Agree with your initial comments that if you allow for the fact that you can lose 100% of your bet (eg blackjack), then the basic Kelly formula works quite well. It still seems to offer a more aggressive bet size than I may be comfortable with though I think that's the point - to encourage a proper bet size, or something closer to "ideal". For some that will mean reducing the amount wagered and some, increasing it.
Agree with your initial comments that if you allow for the fact that you can lose 100% of your bet (eg blackjack), then the basic Kelly formula works quite well. It still seems to offer a more aggressive bet size than I may be comfortable with though I think that's the point - to encourage a proper bet size, or something closer to "ideal". For some that will mean reducing the amount wagered and some, increasing it.
Thank you for sharing your ideas.
Jason