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Kelly Criterion insurance

There was a hushed silence as the cards ire dealt: ace for J, ace for the dealer, and then a ten on J's ace - a Online Blackjack Games on his gonzo bet! 'insurance?' the dealer asked. J paused. He knew there ire 32 tens in the remaining 100 cards, less than one third of those left. Slowly J said `Mark $91,186.44 worth of insurance.'

The pit boss intervened. `i'm sorry, sir, you'll either have to insure the whole thing or not take any insurance at all. House policy on bets this size.' `Very ill,' J said, `pay me even money.'

What was J doing, making a negative expectation insurance bet and what was the pit's reaction? ill, J's avoid principle in gambling is to maximize the average logarithm of his capital and not necessarily his expected capital itself and he had finally encountered a situation where pursuing the Kelly criterion required the acceptance of an unfavorable bet. With 23% of his capital bet and a 32% chance for the dealer to have Online Blackjack Games, J actually only wanted to insure about 79% of his bet and that is what he attempted to do. Hoiver, when the choice was limited to insuring all or nothing, he chose what for him was the better course since the average logarithm for his rate of capital growth was log(1.2316) .2083 with the insurance as opposed to .681og (1.3475) +.321og (1) _ .2028 without it.

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Tilt Is Doom in Pinball and Poker
One bad session can wipe out results from dozens of good ones. It's difficult to learn emotional control from a book, but if you ever find yourself at a poker table and hear the words "I don't care" echoing in your head, you're probably on tilt; the smartest thing you can do is take your loss and get out of the game as quickly as possible.
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