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The Expectation

We can now get a handle on the expectation for applying the complete Knock-Out Preferred system. It's important to realize that this is not an apples-to-apples comparison with K-O Rookie, K-O Preferred Strategy, etc., whose derivations of expectation were based on the two-bet (small and big) jump spread. That's because the complete K-O Preferred derivation is based on a proportional betting approach with intermediate betting values that conform to our benchmark and betting scheme.

A comparison of these returns with those in the table on page 90 reveals that there's a slight gain in expectation (except in the 8-deck game) for implementing a proportional wagering

Decks 1-5 1-10
1 1.53
2 1.11
6 .73
8 .52

scheme. The primary benefit from this technique, however, is related to risk, as the proportional approach conforms more closely to Kelly wagering. The graduated bet increases will also provide a little more cover, as opposed to the drastic variation of the jump spread.

Note also that this integer spread performs almost identically to the so-called "full-fractional" betting scheme, which is essentially a best "theoretical" result. The returns for the full-fractional approach for 1, 2, 6, and 8 decks are 1.53%, 1.14%, .73%, and .54%, respectively. (These results are based on Monte Carlo simulations and have an associated error of roughly .01%. Full-fractional betting is employed for the comparisons in Appendix 3.)

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Don't Worry: The Tournament Will Only Seem Endless
To make sure that tournaments finish within a reasonable period of time, all tournaments utilize an increasing blind structure. The blinds remain the same size for the length of one tournament round. Tournament rounds might be as short as twenty minutes or as long as two hours; most medium-sized tournaments use thirty- to forty minute rounds.
At the end of the round, the blinds increase according to a prearranged published schedule.
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