediately returned to the table. When he sat down, he put all his money or chips into that round. Because the probabilities were incredible, they kept winning round after round and tripled their money, turning 10,000 into 30,000.
Generous Casino Offers to Entice Players
Naturally, when a player starts winning such large sums, the attention of security monitors and casino managers turns to them. One of these monitors immediately approached Semyon and Katie's table and started talking to them. Semyon initially thought they might be ejected, but the manager surprised him by asking, "Are you staying with us at the hotel?" Semyon replied, "No, we haven't booked a room in any hotel yet." The manager then said, "You're a big winner, and we like to treat our big customers specially, so I'd like to offer you a suite in the hotel." Semyon was surprised by the offer, but he immediately replied, "That's wonderful, thank you, we'll accept the offer." This action by casinos is not out of goodwill towards the person who won at their establishment; they do it to keep them for a longer period, thereby increasing the likelihood that they will return to gamble the money they won, and usually the chance of them losing it is greater.
The Beginning of a Luxurious Life for the Team and Significant Profits
When Semyon and Katie went up to the suite, they saw a room they had never dreamed of entering, a luxurious five-star suite, and of course, with them were their money and profits. From that moment, they knew their lives would change 180 degrees. Imagine that during that trip, which was their first, in just two days, they managed to win over 100,000 dollars in a single weekend. And from here, their operation began to grow and expand. Weekdays were for studying, but at the end of the week, the team would immediately take the first flight to Las Vegas. There, they would repeat the same operation. The students playing the role of counters would spread out at the tables, betting the minimum amounts and starting the card counting process. As for the high rollers with the money, they would wait for signals from a distance.
Team Operations Expanding Across the U.S. and Europe
Despite their caution and clever method, the attention of security was always drawn to big winners. And when the same faces reappeared week after week, suspicions would start to arise. That's why the team didn't focus on just one casino; instead, they diversified and went to different casinos every weekend. Every weekend, they would fly to Las Vegas and gamble for two days (Saturday and Sunday). On Sunday night, after finishing their work, they would go to parties, drink, and live the lavish life of Las Vegas. Then they would return to Cambridge, their city, and spend the rest of the week as ordinary students at MIT.
Meticulous Accounting and Profit Distribution
Mr. M and his founding partners (Bill and John) were careful to ensure that all their accounts were accurate. Each team member submitted a clear report of all profits and losses made during the week. Based on these calculations, profits were distributed. As previously mentioned, the largest share went to management at 45% (Mr. M and his partners Bill and John), then to investors at 45%, while players received a modest salary in addition to 10% of the profits they made. So, whoever lost or did not make profits, only received the modest salary, and whoever won more received more money. They calculated these accounts accurately every week and distributed profits accordingly.
Sustained Success and Geographic Expansion of Operations
Their operations continued in this manner for several months. They diversified as much as possible across the casinos they targeted to minimize attracting attention and suspicion. They did not just stick to Las Vegas but expanded to casinos in other American cities, and sometimes even traveled to Europe. They had a wide variety of targets, and all of this was under the guidance and planning of Mr. M. All the students and team members were successful, and even if some of them incurred large losses occasionally, the net result was usually a profit. Even those who lost today might win more than they lost the next day. And even if they had a losing week or two overall, the following weeks would balance the situation and make it even.
Semyon's Achievements and the Team's Profit Generation
As we mentioned, this is the Law of Large Numbers. Semyon was undeniably the best player on the team. No one achieved the profits he did. Imagine that on one occasion, he won 75,000 dollars in a single round. His performance was incredible. Naturally, to achieve such a performance, he needed to bet larger amounts than his teammates, but his confidence was always justified. In approximately six months, the team's overall profits approached a net million dollars. At that time, this amount was worth more than its value today, perhaps reaching two and a half million dollars in today's value. A respectable sum, and most importantly, they were doing everything legally. Even if they were caught, they wouldn't be imprisoned. The most that could happen to them was being banned from entering the casino where they were caught.
Confronting Casino Security and Private Investigator Andy Anderson
Unfortunately for them, casino security started noticing them. Although the team always diversified the casinos they targeted, the security teams and surveillance teams in these casinos were very tough and highly skilled. The gambling industry is one of the most profitable, and casinos invest enormous sums to secure their profits. Imagine that there are independent investigators who move from casino to casino to monitor suspicious players, especially players who consistently make large profits. These investigators create complete files on these players and distribute them to various casinos.
Team Identity Exposed and Blacklisting by Casinos
Team members noticed a specific person who always followed them, and his face reappeared in more than one casino. He was a gray-haired man. At first, they thought he was just a security manager or a regular observer, but when they noticed his presence in more than one casino, they knew he was not an ordinary person. Indeed, this person was named Andy Anderson, and he was an investigator specializing in casino security, working independently, meaning he did not work for a specific casino, but rather for an independent company called "Griffin" that provides security services to various casinos. The mission of the "Griffin" company is to provide lists of names and photos of individuals considered a threat to casino businesses, meaning cheaters and fraudsters. The mission of investigators like Andy Anderson is to catch cheaters and people who try to defraud casinos.
