There are three Kelly regions. Less than Kelly is less average bankroll growth than full Kelly but less risk. This is the region that Kelly advocates operate in, generally betting less than full Kelly and only rarely if ever going to the full Kelly limit. The second region is more than Kelly but less than double Kelly. This region has average bankroll growth, but it's less than full Kelly with greater risk. Generally it's not seen as a prudent idea to take on more risk while accepting less reward, but there is average bankroll growth in this nosebleed region. The third region is greater than double Kelly, in this region there is average bankroll shrinkage. There can be higher highs, but periods of bankruptcy are also likely. If you play long enough in this region, you will go bankrupt. So, pick a Kelly region, and have fun. Or just ignore the math and see what happens.
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