https://arxiv.org/pdf/1701.01427.pdf
"You′re invited to a talk by a hedge fund manager who was a partner at a fund that famously flopped about twenty years ago. You turn up, hoping to hear some valuable insights, or at least some entertaining tales, but instead you are offered a stake of $25 to take out your laptop to bet on the flip of a coin for thirty minutes. You′re told the coin is biased to come up heads with a 60% probability, and you can bet as much as you like on heads or tails on each flip. You will be given a check for however much is in your account at the end of the half hour."
This is a very readable not-too-technical paper about the prevalence of sub-optimal betting strategies among subjects who, based on their education, should have been able to make a sizeable profit betting on a weighted coin.
The gist is that for this particular weighted coin flip that pays even money, the optimal betting strategy is to bet 20% of your stack each time, and of course, to always bet on heads.