[cardmagic]

Kelly criterion never claimed to prevent bankruptcy. It only tells you how to bet to achieve the maximum theoretical return possible given a set of odds and payouts.

I say theoretical because unless you're in a casino, you don't know the actual odds and edge you are playing with (because they move) which makes your Kelly ideal bet size a guess rather than a fixed number.

Here's more information: https://en.wikipedia.org/wiki/Kelly_criterion