K

Kelly Criterion n.  A method of sizing bets according to the health of a bankroll, in order to avoid going broke, and to maximize earnings. First published by researcher John Kelly in 1956, the Criterion is applied to all manner of gambling by knowledgeable people.  Random variation can easily bust someone who bets too big, even when playing with positive expectation. Under Kelly, you play higher or lower stakes according to how much capital you have. In limit, full-table Texas holdem, one conservative rule of thumb derived from Kelly is that your bankroll should be 300x the big bet. So if you want to play $3/$6 limit holdem games, you should have $1800 in financing. If you lose a lot, you drop down to 2/4; if winnings take you up to $3000, then you start playing 5/10 tables. With a bankroll of 300 units, it would be an exceptionally rare statistical event to go broke due to random fluctuations. It can be mathematically shown that Kelly bankrolls increase faster than others, even when playing with the same statistical edge. Note: Kelly ONLY applies to situations where you have a mathematical edge (that is, you are a net winning player). No kind of bet adjustments will save negative expectation players. The calculations can get rather involved, but for non-math heads, the 300 rule is sufficient. For short-handed limit holdem, 500 bb is one recommendation.  For heavy duty math, go to the articles section at BJ Math. The original article by John Kelly is up on the web in various places, here's one.

Kicker n.  The all-important unpaired high card in a hand used to settle ties.  If player X holds AK, and player Y holds AQ, and they both pair the ace, then X wins because she has a higher kicker (K vs. Q).  Hold'em is a game of kickers because players so often have similar hands due to the use of community cards.  If no one has a kicker higher than a board card, then it really is a tie.  Or more precisely, the kicker is the highest board card, and everyone possesses it.  The high card in a flush is referred to as a kicker because it serves the same role in ranking flushes of the same suit.  "Kickers" can be decisive in many types of hands.

Kill game n.  Rule variant where the winner of two pots in a row is required to post a blind, and the limits double.  House rules will vary.  Also kill pot.

Kill pot n.  Used in a kill game.

Knuckle v.  To check or pass.  Derived from rapping the table to signify passing.

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