[scotty79]

Surely there's some space between risking to go bankrupt and risking of getting less than 9.08 return guaranteed by Kelly strategy.

If you are willing to take some risk in exchange for possibility of higher payout just bet a bit more then Kelly recommends. That's your "optimal" strategy for the amount of risk you are willing to take. I imagine it's expected return is the same as Kelly and calculating it's variance is left as the exercise for the reader.

[rahimnathwani]

  I imagine it's expected return is the same as Kelly

Given two options with the same expected return, most people would prefer the lower variance.

Accepting higher variance with no increase in expected return has a name: gambling.