Gambling is all about taking risks. But the key is to take calculated risks. And that’s why we’ve created the Kelly Criterion calculator to help you ascertain how much of your bankroll to wager on a sports bet. Stick with us as we walk you through the ins and outs of this Kelly Criterion calculator. And how to make it work for you.
How To Use Our Kelly Criterion Calculator
Much like when using a matched betting calculator, accumulator calculator, or sure bet calculator, you don’t have to be a seasoned bettor to figure out the best position. Most of these betting calculators make bettors’ lives simpler by making it easy to calculate stakes, returns, or wagers.
Our Kelly Criterion betting calculator is no different. But there are some key pieces of information you need to get correct results from your calculations. The information you need is pretty much the same as that required when using a lucky 31 calculator or lucky 15 calculator. You need the odds and winning percentage of the odds you’re betting on. Armed with your info, you can follow these easy steps:
- Select the event type.
- Insert the number of events or exclusive outcomes.
- Enter the number of times you’ll place the sequence of wagers.
- Determine the Kelly multiplier you want to use. While the Kelly Criterion calculator defaults the multiplier to 1, you’re encouraged to adjust the multiplier based on your preferences. We advise you to set it at 0.5 for long-term wagering.
- Enter your starting bankroll.
- Enter your winning percentage.
- Enter the odds you receive from your bookmaker.
- Click “Calculate” and our Kelly Criterion calculator automatically calculates your ideal betting size.
What Is The Kelly Criterion Betting Strategy?
Prudent bettor knows to make knowledgeable bets that stretch their bankroll and make for a longer betting session. The Kelly Criterion betting strategy is the perfect tool to help you achieve this. The strategy uses a formula to ascertain the ideal bet size you must place to avoid prematurely draining your bankroll.
As mentioned, as in the case of using a Yankee calculator or a free bet calculator, you’ll need specific odds and a definite payout to calculate your stake. In essence, this strategy helps guide your betting decisions and keep a tight leash on your bankroll. The end goal is to minimize the risk of losing your entire bankroll while also maximizing your potential returns on wagers.
The Kelly Criterion helps you stake high amounts when you’re placing bets with a higher probability of winning. Similarly, it helps you place low amounts on bets with lower chances of winning. Ultimately the goal is to beef up your overall returns while minimizing your overall losses.
However, you need to remember that regardless of the betting strategy or calculator you use; be it a lucky 15 calculator, patent calculator, or Canadian calculator, profits are never guaranteed. The same applies when you use this strategy. Several variables affect the outcome. That’s why the strategy is more helpful when you assign probabilities with some level of accuracy.
Kelly Criterion Example
Using the Kelly Criterion calculator and strategy does sound simple enough in theory to the average bettor. However, our goal is to shed clarity on any uncertainties you may have about the concept. So, what better way to make you understand how the strategy works than by giving you an example? Firstly, we’ll outline the Kelly Criterion betting calculator formula below:
Let’s say you have a bankroll of $1,000. And you pick an NFL team to win with betting odds of -110 and a 55% winning percentage, with a Kelly multiplier of 0.5. Your first step is to calculate the American odds into Decimal odds, by using the formula (100 divided by odds) + 1. Using this example, 100/110 will give you 0,9091. Add the 1 to get 1.9091, which are the decimal odds. Following this, the final formula will look like this:
In this case, the Kelly Criterion calculator recommends that you use 2.75% of your $1,000, which is $27.50, to place your wager. Proceed to wager using the recommended bet size and hope for the best!
What Are The Benefits Of Using Our Kelly Criterion Calculator
There’s a reason why the Kelly Criterion betting calculator is one of the most popular betting tools on the market. As mentioned, muck like other betting tools like the Heinz calculator, winning is never guaranteed.
That’s because there are simply no guarantees of winning in gambling. But that doesn’t mean you should wager blindly. By not taking advantage of the numerous sports betting tools at your disposal, you’re short-changing yourself. Below are a few reasons why you must consider using the Kelly calculator.
The Kelly Criterion betting calculator allows you the flexibility of calculating your ideal stakes on not just one but 15 different games. How’s that for saving your time? As if that’s not enough, the calculator helps you calculate your stakes on both simultaneous or 15 mutually exclusive outcomes on a single event. It’s really up to you.
Manage your bankroll
Effective bankroll management is one of the fundamental principles of responsible sports betting. It entails setting betting limits and sticking to them, among other aspects. The Kelly Criterion betting calculator is another tool that helps you achieve the same goal by helping you manage your bankroll optimally.
Maximize your bankroll
Apart from managing your bankroll, the betting calculator also helps you boost your bankroll. That’s because when used correctly, you can bump up your bankroll and also get an edge over your competitors. Since you’ll have more wagering opportunities, you can enjoy successful wagering in the long run.