There are many ways to lose at gambling, but probably these two are the most common:
1. Gamble on negative expectation (negative EV)
2. Gamble on positive expectation (positive EV) but bet more than double Kelly
Everybody knows about #2, it is commonly called betting over your head or overbetting your bankroll, but not everyone knows there is a mathematical definition (Kelly) for the concept, and many are actually overbetting Kelly thinking they are not "over their head" when in fact they are from a mathematical standpoint.
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