If you only have a few dollars left, it may only suggest that you wager a few cents on a race. Since that's not practical, it doesn't work well for small bankrolls. The excerpt below mentions the Kelly Criterion, but there are some important differences and you should not confuse the math given below with that used by the Kelly Tool. It is a formula for calculating how much to bet. The handicapper's choice of money management strategy is similar to the stock market choice between growth stocks and income stocks.
Growth stocks tend to be more volatile, but in the long term return more profit.
That is because the profits from growth stocks are reinvested rather than skimmed off. Every reinvestment is a calculated risk. Therefore, income stocks tend to fluctuate in value less, but also return less profit in the long term. Kelly betting is for growth. It reinvests profits, and thus puts them at risk.