[Trencherman]

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If you risk 20% of your bankroll on a 52% true odds play then you're going to go broke 2.55% of the time (an 0-5 streak).

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You're forgetting the fact that if full Kelly betting calls for a 20% bankroll play, the absolute amount wagered will be diminished for the subsequent plays. (The case of simultaneous full Kelly betting is different.) Thus, an 0-5 streak is not sufficient to bust a full-Kelly bettor.