The Kelly Criterion is a very good system but it is not flawless. It is a mathematical abstraction and needs to be combined with personal judgement. The best gamblers invariably use a combination of statistical analysis combined with their own judgement. This gut extinct is based on experience and combines instinct with knowledge. The most experienced gamblers "absorb" the kelly criterion so that it becomes part of their thinking without them having to consciously having to think about it .
Some of the more significant problems with the kelly crieterion is that it takes for granted your ability to bet on fractions of a penny. When of the smallest bet you will be allowed to place is . This is less of a problem for gamblers with a large bankroll. For punters with a smaller bank roll you should wither round up or down.
Also their are psychological considerations as well.
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