Re:Kelly Criterion For Sport Betting
by Read_the_Genes on Sunday May 01, 2011 @08:39PM
(#2504523)
This is a very well written blog, and the links to pdfs providing further detail are excellent.
As pointed out in jane.pdf, and also be Ed Thorp elsewhere, betting with the Kelly criterion requires large amounts of capital. The reason is simple; there is a real chance of going broke if you start out near 0. This can be countered by playing a fractional Kelly strategy, where you bet Kelly, but only on a fraction of your bankroll.
As pointed out in jane.pdf, and also be Ed Thorp elsewhere, betting with the Kelly criterion requires large amounts of capital. The reason is simple; there is a real chance of going broke if you start out near 0. This can be countered by playing a fractional Kelly strategy, where you bet Kelly, but only on a fraction of your bankroll.