Ganch and I discussed that a while back. Putting any limits on bets (either bets per day, size, etc.) is not indicative of true handicapping either. When you are capable of quantifying your edge, your bet size will vary according to Kelly. The conclusion was that a contest closely (although not 100%) indicative of actual handicapping capabilities would start with an ample bankroll ($100,000 for example) equal at the start for all players, would have a relatively small field (since large fields can produce lucky results on -EV plays and subsequent desperation tactics. Could be done by virtue of a sizeable entry fee or by invitation only), would be held over an extended period of time (enough to create sample sizes of plays where lucky/unlucky streaks are more likely to be negated), would include live lines (so that participants would not be betting into stale lines and blatantly inefficient markets, also allowing the opportunity to scalp and middle), and would include a commission based on the size of the play (to deter placing larger than normal bets on any and all perceived edges).