Gambler’s ruin

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The basic meaning of gambler’s ruin is a gambler’s loss of the last of his bank of gambling money and consequent inability to continue gambling. “Gambler’s ruin” is also sometimes used to refer to a final large losing bet placed … Read More

Kelly gambling

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Kelly gambling is an application of information theory to gambling and (with some ethical and legal reservations) investing. An important but simple relation exists between the amount of side information a gambler obtains and the expected exponential growth of his … Read More