Ed Miller also wrote: "This is particularly true if your plan is to play the game
for a weekend and not for every waking hour from here to infinity."
Yes, the Kelly criterion is a good fit for someone who plans to take their gambling into the long term, long term defined as greater than the N0 number.
For the short term there are other approaches, for example perhaps your goal is to play until you hit a royal and then you plan to quit forever, or perhaps you just want to take your play one royal at a time. In this situation min-cost-royal strategies are the better fit, they are optimal for a royal cycle, but not so optimal for many royal cycles. Naturally this approach is not limited to royals, could be quad aces, or a filled parlay card, or whatever.
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Posted by: nightoftheiguana2000@yahoo.com
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