A mathematical analysis of the card game of betweenies through Kelly's criterion
type: Item
instance of: scholarly article
title: A mathematical analysis of the card game of betweenies through Kelly's criterion
zbMATH Open document ID: 1200.91058
DOI: 10.1155/2010/313148
author: Konstantinos Drakakis
published in: Journal of Probability and Statistics
publication date: 2010-12-01T00:00:00Z
full work available at URL: https://eudml.org/doc/226205
review text: Summary: 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.
Mathematics Subject Classification ID: 91A60
zbMATH DE Number: 5822152
Wikidata QID: Q58652653
MaRDI profile type: Publication
OpenAlex ID: W2013508356
cites work: Elements of Information Theory
cites work: Q4821526
description: scientific article; zbMATH DE number 5822152