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The primary goal of a card counting system is to assign point values to each card that roughly correlate to the card's "effect of removal" or EOR (that is, the effect a single card has on the house advantage once removed from play), thus enabling the player to gauge the house advantage based on the composition of cards still to be dealt.
The MIT Blackjack Team was a group of students and ex-students. The students were from Massachusetts Institute of Technology, Harvard University, and other leading colleges; they used card counting techniques and more sophisticated strategies to beat casinos at blackjack worldwide.
A card counting system assigns a point score to each card rank (e.g., 1 point for 2–6, 0 points for 7–9, and −1 point for 10–A). When a card is exposed, a counter adds the score of that card to a running total, the 'count'. A card counter uses this count to make betting and playing decisions.
Counting cards may refer to: Card counting, the process of counting the cards in gambling games; Counting card (cards), those cards which have an intrinsic scoring ...
Their system was that members of the team would play at different tables around a casino, counting cards. When a count became extremely positive, they would flag the "big player" member of the team who would come in and place large bets. This technique would prevent the increased bet spread from being noticed by the pit bosses.
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Edward Oakley Thorp (born August 14, 1932) is an American mathematics professor, author, hedge fund manager, and blackjack researcher. He pioneered the modern applications of probability theory, including the harnessing of very small correlations for reliable financial gain.