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Kelly Criterion Calculator
The Kelly Criterion is a well-known formula created by John Kelly Jr., a mathematician from AT&T's Bell Laboratories in Texas. Based on the current odds and estimated probability of the bet to win, this calculator can assist a sports bettor in determining how much bankroll to risk on a bet. Many handicappers utilise online kelly criterion calculators to handle the heavy work. Keep reading for further information about the Kelly criterion and how to maximise your outcome using it.
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18+ | Gamble responsibly | GambleAware.org | T&C’s apply
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18+ | Gamble responsibly | GambleAware.org | T&C’s apply
Table of Contents
Author: Steven D. Thompson
Updated: 03/02/2023 7:27 AM
What Is Kelly Criterion?
The Kelly Criterion is a strategy for determining theal bet size in relation to your bankroll and perceived edge. Once you understand each wager's anticipated winning per cent, you may utilise this betting strategy to make informed sports betting decisions.
The underlying mathematical formula is: x = (yp – q) / y; where x is the fraction of your bankroll you should bet, y is the bookmaker back odds (in decimal), p is the probability of winning (edge), and q is the probability of losing.
The fractional Kelly betting option allows you to adjust your betting strategy depending on how aggressive or conservative you want (1 being the standard and 0 being the highest conservative setting). Finally, after adjusting your estimated probability while using the Kelly criterion calculator, expect your profit and betting account balance to improve over time.
Below, we will dive into how to use the Kelly criterion when you place bets.
Current Betting Balance
The Kelly criterion helps you determine how much money you can risk while placing your bets. Multiply this value by the current betting account balance you enter in the Kelly criterion calculator to get a recommended optimal bet stake.
Fractional Kelly Betting
This value will be multiplied by the Kelly criterion stake that has been proposed. Adjust the fractional Kelly betting value to 1.00 for conventional Kelly betting. Enter a value smaller than 1 if you want to be more conservative than the Kelly criterion.
Your Win Probability
This is the projected probability of the selection winning. The Kelly criterion uses this value to determine the optimal bet stake to recommend. It must be a number between 0 and 1. For example, input 0.5 if you believe the selection has a 50 per cent chance of winning.
Bookmaker Back Odds
The odds offered by the online bookmaker in the UK or betting exchange is inputted here. At this point, note that this calculator only supports decimal odds.
Why You Should Use Kelly Criterion while betting
The Kelly calculators have gained popularity chiefly because they seamlessly simplify the complex mathematical equation that can double up your winnings with less risk. So much so that even professional tipsters who make use of the Kelly criterion strategy take advantage of this calculator before publishing their advice to optimise the stakes recommended.
This calculator calculates your optimal stake for several bet options on any sporting event, allowing you to manage your money more effectively. Before selecting how much to wager on each pick, all sports bettors, from beginners to experts, should consider applying the Kelly criterion. What's more, besides being automated, the calculator is completely free to use.
Kelly Criterion Calculator vs. Odds Calculator
Although the Kelly criterion calculators have recently gained a lot of attention and have quickly become a fan favorite among many gamblers, we recognise that, for some cases, it may not be your go-to option. If that's the case, don't worry; we've got you covered with our wide range of calculators for a variety of uses.
Let's have a look at the comparison of Kelly criterion calculator and odds calculator to see what each of them has to offer.
| Kelly Criterion Calculator |
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Allows punters to determine the percentage of their bankroll to wager
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The users need to enter the current betting balance, win probability, bookmaker odds, and fractional Kelly betting (optional)
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The calculator displays the fraction of the bankroll that a player should bet
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| Odds Calculator |
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Used to calculate the possible winnings for single and multiple bets
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The users need to enter the bet amount, bet type, and the odds (decimal, fractional or American)
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Shows the amount you stand to gain and the total payout
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Conclusion
Instead of risking various amounts each weekend with different betting strategies, the Kelly criterion applies a considerably more sophisticated degree of strategy to optimise your bet size each time. It takes a more deliberate approach to gambling and leaves very little to chance. However, figuring it all out on your own might be difficult. This can eat up a lot of your time, time that could be better spent making informed wagers and finding the best odds offered. It also opens the door for more errors, so it's best to outsource the heavy lifting to our calculator rather than leaving it to chance.
Frequently Asked Questions
What is a Key Criterion Calculator?
A Kelly criterion calculator helps you decide what percentage of your bankroll you should wager on a sports bet.
Do I Need to Pay to Use a Key Criterion Calculator Online?
BetPack's Kelly criterion calculator is completely free to use. New customers and visitors may use this wonderful tool for free before placing their first bet. It's just one of the numerous tools developed to help bettors improve their online betting experience.
Why Bet on Sport Event Using the Kelly Criterion for an Optimal Bet Stake?
The Kelly criterion lets you make the most of your bankroll by reducing your exposure with each wager to guarantee success in the long run.
