Probabilistic analysis of Blackjack
Blackjack is a card game in which the player tries to get a higher total
than the dealer, without exceeding 21. The main decision that the
player must make is whether to take another card or to stop and see what
total the dealer will get. The player's total after each card is
drawn may be modeled as a Markov chain, and an optimal stopping strategy
can be derived using the theory of Markov chains.
You can read the text of a talk I have
given about Blackjack.