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The Man Who Broke Atlantic City

Johnson is very good at gambling, mainly because he’s less willing to gamble than most. He does not just walk into a casino and start playing, which is what roughly 99 percent of customers do. This is, in his words, tantamount to “blindly throwing away money.” The rules of the game are set to give the house a significant advantage. That doesn’t mean you can’t win playing by the standard house rules; people do win on occasion. But the vast majority of players lose, and the longer they play, the more they lose.

 

The Atlantic

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Comments

  1. Very interesting! As I understand it, that’s pretty much what these blokes did to Tote Tasmania. Except it’s rumoured they made billions:

    http://afr.com/p/national/the_gambler_GwoSmf5IXaVFjmpyYXNu9J

  2. I love the concept that when the Casino takes a hit they grab their bat and ball and go home

    • Charlie Quattrone says:

      It’s not only casinos. Try betting with a corporate bookmaker (horses or sports) and see how long you last after a winning streak. If they haven’t already determined you to be a mug punter your account will be closed in a flash. Don’t think the wins have to be enormous either – a few grand will do it with some of these establishments. It’s a disgrace as they aren’t held to any account whatsoever.

      • Yep can verify that first hand! Good business to get rid of the winners. Pinnacle Sports is the only one I know of who actually advertise that they don’t ban winning punters. Bet Fair also have no reason to ban anybody.

        • Never heard of ‘Pinnacle’ but I do get nervous with these smaller lesser known companies with head offices in faraway exotic locations.

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