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28 June, 2015

I'm not going to pretend that I understand this system quite well to be able to explain it better than what has been done on the internet already. So I will simply point your attention to the great article I found on the Wizard of  Odds web site right here:

http://wizardofodds.com/gambling/kelly-criterion/

Other ressources:

Fortune’s Formula by William Poundstone. 
A good source on Kelly, especially as it pertains to blackjack, is Blackjack Attack by Don Schlesinger.
SBRForum.com has good material on Kelly, including the article "A Quantitative Introduction to the Kelly Criterion", part I and part II, and a Kelly calculator.
The Kelly Criterion at Wikipedia.
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