I've added a follow-up note on the case of discrete stakes here: https://win-vector.com/2024/12/21/kelly-betting-with-discrete-stakes/ https://win-vector.com/20

I've added a follow-up note on the case of discrete stakes here: https://win-vector.com/2024/12/21/kelly-betting-with-discrete-stakes/ https://win-vector.com/2024/12/21/kelly-betting-with-discret... . It is known there is a dynamic programming strategy that guarantees a return of $8.08 on a $1 bet. Simple rounding of the Kelly strategy does not achieve this.