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First, the Kelly formula is a maximum of a growth function for your bankroll. The main thing to remember is to use log() of your growth (no I can't explain why, but that's the function to maximize).
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The Kelly criterion maximizes the geometric mean of your bankroll, which can be calculated using the natural log, so that is why. [img]/images/graemlins/smile.gif[/img]
As for simultaneous bets, checkout Ganchrow's stuff at SBRForum:
http://www.sbrforum.com/Betting+Tool...alculator.aspx