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Luc Cheung • 8 cards
The Kelly formula says that you should wager this fraction of your bankroll on a favorable bet: edge/odds The edge is how much you expect to win, on the average, assuming you could make this wager over and over with the same probabilities. It is a fraction because the profit is always in proportion to how much you wager. Odds means the public or to
... See moreWilliam Poundstone • Fortune's Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street
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