kelly criterion

[pzhon]

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Bankroll management concepts don't particularly apply to the play of individual poker hands,

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Actually, they can, as was discussed in a past article in the Two Plus Two Internet Magazine. If you are sure that you have a pure gutshot draw and no chance to win otherwise, bankroll considerations may increase the pot odds you need to call slightly.

In practice, this is tough to use. Most players are bad at recognizing exactly which situations are marginal, and may give up safely profitable gambles in the name of variance reduction.