Fortune’s Formula is a smattering of material. The author really tears apart the two schools of thought that have grown up around beating markets and casinos. He does a very nice job of outlining the case for each, and does steer you to a single answer. Essentially – if we had to determine who was right or wrong we would put money on line and see who comes out ahead. That is precisely the type of examples he provides which give greater credance to the theories he provides. I would have liked greater analysis of the algorithms and methodologies used by the parties involved, but found them to be a good overview to allow me to find additional books to enjoy and explore.
Bottom line: Buy it, read it, check the Wikipedia entry on Kelly’s Criteria, and do what is right for you.