It's well worth implementing and testing out the Kelly Criterion. It's super simple to code up in a Jupyter Notebook so that you get to enter an amount to bet e

It's well worth implementing and testing out the Kelly Criterion. It's super simple to code up in a Jupyter Notebook so that you get to enter an amount to bet each time. When I tried it, I found my own psychology changing as the bets continued, even when I knew the coin's bias. It's a really great demonstration of the difference between a) intellectually knowing the optimal strategy, and b) what actually happens. A bet on a biased coin paradigm was actually tried in the real world with finance professionals, with a cap on the maximum payout. The results are described here: https://arxiv.org/pdf/1701.01427.pdf https://arxiv.org/pdf/1701.01427.pdf It's pretty interesting. (Note though that the "average returns" reported hide a lot of variation.)