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#4
03-19-2006, 05:26 PM
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Re: kelly criterion
The concept is a more precise version of the advice that one should forgo marginal +EV, high SD situatons. So for example if you have a longshot draw, you need slightly higher pot odds than dictated by pure EV. There are plenty of situations where this kicks in cleanly and the math is pretty clear. E.g. all-in situations where there are no implied odds. For draws with 1 or 2 outs, the effect is quite significant.
BillC 
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