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But suppose you bet 1 unit on 5 games that you think you have some edge on. Assume your EV on each game is .1, .2, .3, .4, and .5.

It makes a lot more sense to just bet 5 units on the .5 game, at least from a +EV point of view.

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TT Champ: Tom expressed my point well, and I think he is right.

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So can you or can you not estimate win probabilities, TT? You seemed to imply that you don't. If you can, the above statement is wrong. The 0.5 +EV game can and will lose a certain percentage of the time. The point isn't that you bet 1 unit on each of the 5 games -- you stagger the wagers in ever increasing amounts. Check out the Kelly betting thread.