Hello,
New to the forum.
I was wondering if anyone has thought through the mathematics of multiple place bets and Kelly Criterion.
A place betting market is not mutually exclusive and so the standard apportioning of wealth in multiple Kelly wagers would seem not to apply.
For example, if you bet on two horses to place then either both place, one or other places or neither place.
I was wondering if anyone had done any work on it?
New to the forum.
I was wondering if anyone has thought through the mathematics of multiple place bets and Kelly Criterion.
A place betting market is not mutually exclusive and so the standard apportioning of wealth in multiple Kelly wagers would seem not to apply.
For example, if you bet on two horses to place then either both place, one or other places or neither place.
I was wondering if anyone had done any work on it?