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I hope this help you. We have to start from the very first step, namely how the Kelly formula is calculated. We have the chance to make a bet on a event $A$ that as an odd (decimal odds) $O_A$. We want bet only a fraction $f$ of our capital $V_0$. How much of our capital we have to bet? Well, if we win will face with a capital $V_1$ $$ V_1=(1+(O_A-1)f)V_0 ...

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