Futile Disguises and Tightening Restrictions
This man, or this investigator, was the first to notice the movements of the MIT student team and began to follow them from casino to casino, analyzing their behavior to understand how they carried out their operations. He couldn't connect them all at once because their number was large, but he would take their photos and start looking for connections between them. Each time he discovered a new member and added them to the group, he would create a list. From the beginning of his observation, it was clear that they were not cheating, which meant they were using the card counting technique. He spent more than two months monitoring them and reviewing security camera footage to understand their work mechanism. It wasn't long before he understood everything, and he understood the role of the counters and the high rollers, and how they gave signals to each other. He connected the dots and understood the method.
Internal Team Deterioration and Continuous Losses
Here, when he understood what was happening, he began directing casino security to stop anyone they saw from the student team. Security guards would interrupt them in the middle of a game. Semyon's character, the Russian arms dealer he was playing, became exposed. When the security guards interrupted him, he tried to tell them he wasn't doing anything, and when they insisted, he told them he would just take his money and leave, but they didn't allow him to. Casinos, despite transforming into companies and institutions operating under the law, had not lost their gangster-like character. They took Semyon with them to one of the back rooms and threatened him, telling him: "Don't think you're smart, because what you're doing is considered fraud, and we will ban you permanently from entering the casino. If you try to enter again, you will be arrested and we will call the police because you will be trespassing on our private property." This is the most they could do, ban them from re-entering the casino. And even the chips he had, they had to exchange them for money, because he hadn't done anything illegal or cheated.
The Original Team's Disintegration and Semyon's Rise as a New Leader
Of course, the capture of one of their members meant that their entire team and operation might have been exposed. Indeed, this was confirmed to them in the following days when Dan was also caught. Dan was a high roller like Semyon and one of the biggest winners, so he was immediately targeted by casino security and apprehended. And this happened in a different casino from the one where Semyon was caught, meaning their situation had spread. Imagine that on one occasion, when they went to Europe, specifically to Monte Carlo, they were caught and even the police were called, who threatened them, saying that card counting was considered illegal there.
The Griffin Book and the Extensive Surveillance Network
It was clear that the net was tightening around them. Wherever they went, they expected to be caught. The reason behind all of this was the "Griffin" security company, the company of the investigator we talked about. This company, as we mentioned, specializes in casino security, and it used to issue a constantly updated book which was a list. This book was called "The Griffin Book," and it was a long list of names, photos, and data of all individuals considered a threat to casinos, i.e., cheaters and fraudsters. Most of the student team members were added to this book, with their names, photos, descriptions, and the aliases they used. Their real names were not there, by the way, because the students never used their real names; they always impersonated characters.
Discovering the Students' True Origin and Their Fate After Exposure
This book is distributed to casinos around the world. Any casino that subscribes or pays to the Griffin company immediately receives this book. Casino updates are sent to casinos regularly via fax. Among the updates sent by the Griffin company were player movements. If a suspicious player was spotted in any casino, warnings would be sent to neighboring casinos or casinos in the same city. The warning would include the person's photo, name, and description. The investigator Andy, who exposed the student team, did not just expose them to the casinos; he also wanted to discover their secret, where they came from, and how they carried out their operations with such efficiency and precision.
The Fall of Mr. M's Team and a New Beginning for Semyon
From the information available to the casinos were the addresses of these students, because some of them were not careful and used their real addresses for hotels and casinos. The casinos offered them tickets and free offers and so on because they had money, and to send them tickets and offers, they had to have a real address to send them to. The investigator noticed that almost all of them had addresses in Cambridge, Massachusetts, the city where MIT is located. He quickly realized that they were students at this university. He even went later and obtained the annual yearbook published by the university, which contains photos and names of all the students. He compared the photos in the book with the photos he had and was able to find their real names. Their real names were added to the Griffin Book.
Internal Deterioration of the Team and Mr. M's Collapse Under Pressure
The students' team and their leader, Mr. M, immediately noticed that they were constantly being stopped and removed whenever they entered any casino, and they realized that they had been identified. Here, some of them tried to disguise themselves and change their appearances. Semyon, for example, tried to play the role of a person in a wheelchair. One of the team members, named John, literally tried to disguise himself as a girl, wearing a wig and makeup. Some tried to grow beards or mustaches, and others tried to wear different costumes and vary their disguise methods. But most of these disguises were quickly exposed, especially since casinos were using facial recognition software, meaning programs that detected a person's identity as soon as they entered the casino through cameras.
