A man for all markets

Over the weekend I read an article about “the worlds most successful roulette player”. He was a professor called Richard Jarecki, who developed a passion for roulette in around the 1960s, convinced he could beat the game of chance.

After watching & observing many roulette spins across many casinos. He observed that at the end of each night they would replace cards & dice with new sets, but the roulette wheels were left untouched.

His whole premise was that these roulette wheels would develop dents, scratches & chips over time which would shift the odds on the ball landing on certain numbers more than others, and therefore, in the favour of those who made the observation.

Richard Jarecki made approx 8 million US dollars in todays money playing defective roulette tables between 1964 an 1969.

This reminded me that last summer whilst on holiday I read a book about legendary mathematician Edward O. Thorp, who invented card counting. He did similar to Jarecki, except he beat the casinos at blackjack as well as roulette (his premise on the roulette tables was similar to Jarecki, and he was earlier so probably influenced Jarecki with his thesis), after being barred from any worthwhile casino (with some casinos making attempts on his life), he moved on to beat Wall Street too. Its a fascinating read for anyone interested in trading, beating the system and the game of chance, so if your looking for your next read check it out.

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