Per the title how do you calculate a Kelly fraction of your bankroll when there are outcomes with different payouts?
Note - to create a positive expectation I have removed all 8 rank cards from the shoe.
For example the bac Dragon 7 side bet probability is now .. 0.0276273404125582 .. payout 40 to 1 thus using ..
f = p(b + 1) - 1 / b =
0.00276..(40 + 1) - 1 / 40 = 0.3318%
Now on the other hand the Dragon Bonus (excuse the ambiguity) side bet has the following payouts ..
Win by 9 30.00
Win by 8 10.00
Win by 7 6.00
Win by 6 4.00
Win by 5 2.00
Win by 4 1.00
Natural win 1.00
Natural tie 0.00
Loss -1.00
How would I change the simple formula above to handle all of these payouts and their probabilities?
I found an app online which displays this bets (player side) Kelly as one value. I would like to calculate that.
Thanks!
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