I am preparing for Quantitative Trading interviews and I know that they basically require you to solve problems on the probability of winning in a given game and then they would ask you:
How much would you bet in this game? What would you strategy be if you had 100$?
Now, I know that the Kelly criterion gives you the optimal fraction of capital that you should bet, but I wonder: Isn't there any other method I could use to answer the question above?
For example, in a given game you have $1/216$ probability of winning $30$ times your bet, $15/216$ of winning $2$ times your bet, and $75/216$ of winning your bet, and thus you have $125/216$ of losing your entire bet.
How much should we bet in this game without using Kelly, what would be an optimal strategy?
I am thinking: Couldn't we apply the reasoning that poker players do in estimating the expected value of the pot?