A simple way would be to pick a strategy with a slightly different utility function from Kelly's (which implicitly uses log as the utility function). The downs

A simple way would be to pick a strategy with a slightly different utility function from Kelly's (which implicitly uses log as the utility function). The downside of this is that Kelly's utility function has some very nice properties. In particular the total utility of a sequence of bets will turn into a sum which means you can ignore dependencies between events. Note for instance that the argument in this article still holds even if you've got very strong dependencies between coin flips, it could repeat the pattern HTHTH forever and the Kelly criterion would still give the same optimal proportion, though obviously there are better strategies if you don't restrict yourself to blindly betting on heads.