Ranging Bet Sizes and The Kelly Criterion
A mathematical principle called the Kelly criterion indicates that bet increases should be proportional to the player advantage. In practice, this means that the higher the count, the more a player should bet on each hand in order to take advantage of the player edge. Using this principle, a card counter may elect to vary his bet size in proportion to the advantage dictated by a count creating what is called a "Bet ramp" according to the principles of the Kelly criterion. A bet ramp is a betting plan with a specific bet size tied to each true count value in such a way that the player is betting proportionally to the player advantage with aims to maintain a constant risk of ruin for every bet made. Taken to its ultimate conclusion, the Kelly criterion would demand that a player not bet anything at all when the deck doesn't offer a positive expectation; the "Wonging" strategy described above implements this.
Read more about this topic: Card Counting
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