From New Scientist:
FIVE years ago, Londoner Ashley Revell sold his house, all his possessions and cashed in his life savings. It raised £76,840. He flew to Las Vegas, headed to the roulette table and put it all on red.
The wheel was spun. The crowd held its breath as the ball slowed, bounced four or five times, and finally settled on number seven. Red seven.
Revell's bet was a straight gamble: double or nothing. But when Edward Thorp, a mathematics student at the Massachussetts Institute of Technology, went to the same casino some 40 years previously, he knew pretty well where the ball was going to land. He walked away with a profit, took it to the racecourse, the basketball court and the stock market, and became a multimillionaire. He wasn't on a lucky streak, he was using his knowledge of mathematics to understand, and beat, the odds.
Read more ....
FIVE years ago, Londoner Ashley Revell sold his house, all his possessions and cashed in his life savings. It raised £76,840. He flew to Las Vegas, headed to the roulette table and put it all on red.
The wheel was spun. The crowd held its breath as the ball slowed, bounced four or five times, and finally settled on number seven. Red seven.
Revell's bet was a straight gamble: double or nothing. But when Edward Thorp, a mathematics student at the Massachussetts Institute of Technology, went to the same casino some 40 years previously, he knew pretty well where the ball was going to land. He walked away with a profit, took it to the racecourse, the basketball court and the stock market, and became a multimillionaire. He wasn't on a lucky streak, he was using his knowledge of mathematics to understand, and beat, the odds.
Read more ....
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