Kelly Thorp Betting
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I demonstrate a Kelly/Thorp betting system for the simple card game of guessing if the next card from a standard deck is red or black.
I have a video of the play here.
And a derivation of the betting strategy in R is here.
A derivation of the proof you can’t build this sort of system for fair coin flip games is introduced here: When Profitable Betting Systems are not Possible.
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