Degenerates come in all IQ ranges. They just crave action. Even the smartest ones will take bad action when they can't find good, and at poker there isn't always a game with stakes a really high roller would find interesting, but there is always a craps table.

Also, I remember one time a WSOP bracelet showed up on ebay. Apparently, its owner had made about $10 million in career earnings in poker, but he was so broke from betting on horses that he was selling his beloved bracelet for gambling money.

It wouldn't surprise me if he was simply playing Baccarat genuinely, noticed the possibility for edge sorting, and went for it, then looked for other casinos that had the same problem.

However, it's hard to know how much truth there is to that.

Any small positive edge in lossback, card or dice placement will lead to advantage. Some of them can't do math as well as others, apparently. This is how Don Johnson (not the actor) broke a few casinos several years back, including - surprise! - Borgata. [2]

[1] http://wizardofodds.com/gambling/house-edge/ [2] http://m.theatlantic.com/magazine/archive/2012/04/the-man-wh...

"Degenerate, often simply 'degen,' is a well-known appelation for players who behave in a self-destructive manner away from the poker table."