Edward O. Thorp

Edward Oakley Thorp was born in Chicago in 1932 and showed exceptional mathematical ability from an early age. He earned his PhD in mathematics from UCLA and became a professor, first at MIT and later at UC Irvine. His academic background gave him the analytical tools to approach blackjack not as a game of chance, but as a mathematical problem to be solved.

In 1962, Thorp published "Beat the Dealer," the first book to mathematically prove that blackjack could be beaten through card counting. Using an IBM 704 computer at MIT, he developed the first practical card counting system. The book became a bestseller and forever changed how casinos and players approached the game.

Thorp's approach was purely mathematical. He demonstrated that by tracking the ratio of high cards to low cards remaining in the deck, a player could identify when the odds shifted in their favor. His "Ten-Count System" was complex but effective, giving skilled practitioners a genuine edge over the house.

Beyond blackjack, Thorp co-invented the first wearable computer with Claude Shannon to beat roulette. He later applied his quantitative methods to Wall Street, pioneering convertible bond arbitrage and founding Princeton Newport Partners, one of the first quantitative hedge funds. His book "A Man for All Markets" chronicles his remarkable career.

Edward Thorp is considered the father of card counting and arguably the most influential figure in casino gaming history. His work forced casinos to implement multiple deck shoes, frequent shuffling, and other countermeasures. He was inducted into the Blackjack Hall of Fame in its inaugural class of 2002 and remains active in quantitative finance.