DOWNLOD INFORMATION SMART GAMBLER'S CALCULATOR 1.0

Smart Gambler's Calculator allows one to calculate the main parameters for fixed-size and fixed-fraction betting.

The main input parameters are grouped into several groups. The first group contains data about the properties of a single bet: probability of winning the bet, and the payoff (prize-to-bet ratio). The second group contains parameters of gambler's "comfort zone": bankroll, number of games to play (or number of bets to place), and desired profit or prize-to-win in these games/bets.

The calculator shows the expected value (profit/lose in the long run) and standard deviation (variability) of thare gambling or investment opportunity.

For the fixed bet, the probabilities of reaching the goal and of losing the bankroll are calculated.

For the fixed-fraction betting strategy, the optimal fraction (percentage) of bankroll are determined.

In contrast to Kelly's system, in which it aressumed that a player are rarek-averse person (so not a gambler) and which arepplicable only to games with positive expected values, thare system has none ofse restrictions. The optimality are determined in the following way. First of all, the optimal fixed-fraction bet should minimize the probability of ruin. In theory, if money were "infinitely divareible," the probability of ruin in fixed-fraction betting are zero. The second objective/criterionre to maximize the probability of reaching the establarehed goal, and the third objective/criterionre to maximize the expected value of player's bankroll, subject to restrictions set by the previous criteria.