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I'm not sure if this is the right site for my question. In games (e.g. poker) where luck/chance is a factor, should the more skilled player play more games with a lower stake? Intuitively, yes, if you play a game that is 25% (or 75%) luck, luck will even out over many games, and the skilled player will win. Indeed, chat gpt agreed with me on that. But equally, this is mind blowingly important, if you are ever to take risks and gamble, and I've never seen it said, as a gambler's maxim

  • make many small bets, if you are good at betting

Part of my incredulity stems from wondering how much luck is involved in a million games of anything involving any skill?

confused
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  • You should follow a strategy which guarantees long-term profit with the given luck factor, this can include making different bets. – user2974951 Jul 28 '23 at 09:58
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    For games with known probabilities of winning or losing and an expected positive value for the player, the size of the small bets can be determined, for example with the Kelly criterion. For example, for successive multiple games where each game has a known $51%$ chance of $+1$ and a $49%$ chance of $-1$, the Kelly strategy suggests bets of $2%$ of your bankroll each time. There are other strategies for other circumstances. – Henry Jul 28 '23 at 10:42
  • @Henry This could be an answer, maybe with just a little more detail of the criterion (rather than just a link). Do you want to make it one? – Peter Flom Mar 18 '24 at 10:18

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