Don't forget about the variance!
It should be (Bankroll * EV) / Var. The variance is usually around 1.34 units at most counts. With a 3% advantage and a $5k bankroll the correct "Kelly" bet would be closer to $112, not $150. For Quarter-Kelly that would be about $28.
Although technically you are right. That has always been a big gripe of mine. :flame: The real formula for Kelly betting was not designed to work for BJ (or gambling at all, although the original paper did use a horse racing analogy) so we have to "tweak" it quite a bit in order to make it work. In my opinion we should give the formula above a new name since it is not the same formula as "true" Kelly (which Scott correctly stated as Bankroll * EV).