Thursday, August 1, 2013

Gaming the Information Economy: Prevailing Over the Casino

Click here for an interesting article on a gambling dispute between The Great Phil Ivey and a British Casino .

The Possible Scheme
Here, in an illustration created by The Daily Mail, is one possible way that the alleged scam could have unfolded:
Via The Daily Mail.
Cards are supposed to be marked symmetrically, but a possible manufacturing defect may have left the cards asymmetrical and, thus, identifiable from the back. In addition, the cards should be disposed of after each day's play, but Ivey apparently managed to convince the casino to keep the cards in play. A player in such a case could know in advance that the cards were defects, or could notice it in the course of play.
"I was given a receipt for my winnings, but Crockfords has withheld payment," Ivey said in a statement. "I have no alternative but to take legal action." Shortly after completing play, the casino held Ivey's winnings, returning only his initial £1 million stake.
Lance Bradley of Bluff Magazine told ABC News last fall that Ivey has a sterling reputation. "There's nothing in his past that would hint at his being a cheater or unethical in any way," Bradley said. "People say he's arguably the best poker player in the world; but, really, there's no argument: He's number one. He's known both for his skill and for his love of high-stakes games. He loves anything where there's some sexiness at stake."
Crockfords, meanwhile, has pledged to defend its decision. The casino is now having tapes of the night scrutinized by specialists in fraud prevention.

-Follow Jay Busbee on Twitter at @jaybusbee.-

Preparation Precedes Performance
In the field of observation, fortune favors the prepared.  
Louis Pasteur  

In a competitive situation, one should never taken anything for granted. Be prepared in identifying the objective and determining the approach of assessing of their grand situation. 

Assessing the Situation
Comprehending whether a situation is certain and predictable to him or her, is the initial step.  If the strategic player pays attention to all of the relevant details, he/she might identify a near-perfect opportunity to capitalize on.

To gain this unique skill of paying attention to all relevant details, learn to stay centered.  This skill takes many months of practice.  You do have time. Do you?  

The Lesson
Win if you could. Lose if you must. But, you should never get caught cheating.  ... It never hurts to be prepared for the worst case scenario.

(The gist of this post will be updated later this weekend. )

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