Re: [vpFREE] Re: Pressing your bet

Ed wrote:

>IMO, the Kelly Critereon is one of the most overused and misused concepts in
>gambling.
>
>Kelly Critereon is a mathematical method for maximizing the rate of bankroll
>growth at a +EV game with a known edge and variance.

I must have a mental block about the phrase "maximizing the rate of
bankroll growth," since I can't get past the idea that maximizing
one's average bankroll requires betting one's entire bankroll on any
advantage. How is maximizing the rate of bankroll growth different
from maximizing average bankroll? In different words, can you explain
what the Kelly Criterion maximizes?

>It's not designed to ensure you don't bust your bankroll.

I don't know if it was designed to do that, but, theoretically, it
will have that effect.

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