Kelly 's original concept was developed for betting on thoroughbred horse racing , but is applicable to all types of gambling , including the stock market and blackjack .
In 1956 , the Kelly Criterion was developed by Edward L. Kelly , a physicist with AT&T Bell Laboratories .
Kelly Criterion 's original concept was developed for betting on thoroughbred horse racing , but is applicable to all types of gambling , including the stock market and blackjack .
In 1956 , the Kelly Criterion was developed by Edward L. Kelly , a physicist with AT&T Bell Laboratories .