A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion
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...
Saved in:
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Wiley
2010-01-01
|
| Series: | Journal of Probability and Statistics |
| Online Access: | http://dx.doi.org/10.1155/2010/313148 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1850173383731314688 |
|---|---|
| author | Konstantinos Drakakis |
| author_facet | Konstantinos Drakakis |
| author_sort | Konstantinos Drakakis |
| collection | DOAJ |
| description | 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's
criterion, 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. |
| format | Article |
| id | doaj-art-c995df96d2d54fa2b890a928b5ec2583 |
| institution | OA Journals |
| issn | 1687-952X 1687-9538 |
| language | English |
| publishDate | 2010-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Journal of Probability and Statistics |
| spelling | doaj-art-c995df96d2d54fa2b890a928b5ec25832025-08-20T02:19:51ZengWileyJournal of Probability and Statistics1687-952X1687-95382010-01-01201010.1155/2010/313148313148A Mathematical Analysis of the Card Game of Betweenies through Kelly's CriterionKonstantinos Drakakis0UCD CASL, University College Dublin, Belfield, Dublin 4, IrelandIn 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's criterion, 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.http://dx.doi.org/10.1155/2010/313148 |
| spellingShingle | Konstantinos Drakakis A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion Journal of Probability and Statistics |
| title | A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion |
| title_full | A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion |
| title_fullStr | A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion |
| title_full_unstemmed | A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion |
| title_short | A Mathematical Analysis of the Card Game of Betweenies through Kelly's Criterion |
| title_sort | mathematical analysis of the card game of betweenies through kelly s criterion |
| url | http://dx.doi.org/10.1155/2010/313148 |
| work_keys_str_mv | AT konstantinosdrakakis amathematicalanalysisofthecardgameofbetweeniesthroughkellyscriterion AT konstantinosdrakakis mathematicalanalysisofthecardgameofbetweeniesthroughkellyscriterion |