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Rational Gambling – Communications of the ACM

https://cacm.acm.org/opinion/rational-gambling

“In 1956, John Kelly of Bell Labs derived a formula for figuring out how much to bet when you are favored to win but it is not a sure thing. In an even-money bet, if your probability to win is q, then the criterion says to bet the fraction 2q -1 of your capital. For example, if you have a 0.55...” (from the page’s text)

In short: Master the art of rational gambling with John Kelly's formula! Learn how to maximize winnings and double your money in a limited number of rounds. (AI summary)

Topic: Science › Computer Science
Quality: Quality 84 scored 12 Aug 2025
Language: english
Text on page: 5,436 characters
Page size: 125 kB
Answered: OK (200), HTML
Last read: 7 Jul 2025
In our index since: 7 Jul 2025
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