NOTI noted, with respect to multi-hand games: Varying number of hands played is EV neutral, but it does effect average bankroll growth. The approximate Kelly optimum is to bet edge/variance of your current bankroll.
This is true for many but not al multi-hand games. Games like Triple Play, Five Play, Ten Play, Fifty Play, Hundred Play, and Super Times Pay, plus others, are EV neutral. Multi-hands such as Multi Strike, Ultimate X, Wheel Poker Deluxe, and Extra Action Poker, plus others, are NOT EV neutral.
In most cases, whether you're winning or losing today should have nothing to do with your betsizing --- except in the probably rare cases that your gambling bankroll at the start of the day was barely enough to play a certain level (and you should move down if you're losing) or barely not enough to play at a certain level (and you can move up if you win.) Assuming we define bankroll as "the amount of money you can lose before you quit gambling," most players don't have an exact bankroll number for themselves anyway. Who among us can say, "If I lose $23,458.33 I'll quit forever and ever amen. Not one penny more!" We can say that BEFORE we begin that losing streak, but if and when that time actually gets there (assuming we can recognize the exact moment when our bankroll reaches such a level), many people will adjust their "drop dead' figure. Far more important than whether you are ahead or behind today is are you playing a game where you have the advantage? No stop-loss or bet-sizing strategy can make up for playing a bad game. When NOTI was talking about Kelly betting, this assumes a positive bet edge. A large number of players neglect the importance of this fundamental fact.
Bob
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