5) The kelly is not actually not that confusing. I think most investors would understand if you write that "based on a mathematical formula known as the kelly criterion, the most that an investor could lose on a bet with 1% house edge is 1%, the most that an investor could lose on a bet with 2% house edge is 2%, ect"
I really enjoined this discussion as a spectator but now I thought to jump in because OP is absolutely right with
5) that kelly criterion is actually not that confusing.and thx to RHavar for trying to straighten out some very important points