Kelly Criterion calculator

Welcome to our Kelly Criterion bet calculator.

How to use our Kelly Criterion calculator for your sports bets

Sports betting can be a thrilling and lucrative pastime, but it’s important to approach it with a strategy that maximizes your chances of success. One such strategy is the Kelly Criterion, which helps you determine the optimal amount of your betting bank for all of your bets.

While the math behind the Kelly Criterion can seem daunting, we have an easy-to-use calculator that will do the heavy lifting for you. In this guide, we’ll explore how to use our Kelly Criterion calculator for sports betting.

Also, we will discuss the basic principles of the Kelly Criterion, how to calculate your bankroll and expected value, and how to use the calculator to make informed betting decisions. Whether you’re a seasoned sports bettor or just starting out, the Kelly Criterion can help you make smarter, more calculated wagers that ultimately lead to greater success.

How to use our Kelly Criterion calculator

Our Kelly Criterion calculator is simple to use. There are 4 fields where you need to choose an option or enter a value. These fields are:

1. Odds Type

Here you will need to use the drop-down menu to select your preferred odds type. The choices are Decimal, American, or Fractional

2. Betting account balance ($)

In this field you need to enter the amount of your betting account balance in UD dollars e.g. $1,000

3. Sportsbook odds

Here you will enter the odds that the sportsbook you are using are for the sporting event you want to place a bet on. For example, a decimal odds bet of 3.00 would be 2/1 in fractional odds, or 200 in American odds. It is best to choose the same odds type as the sportsbook to ensure there are no mistakes here.

4. Probability of winning

With this field you need to make an assessment of the probability of your bet winning. Enter the percentage figure here.

5. Value of range slider

Use the slider to choose the value of range from 0.1 to 2.

6. Calculate

When you have entered all of your information click on the Calculate button and the Bet percentage and Bet amount values will be displayed underneath. You will also see an explanation as well.

7. Reset

If you need to start over, click on the Reset button to clear the previous calculation results.

What is the Kelly Criterion?

The Kelly Criterion is a mathematical formula developed by John L. Kelly Jr. in the 1950s. It is used to determine the optimal amount of your betting bank for each of your bets, based on the winning probability and the sportsbook odds. The formula is as follows:

f = (bp – q) / b

Where: – f = the fraction of your bankroll to bet – b = the odds offered by the sportsbook (in decimal form) – p = the probability of winning the bet (also in decimal form) – q = the probability of losing the bet (which is 1 – p) – bp = the net odds received on the bet (b + 1)

The Kelly Criterion takes into account both the likelihood of winning and the potential payoff, ensuring that you bet enough to maximize your profits without risking too much of your bankroll. It is important to note that the Kelly Criterion is not foolproof and does not guarantee a profit, but it can help you make more informed betting decisions.

Practical application of the Kelly Criterion to betting strategies

Let’s say you are considering betting on an NBA game between the Los Angeles Lakers and the Golden State Warriors. The odds offered by the sportsbook are 1.91 for the Lakers to win, and 2.00 for the Warriors to win. Based on your analysis, you believe that there is a 60% chance of the Lakers winning.

Using the Kelly Criterion calculator, you can determine the optimal fraction of your bankroll to bet on the Lakers. Here’s how:

Convert the odds to decimal form. The Lakers’ odds are 1.91, so the decimal odds are 1.91. The Warriors’ odds are 2.00, so the decimal odds are 2.00.

Input the decimal odds and probability of winning into the Kelly Criterion calculator. In this case, the probability of winning is 60 (60%), and the decimal odds are 1.91.

The calculator will provide you with the optimal fraction of your bankroll to bet. Let’s say your bankroll is $1,000. With a value of range of 0.4, the calculator recommends betting $64.18 on the Lakers.

Place your bet accordingly.

History of the Kelly Criterion calculator

The Kelly Criterion was first introduced by John L. Kelly Jr. in a 1956 paper titled “A New Interpretation of Information Rate”. Kelly was working for Bell Labs at the time, and his formula was originally developed for use in communication systems. However, it was quickly adapted for use in gambling and investment applications.

Over the years, the Kelly Criterion has become a popular tool for sports bettors and investors alike. The availability of online Kelly Criterion calculators has made it easier than ever for individuals to use this strategy to maximize their profits.

Why gamblers should use the Kelly Criterion calculator

One of the main benefits of using a Kelly Criterion calculator is that it saves you the time and effort of manually calculating the formula for each bet. Simply input the odds and probability of winning, and the calculator will do the rest.

This can be especially helpful for those who are new to sports betting or who may not be comfortable with the math involved in the Kelly Criterion. Another benefit of using the Kelly Criterion calculator is that it helps you manage your bankroll effectively.

By betting the optimal fraction of your bankroll, you can minimize your risk of ruin while still maximizing your potential profits. This can be especially important for those who are betting on a regular basis, as it can help you avoid the temptation to place larger bets when you’re on a winning streak.

Final words

By using our Kelly Criterion calculator you can easily determine the amount that you need to bet from your bank on a sporting event. You can use it as a football bets calculator, a parlay bets calculator, or just as a handy odds calculator.

We have designed our Kelly Criterion calculator to provide you with the most accurate results instantly. This guide shows you how easy it is to use our calculator that can provide you with maximum benefit. Use our Kelly Criterion calculator to stay a step ahead and ensure that you make the right betting decisions.

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