Testing strategies of betting on horse races in GTA Online. Calculating adjusted advantage compared to the odds and using Kelly Criterion to determine bet size, then simulating games.
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What should I bet if Kelly says to bet more than maximum allowed bet? #3
Let's say I have 150k and so Kelly says to bet 16k, but the maximum bet is 10k. What should I do?
Just do max allowed bet? But then I'll be betting the same for different expected returns, doesn't make much sense...
Do I lower my bankroll so that Kelly's bets don't exceed the maximum bet? This seems to make sense, but might not provide that great grow rate... I had to find it experimentally, but there must be a formula for this.
Let's say I have 150k and so Kelly says to bet 16k, but the maximum bet is 10k. What should I do?