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In December 1996, Australian media magnate, Kerry Packer
descended on Las Vegas to play Baccarat. Hours later
he left with a staggering $22,000,000 and caused a 19%
drop in the quarterly takings for the Hilton Hotel Corporation.
A princely sum? Not if you’re Mr Packer and worth
an estimated 15 Billion dollars. And therein lay the
key to his success. Packer achieved this by playing
$250,000 Baccarat hands. While huge by the standards
of ordinary gamblers, Packer’s win is unsurprising
in light of the stakes he plays for.
In addition to betting high for short periods, Packers
technique was to quit while he was ahead. He knew that
a player is likely to have runs of short-term luck,
and is almost certain to win at some point. His limitless
resources meant that in there was no possibility of
him being ruined by a streak of bad luck.
The reasoning behind this theory is that the longer
a player stays at a table the more likely he is to lose
the mathematically expected amount determined by the
odds. Advocates of this system reason that the best
technique is to wager every penny of money you will
ever gamble on one hand of baccarat, as for one hand
only, the house advantage plays little part.
There are cases of many gamblers trying this and winning
hundreds of thousands of dollars.
In other card games, such as blackjack and poker, position
has an important effect on playing strategy and this
may lead some to believe the same is true of baccarat.
This is not the case. Because baccarat is a purely mechanical
game with no room for playing decisions it matters not
where a player chooses to sit.
01 June 2013
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