A mathematical analysis of the card game of Betweenies through Kelly's criterion

A mathematical analysis of the card game of Betweenies through Kelly's criterion

0.00 Avg rating0 Votes
Article ID: iaor20105649
Volume: 2010
Issue: 6
Start Page Number: 611
End Page Number: 620
Publication Date: Jun 2010
Journal: Journal of Probability and Statistics
Authors:
Keywords: gaming
Abstract:

In the game of Betweenies, the player is dealt two cards out of a deck and bets on the probability that the third card to be dealt will have a numerical value in between the values of the first two cards. In this work, we present the exact rules of the two main versions of the game, and we study the optimal betting strategies. After discussing the shortcomings of the direct approach, we introduce an information-theoretic technique, Kelly'scriterion, which basically maximizes the expected log-return of the bet: we offer an overview, discuss feasibility issues, and analyze the strategies it suggests. We also provide some gameplay simulations.

Reviews

Required fields are marked *. Your email address will not be published.