This is a massive red flag. There's so many things that could be done incorrectly that the result is meaningless if the profits were only theoretical instead of observed.
In the given example, the trader was just looking for a mismatched bid and sell, then fulfilling ("raping and pillaging") it faster than anyone else.
It's hard for me to imagine what could be improved or changed there.
Second, read to the end of the article. It suggests changing the market from a continuous free-for-all to a series of auctions at multi-millisecond intervals. Sounds good to me.
However, best price is determined by the consolidated tape. Are you saying that the consolidated tape could lag and people take advantage of it?
The blackjack motif is a joke. Ben Mezrich's Bringing Down the House exposed the world to the power of card counting? Please. Do some research and credit Ed Thorpe, rather than just running with the time you saw '21' in the theater as the background for your article.