Kelly formula adjustment for simultaneous bets
From my understanding, the general formula for Kelly is Edge/Odds. For simultaneous independent bets (e.g. I place 6 bets on Friday for 6 games on Saturday), this needs to be adjusted downward by some (small?) amount. Can someone give me the general formula for this?
Ed Thorp's paper on bjmath.com does the math for 2 simultaneous, independent, even odds bets: Edge/(1+Edge^2)
My mathematically feeble brain is unable to generalize this for more than 2, non even odds bets. Can someone help me? Thanks.
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