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    A More Complex Betting Adjustment Scheme

    The most efficient betting scheme is called the Kelly Criterion. This system, named for the mathematician J. L. Kelly, is much more complex than the system we learned earlier but it is much more efficient. This system dictates that the player should bet the percent of his bankroll that corresponds to the probabilistic advantage you have on that hand. If your bankroll is $1,000 and you have a 1% edge, you will bet $10. If you have a 2.5% edge, you will bet $25.
    This system relies on knowing your edge at any point in the game. This can be calculated using the following formula:
    edge = expectation + ( 0.5 * real count)
    We did not talk about expectation in this book but it represents the player's expectation of a win if following basic strategy and it is dependent on the rules of the casino. A player who follows basic strategy in a single deck game where the dealer stands on soft seventeen, doubling down is permitted on any two opening cards (but not after splitting) and there is no surrender will have an expectation of 0%. He will be even with the house. Use the chart below to get an idea of your expectation based on rule differences.

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    Also In This Category:

    Blackjack
    - When To Split
    - When To Take Insurance
    - Is Counting Cards Illegal?
    - A Brief History
    - Playing Blackjack Professionally
    - When To Double Down
    - Balancing The Odds
    - Conclusion
    - Is Blackjack A "Winnable" Game?
    - "Soft" & "Hard" Hands
    - How To Play Blackjack - Rules, Player Options
    - Basic Strategy Play
    - A Simple Card Counting System
    - Counting Cards
    - When To Surrender

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