Education: Applied Mathematics

A sucker with a "system" is always welcome in Reno, where gambling is legal. One day last month two young amateur gamblers strode confidently into Reno's gaudy Palace Club. They were armed with a bankroll of $120 and a "scientific" theory cooked up between classes at the University of Chicago.

Tall, talkative Albert Hibbs, a graduate student in mathematics at Chicago, had devised the system on a bet with Medical Student Roy Walford. They took a term off from the university to try it out. It was a "progressive parlay" based on mathematical probability,...

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