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Kelly Thorp Betting

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.

Categories: Statistics Tutorials

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Data Scientist and trainer at Win Vector LLC. One of the authors of Practical Data Science with R.

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