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Let me consider this extreme game of 59 players playing a 6-deck shoe. Each player or dealer is allowed to have two cards only, so each shoe only deals out two rounds. A player Blackjack is still paid 3:2, so this game is still worth counting, but it does not need any strategy. A HiLo counter sits at the third base all the time, so he will receive the (59th, 119th) cards in the shoe for his first hand and the (179th, 239th) cards for his second hand.
He places his bet right before the 121th card; however, this bet point is off by 179-121=58 cards and 239-121=118 cards, respectively from this card arrival points.
The TC frequency, f(TC, pen), as a function of true count TC and dealing penetration pen, does not change with the number of players. However, in the extreme game above, the counter only has the values at f(TC, pen) when pen <121 to help betting. This counter misses too much information about this shoe, and thus will not gain very much profit from counting, because there are no high TC opportunities for him to confidently place a large wager. From this point of view, I still do not believe this so-called True Count Theorem is valid.
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