Price discrimination

Johnson insisted the casinos have only themselves to blame for their losses, opening the door by offering him high-stakes gambling. They also agreed to discount 20 percent of his blackjack losses as an incentive to get him to play, he said. For instance, if he lost $1 million, the casinos would forgive $200,000.

He ended up winning $15 million.   The article is interesting throughout, and hat tip goes to Steve Silberman, more on the math here from Kid  Dynamite.


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