Actually, and FWIW, if one were to omit the 100 losing event outcome (say we called it a push) then the full-Kelly optimal stake would be strictly bounded from above by
1 99 ≈ 1.0101%.
For the upper bound on the Kelly stake to be
1 98 ≈ 1.0204% as you suggest, one would in fact need to exclude the
two worst possible outcomes (i.e., not only the 0-100 outcome but also the 1-99).
As long as we're going to do that, heck, why not include the 20 worst outcpmes, or even the 50 worst outcomes? Anyway, please
see my previous post.