The Untold Story of the Scientific Betting System That Beat the Casinos and Wall StreetBook - 2005
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In its simplest form, the Kelly Criterion is stated as follows:
The optimal Kelly wager = (p*(b+1)—1) / b where p is the probability (% chance of an event happening) and b is the odds received upon winning ($b per every $1 wagered).
It was Ed Thorp who first applied the Kelly Criterion in blackjack and then in the stock market.
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