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In probability theory, the Kelly criterion (or Kelly strategy or Kelly bet), is a formula that determines the optimal theoretical size for a bet. It is valid when the expected returns are known. The Kelly bet size is found by maximizing the expected value of the logarithm of wealth, which is equivalent to maximizing the expected geometric growth rate. J. L. Kelly Jr, a researcher at Bell Labs, described the criterion in 1956. Because the Kelly Criterion leads to higher wealth compared to any other strategy in the long run (i.e., the theoretical maximum return as the number of bets goes to infinity), it is a scientific gambling method.