intro disclaimers:
First time I'm betting, most of this is completely new to me.
Note that in this article there is a discussion of betting systems, and none of them depend on Elo ratings at all. I'm using Elo as a simple way to derive some winpct (discussed below) for use with the betting systems.

topics covered:
- Elo, where it works, where it fails, using it in bets
- simulation of betting
- betting systems - flat betting, positive progressions, negative progressions, cancellation betting, the Kelly criterion
- some basic simulation results
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