Tag Archives: roulette

Edward Thorp

[U]sing the mathematical theory of probability, it was proven that if all roulette numbers were equally likely to come up, and they appeared in random order, it was impossible for any betting system to succeed. Despite this, hope flared briefly at the end of the nineteenth century when the great statistician Karl Pearson (1857–1936) discovered that the roulette numbers being reported daily in a French newspaper showed exploitable patterns. The mystery was resolved when it was discovered that rather than spend hours watching the wheels, the people recording the numbers simply made them up at the end of each day. The statistical patterns Pearson detected simply reflected the failure of the reporters to invent perfectly random numbers.

Edward Thorp, A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market, New York, 2017, p. 123