Age, Biography and Wiki

Edward Thorp (Edward Oakley Thorp) was born on 14 August, 1932 in Chicago, Illinois, U.S., is an American mathematician. Discover Edward Thorp's Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Learn How rich is he in this year and how he spends money? Also learn how he earned most of networth at the age of 92 years old?

Popular As Edward Oakley Thorp
Occupation miscellaneous
Age 92 years old
Zodiac Sign Leo
Born 14 August, 1932
Birthday 14 August
Birthplace Chicago, Illinois, U.S.
Nationality United States

We recommend you to check the complete list of Famous People born on 14 August. He is a member of famous Miscellaneous with the age 92 years old group.

Edward Thorp Height, Weight & Measurements

At 92 years old, Edward Thorp height not available right now. We will update Edward Thorp's Height, weight, Body Measurements, Eye Color, Hair Color, Shoe & Dress size soon as possible.

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Who Is Edward Thorp's Wife?

His wife is Vivian Sinetar (m. ?–2011)

Family
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Wife Vivian Sinetar (m. ?–2011)
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Edward Thorp Net Worth

His net worth has been growing significantly in 2023-2024. So, how much is Edward Thorp worth at the age of 92 years old? Edward Thorp’s income source is mostly from being a successful Miscellaneous. He is from United States. We have estimated Edward Thorp's net worth, money, salary, income, and assets.

Net Worth in 2024 $1 Million - $5 Million
Salary in 2024 Under Review
Net Worth in 2023 Pending
Salary in 2023 Under Review
House Not Available
Cars Not Available
Source of Income Miscellaneous

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Timeline

1932

Edward Oakley Thorp (born August 14, 1932) is an American mathematics professor, author, hedge fund manager, and blackjack researcher.

He pioneered the modern applications of probability theory, including the harnessing of very small correlations for reliable financial gain.

Thorp is the author of Beat the Dealer, which mathematically proved that the house advantage in blackjack could be overcome by card counting.

He also developed and applied effective hedge fund techniques in the financial markets, and collaborated with Claude Shannon in creating the first wearable computer.

1956

They married in January 1956.

Thorp used the IBM 704 as a research tool in order to investigate the probabilities of winning while developing his blackjack game theory, which was based on the Kelly criterion, which he learned about from the 1956 paper by Kelly.

He learned Fortran in order to program the equations needed for his theoretical research model on the probabilities of winning at blackjack.

Thorp analyzed the game of blackjack to a great extent this way, while devising card counting schemes with the aid of the IBM 704 in order to improve his odds, especially near the end of a card deck that is not being reshuffled after every deal.

Thorp decided to test his theory in practice in Reno, Lake Tahoe, and Las Vegas, Nevada.

Thorp started his applied research using $10,000, with Manny Kimmel, a wealthy professional gambler and former bookmaker, providing the venture capital.

First they visited Reno and Lake Tahoe establishments where they tested Thorp's theory at the local blackjack tables.

The experimental results proved successful and his theory was verified since he won $11,000 in a single weekend.

As a countermeasure to his methods, casinos now shuffle long before the end of the deck is reached.

During his Las Vegas casino visits Thorp frequently used disguises such as wraparound glasses and false beards.

In addition to the blackjack activities, Thorp had assembled a baccarat team which was also winning.

News quickly spread throughout the gambling community, which was eager for new methods of winning, while Thorp became an instant celebrity among blackjack aficionados.

1958

Thorp received his Ph.D. in mathematics from the University of California, Los Angeles in 1958, and worked at the Massachusetts Institute of Technology (MIT) from 1959 to 1961.

1960

The wearable computer was co-developed with Claude Shannon between 1960 and 1961.

It relied on a pair of operators, where one would watch the wheel and use his toe to input the cadence of the wheel, and the other would receive a message in the form of musical tones through a hidden earpiece.

By betting on groups of neighboring numbers on the wheel they could gain a sufficient advantage to make a profit.

Since the late 1960s, Thorp has used his knowledge of probability and statistics in the stock market by discovering and exploiting a number of pricing anomalies in the securities markets and has made a significant fortune.

1961

He was a professor of mathematics from 1961 to 1965 at New Mexico State University, and then joined the University of California, Irvine where he was a professor of mathematics from 1965 to 1977 and a professor of mathematics and finance from 1977 to 1982.

Thorp was born in Chicago, but moved to southern California in his childhood.

He had an early aptitude for science, and often tinkered with experiments of his own creation.

He was one of the youngest amateur radio operators when he was certified at age 12.

Thorp went on to win scholarships by doing well in chemistry and physics competitions (one instance led him to meeting President Truman), ultimately electing to go to UC Berkeley for his undergraduate degree.

However, he transferred to UCLA after one year, majoring in physics.

This was eventually followed by a PhD in Mathematics at UCLA.

He met his future wife Vivian during his first year at UCLA.

The final operating version of the device was tested in Shannon's home lab at his basement in June 1961.

Based on his achievements, Thorp was an inaugural member of the Blackjack Hall of Fame.

He also devised the "Thorp count", a method for calculating the likelihood of winning in certain endgame positions in backgammon.

1966

Due to the great demand generated about disseminating his research results to a wider gambling audience, he wrote the book Beat the Dealer in 1966, widely considered the original guide to card counting, which sold over 700,000 copies, a huge number for a specialty title which earned it a place in the New York Times bestseller list, much to the chagrin of Kimmel whose identity was thinly disguised in the book as Mr. X.

Thorp's blackjack research is one of the very few examples where results from such research reached the public directly, completely bypassing the usual academic peer review process cycle.

He has also stated that he considered the whole experiment an academic exercise.

In addition, Thorp, while a professor of mathematics at MIT, met Claude Shannon, and took him and his wife Betty Shannon as partners on weekend forays to Las Vegas to play roulette and blackjack, at which Thorp was very successful.

1969

Thorp's first hedge fund was Princeton/Newport Partners from 1969 to 1989 based on Market Neutral Derivatives Hedging.

1985

His team's roulette play was the first instance of using a wearable computer in a casino — something which is now illegal, as of May 30, 1985, when the Nevada devices law came into effect as an emergency measure targeting blackjack and roulette devices.

1990

Edward O. Thorp's Real Blackjack was published by Villa Crespo Software in 1990.

1994

His second hedge fund was called Ridgeline Partners and it ran from August 1994 through September 2002 based on statistical arbitrage.