But would you continue turning down such bets no matter how big your bankroll is? A serious investor can have a lot of automated systems in place to reduce the overhead of transactions. For example, running a casino can be seen as an automated system for accepting bets with a small edge.
(Similarly, you might not think of a millionaire as having time to sell you a ball point pen with a tiny profit margin. But a ball point pen company is a system for doing so, and a millionaire might own one.)
If you were playing some kind of stock/betting market, you would be wize to write a script to accept such bets up to the Kelly limit, if you could do so.
My bankroll is already enough bigger than $10.10 that shortage of money isn’t the reason why I would not take that bet.
I might well take a bet composed of 100 separate $10/$10.10 bets (I’d need to think a bit about the actual distribution of wins and losses before deciding) even though I wouldn’t take one of them in isolation, but that’s a different bet.
But would you continue turning down such bets no matter how big your bankroll is? A serious investor can have a lot of automated systems in place to reduce the overhead of transactions. For example, running a casino can be seen as an automated system for accepting bets with a small edge.
(Similarly, you might not think of a millionaire as having time to sell you a ball point pen with a tiny profit margin. But a ball point pen company is a system for doing so, and a millionaire might own one.)
If you were playing some kind of stock/betting market, you would be wize to write a script to accept such bets up to the Kelly limit, if you could do so.
Also see my reply to koreindian.
My bankroll is already enough bigger than $10.10 that shortage of money isn’t the reason why I would not take that bet.
I might well take a bet composed of 100 separate $10/$10.10 bets (I’d need to think a bit about the actual distribution of wins and losses before deciding) even though I wouldn’t take one of them in isolation, but that’s a different bet.