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If they made some money gambling in Vegas it was clearly not thanks to Kelly’s criterion, because Kelly’s criterion clearly (and correctly) states that the opti
by crubier 6y ago
If they made some money gambling in Vegas it was clearly not thanks to Kelly’s criterion, because Kelly’s criterion clearly (and correctly) states that the optimal bet in Vegas is zero dollar.
- kqr 6y agoThey played, among other things, blackjack. The rules of blackjack are such that the edge varies around zero. It's mostly a tiny bit negative, but sometimes creeps over zero and that's when you apply bigger than minimum bets, following the Kelly criterion.