Five unrelated items:
One of the best mathematical tricks is what happens when you cut a Mobius strip in the middle. (Look here) (And what happens when you cut it again, and when you cut it not in the middle.) This is truly mind boggling and magicians use it in their acts. And it reflects deep mathematics.
Diaconis mind reading trick
I also heard from Mark Gorseky this description of a mathematical based card game
"Mark described a card trick of Diaconis where he takes a deck of cards, gives it to a person at the end of the room, lets this person “cut” the deck and replace the two parts, then asks many other people do the same and then asks people to take one card each from the deck. Next Diaconis is trying to read the mind of the five people with the last cards by asking them to concentrate on the cards they have. To help him a little against noise coming from other minds he asks those with black cards to step forward. Then he guesses the cards each of the five people have.
Mark said that Diaconis likes to perform this magic with a crowd of magician since it violates the basic rule: “never let the cards out of your control”. This trick is performed (with a reduced deck of 32 cards) based on a simple linear feedback shift register. Since all the operations of cuting and pasting amount to cyclic permutations, the 5 red/black bits are enough to tell the cylic shift and no genuine mind reading is required."
I think there is a paper by Goresky and Klapper about a version of this magic and relations to shift registers.
The Link Illusion
I heard a wonderful magic from Nahva De Shalit. You tie a string between the two hands of two people and link the two strings. The task is to get unlinked.
This ties with what I heard from Eric Demaine about the main principle behined many puzzles (Some of which he manufectured with his father whan he was six!)
Sometimes things are not as symmetric as they may look.
(I heard this from Eric Demaine and from Shahar Mozes.) If we hang a picture (or boxing gloves) with one nail, once the nail falls so does the picture. If we use two nails then ordinarily if one nails falls the picture can still hangs there. Mathematics can come for the rescue for the following important task: use five nails so that if any one nail falls so does the picture.