For Kelly betting in blackjack we can define the optimal size of our unit bet as fB where B is our bankroll and f = (advantage of the game) / (variance of the game).
But, if f is a fraction, how can it be that we get it dividing "units of bet" (advantage) by "units of bet" squared (variance)? If so, the unit of f should be 1/"units of bet" but it happens that f is a fraction.
Can anyone explain this?
Thanks,
BJFan
But, if f is a fraction, how can it be that we get it dividing "units of bet" (advantage) by "units of bet" squared (variance)? If so, the unit of f should be 1/"units of bet" but it happens that f is a fraction.
Can anyone explain this?
Thanks,
BJFan