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The Founding of the MIT Blackjack Team
In January 1979 a mini-course was taught at MIT called "How to Gamble if You Must". Several MIT students who played penny ante poker together from time to time took this course and learned about the game of blackjack and several strategy methods for the game. In particular they became interested in card counting.
The group decided to take a trip to Atlantic City to try out their new knowledge of card counting in blackjack. They failed completely and the group dispersed. However, two of them continued to show interest in blackjack and card counting.
In December of 1979, these two students found an investor and a trainer called "Dave", and, after months of card counting training with Dave, they again went to Atlantic City with a bankroll of $5,000. They were now four players, and, over a period of a few weeks, they doubled and redoubled their original capital. That was the actual beginning of the MIT Blackjack Team.
Further Activities of the MIT Blackjack Team
The MIT Team members held another course at the university and managed to recruit a few more students as players. They went again to Atlantic City but consistently lost no matter what methods were tried.
Constant arguments with Dave over mathematical techniques caused them to throw him out and look around for a new guru. Fortunately, they found a Mr. Kaplan who was willing to help and train them.
The MIT Blackjack Team becomes a Business
With Mr. Kaplan guiding them, they started a new team. However, Kaplan said that the team must be run as a business. He created regulations, supervision and player sheets, and the first MIT Blackjack "bank" was born.
Kaplan's first "bank" was set up in August 1980 with an investment of $89,000. Ten players formed the team and played on this bank. Ten weeks later they had more than doubled their original investment.
The Team Hits Blackjack Success
The MIT Blackjack Team went on to be the most successful and famous team in the history of the game. And now their story will be told in a Hollywood film based on the book "Bringing Down the House". The film is being produced by Columbia Pictures and will be released sometime in 2008.
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