The Disintegration of the Original Team and Semyon's Ascent as a New Leader
Things went from bad to worse as the team started to experience bad luck. We sometimes mentioned that there could be periods where they would lose, and these losses might last for more than a week, but it was expected that eventually the situation would balance out and they would end up profitable. But unfortunately, suddenly losses started accumulating on them, especially since the old players, who were more professional, like Semyon, Dan, and Katie, could no longer play freely because they were immediately ejected from most casinos they entered. So, the ones playing more were the new students whom Mr. M was recruiting, whose faces had not yet been exposed. And it seems that these new students were not up to the task, leading to huge losses of hundreds of thousands, reaching almost half a million dollars, continuous losses for three months.
Semyon, Dan, and Katie Form a New Team: A Fresh Start with Fair Principles
This led to the accumulation of problems from all sides: casino security on one hand, and bad luck on the other. And to complete the picture, tensions began to rise between the management and the students, especially since the students were no longer earning anything because the whole situation was losses, and even if they won a little, their share was very trivial. This led to a state of resentment among the students, and perhaps even contributed to the losses they were suffering. In the end, this led to a large number of them leaving and abandoning the team. Mr. M and the management were very disorganized, and Mr. M in particular was one of those who would collapse under pressure and stress. Imagine that one day he forgot a bag on the floor in one of the classrooms, and the bag contained 150,000 dollars of the company's money. He returned home and slept, and did not remember the bag until the middle of the night. When they returned to the university to look for the bag, they could not find it. They later discovered that the janitor had found it and handed it over to the guards, who in turn handed it over to the police.
The MIT Team's Legacy and Ongoing Success
Imagine that a federal investigation was opened into these funds to ascertain their source, whether they were clean money or money laundering and suspicious funds. A long time passed until Mr. M and his company were able to recover these funds. This situation caused many students and team members to lose respect for Mr. M. Despite his usual intelligence and brilliant planning, it was clear that he had collapsed miserably under pressure and continuous losses, and it was clear that he would not find a solution to their current situation. Imagine that the matter reached the point where Mr. M's partners, Bill and John, met by themselves and discussed the idea of expelling Mr. M from the company and the team he himself founded, and putting Semyon in his place. Indeed, they offered the matter to Semyon, but Semyon immediately refused. Firstly, this would be a betrayal of Mr. M, whom Semyon still considered his mentor and owed a great debt to. Secondly, the rest of the team members and students would immediately hate him. In fact, the team members already hated the management because of the unfair distribution of profits from their perspective. So, for Semyon, this team and its management in particular were a sinking ship, and they now wanted him to be its captain. It was clear that if he accepted this offer, the situation would turn against him.
Semyon's New Team: Unparalleled Success and Enduring Legacy
The logical option was actually for him to establish a new team under a new company himself. But out of respect for Mr. M, he decided not to do so until this company collapsed or ended. And indeed, it wasn't long before Mr. M himself informed his partners that he had decided to withdraw from the company and that he could no longer manage it. After Mr. M's departure, his partners withdrew and the management dissolved. That was in 1993, meaning the company lasted for about a year and a half. Here, Semyon decided to start forming his own team, and he founded a company with his old colleagues Dan and Katie. And of course, they learned from the mistakes of Mr. M and his friends, and the most important mistake was the unfair distribution of profits. Semyon and his friends were convinced that the main reason for the continuous losses was that the students did not feel they were earning the percentage they deserved, and this consequently led to their lack of focus in playing and ultimately to their losses. Therefore, this was the first mistake that needed to be corrected.
Lessons Learned and Personal Successes of the Members
And of course, they took the good things they learned from Mr. M, foremost among them being to open a company and make the matter organized, meaning there would be management, professional training, and everything would be written, legal, and precisely calculated. But this time, the investors would be the students themselves. Each one would put in money according to what they could afford, and their percentage of profits would be according to the money they put in. Even if this money was small, they could start small and gradually grow together. The most important thing was that everyone felt the situation was fair. This is the true path to continuous success, and continuity is more important than quick profit. These are the principles on which Semyon's team was founded, which would later become the most successful team in the history of Blackjack.
Conclusion: The Story of the MIT Team That Challenged Casinos
Semyon's team continued to grow and expand over the next four or five years. During these years, it included more than 60 players, and its total profits were estimated at over 5 million dollars, making them the most successful Blackjack team in history by far. And there were other teams that emerged even from other universities, but none reached their level of success. Semyon and his colleagues still attribute most of their success to Mr. M. He laid the foundations, he showed them the way, and he was the mastermind who cost the casinos millions. After these adventures, most of these students grew up and worked in technology companies or high-level educational institutions, and some of them founded technology companies and sold them for millions. Semyon himself founded more than one technology company and sold them, becoming one of the richest millionaires. And most of the team members achieved great successes in their lives.
Discover more captivating stories on The Story Loom:
Sources:
- Bringing Down the House by Ben Mezrich
- 21 (2008) Movie – based on the real MIT Blackjack Team story
- History vs. Hollywood – MIT Blackjack Team
- BBC News – MIT Blackjack Team
- Wired – Interview with MIT Team Members