The medical professor who beat roulette, walked away with a fortune

The Hustle:

On a warm night in May of 1969, a throng of awestruck gamblers crowded around a well-worn roulette table in the Italian Riviera.

At the center stood a gangly 38-year-old medical professor in a rumpled suit. He’d just placed a $100,000 bet ($715,000 in 2019 dollars) on a single spin of the wheel. As the croupier unleashed the little white ball, the room went silent. He couldn’t possibly be this lucky… could he?

But Dr. Richard Jarecki wasn’t leaving it up to chance. He’d spent thousands of hours devising an ingenious method of winning — and it would soon net him the modern equivalent of more than $8,000,000.

I love a good “smart rumpled underdog beats the bank” story, and this is a good one. Can’t help but think that, with all the machine learning power in the palm of your hand, this will happen again, albeit in a different way.