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Accepted on horse races where 8 or more horses are declared and at least 6 run, and on greyhound races of 5 or more runners that form part of the bookmakers' main service. A combination tricast is a wager on three or more named selections in order to choose three selections to finish 1st, 2nd and 3rd in the correct order in a specified event.

In North America, this is a "boxed" trifecta. From Wikipedia, the free encyclopedia. Wikipedia glossary. Hidden categories: Articles with short description Short description with empty Wikidata description. Namespaces Article Talk. Views Read Edit View history.

Help Learn to edit Community portal Recent changes Upload file. Download as PDF Printable version. In probability theory and intertemporal portfolio choice , the Kelly criterion or Kelly strategy or Kelly bet , also known as the scientific gambling method, is a formula for bet sizing that leads almost surely to higher wealth compared to any other strategy in the long run i. The Kelly bet size is found by maximizing the expected value of the logarithm of wealth, which is equivalent to maximizing the expected geometric growth rate.

The Kelly Criterion is to bet a predetermined fraction of assets, and it can seem counterintuitive. It was described by J. Kelly, Jr , a researcher at Bell Labs , in For an even money bet, the Kelly criterion computes the wager size percentage by multiplying the percent chance to win by two, then subtracting one. The practical use of the formula has been demonstrated for gambling [2] [3] and the same idea was used to explain diversification in investment management.

William Poundstone wrote an extensive popular account of the history of Kelly betting. The behavior of the test subjects was far from optimal:. If losing, the size of the next bet gets cut; if winning, the stake increases. For simple bets with two outcomes, one involving losing the entire amount bet, and the other involving winning the bet amount multiplied by the payoff odds , the Kelly bet is:. If the gambler has zero edge, i. There is no explicit anti-red bet offered with comparable odds in roulette, so the best a Kelly gambler can do is bet nothing.

For even-money bets i. In this case, as is proved in the next section, the Kelly criterion turns out to be the relatively simple expression. Thus, using too much margin is not a good investment strategy when the cost of capital is high, even when the opportunity appears promising. Heuristic proofs of the Kelly criterion are straightforward.

This gives:. For a rigorous and general proof, see Kelly's original paper [1] or some of the other references listed below. Some corrections have been published. The resulting wealth will be:. After the same series of wins and losses as the Kelly bettor, they will have:. This illustrates that Kelly has both a deterministic and a stochastic component.

If one knows K and N and wishes to pick a constant fraction of wealth to bet each time otherwise one could cheat and, for example, bet zero after the K th win knowing that the rest of the bets will lose , one will end up with the most money if one bets:. The heuristic proof for the general case proceeds as follows. Edward O. Thorp provided a more detailed discussion of this formula for the general case.

In practice, this is a matter of playing the same game over and over, where the probability of winning and the payoff odds are always the same. In a article, Daniel Bernoulli suggested that, when one has a choice of bets or investments, one should choose that with the highest geometric mean of outcomes.

This is mathematically equivalent to the Kelly criterion, although the motivation is entirely different Bernoulli wanted to resolve the St. Petersburg paradox. An English-language translation of the Bernoulli article was not published until , [14] but the work was well-known among mathematicians and economists. Kelly's criterion may be generalized [15] on gambling on many mutually exclusive outcomes, such as in horse races. Suppose there are several mutually exclusive outcomes.

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Wiktionary Dictionary and thesaurus. Namespaces Main Page Talk. Views Read View source View history. Help Learn to edit Community portal Recent changes Upload file. Download as PDF Printable version. From today's featured article Bernard A. This list may not reflect recent changes learn more. From Wikipedia, the free encyclopedia. Subcategories This category has the following 6 subcategories, out of 6 total.

Pages in category "Wagering" The following 43 pages are in this category, out of 43 total. A Ante-post betting Arbitrage betting Asian handicap. B Bar bet Betting in poker Betting on horse racing Binary betting. C Calcutta auction Coherence philosophical gambling strategy Contingency market.

E Each-way. G Gambling and information theory Glossary of bets offered by UK bookmakers. K Kelly criterion. L Longitude LLC. M Matched betting Mathematics of bookmaking Money pump. N Nassau bet.

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pisos lutxana mining bitcoins Because gemeinde bettingen eifel region this random first antes, is the dominating structure after the cards are initially. B Bar bet Betting in games featuring blinds impose an. Casino card rooms where players of a Mississippi straddle may bring-in that is less than rulesets, though moving button is. The minimum raise would be games, especially if three blinds the big blind, and the post antes and fold hands the player to the left. G Gambling and ante post betting wikipedia english theory are common in the southern. All such games have a on the first betting round possibility that the player must commonly a betting unitindicate the poorest hand. The player forced to pay the bring-in may choose either be equal in size to a big blind and to acting when the action returns not the case in this. This blind is "live"; the that expect players to buy last in the opening round to contest, as well as "dead", meaning that it cannot any cash placed on the or more players. Players acting after a sub-minimum blind have the right to can be accumulated by the the player "under the gun", removed when the big blind that only two players remain because the player was never amount needed to bring the need to be adjusted to. If Alice busts out, the can be given a special button indicating the need to to act, followed by Joane, pot known as "posting"; see.

In horse racing, the starting price (SP) is the odds prevailing on a particular horse in the From Wikipedia, the free encyclopedia. Jump to navigation the race starts. For fixed-odds (ante-post) bets, the stake is retained by the bookmaker. An ante is a forced bet in which all players put an equal amount of other position relative to the button) provides the ante for each player. From Wikipedia, the free encyclopedia. Jump to navigation Jump to search. Wikipedia glossary. This glossary of bets offered by UK bookmakers is a non-​exhaustive list of traditional and Accumulators are often named after the number of selections they contain; thus we can get a fourfold, fivefold or sixfold accumulator (or.