Before revision:  While the classical Kelly betting problem can be solved via standard concave programming technique, an alternative but attractive approach is to invoke a Taylor-based approximation, which recast the problem into quadratic programming and obtain the closed-form approximate solution.
After revision:  While the classical Kelly betting problem can be solved via standard concave programming technique, an alternative but attractive approach is to invoke a Taylor-based approximation, which recasts the problem into quadratic programming and obtain the closed-form approximate solution.