Kelly Criterion Bet CalculatorKelly Criterion Bet Calculator

Steven D. Thompson

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The Kelly Criterion formula on this page is there to optimize your stakes and wins. It was formulated by mathematician John Kelly Jr. at AT&T's Bell Laboratories in Texas and stands as a well-known formula. This calculator is designed to help sports bettors determine the optimal amount of bankroll to risk on a bet, taking into account the current odds and the estimated probability of the bet to win. Kelly Criterion calculator is a stress-free way to calculate the formula which may be a bit complex for beginners. Thanks to the ease of use of our premium tool, we’re there to help.

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Table of Contents

    What is a Kelly Criterion Calculator?

    A Kelly Criterion calculator is a powerful tool that can help you calculate this sports betting formula without writing it down manually and maximise the sustained growth rate of your wealth. Compared to the Yankee, Canadian, or Lucky 31, the Kelly Criterion isn’t a separate bet type. It’s a method or a formula that determines your optimal bet size so you can maximize profit.

    The formula is f = (bp – q) / b; where f represents the fraction of your bankroll to wager, b is the bookmaker's back odds (in decimal format), p is the probability of winning (edge), and q signifies the probability of losing. It works with any bet format. You can easily switch between decimal, fractional, or American with the help of our calculator and find out the optimal bet size for your betting adventures.

    How to Use Kelly Criterion Calculator

    One of the best things about our Kelly Criterion calculator is how easy it is to use. If you’re already using the formula, chances are you’re a seasoned bettor. Even if that’s the case, we strongly suggest checking out the how-to guide below so you can learn how to use it as easy as possible.

    • Estimated Time Needed: 05:00
    • Tools Needed: Account
    • Supplies Needed: Time
    Choose the Events Step 1

    Choose the Events

    The first thing you should do is choose the event or events you want to bet on. It can be football, horse racing, or any type of sport popular in South Africa.

    Choose Your Selections Step 2

    Choose Your Selections

    Next up are the number of outcomes. This particular formula works best with a maximum of 15. Depending on your preferences, you can enter as many as you like.

    Enter the Odds Step 3

    Enter the Odds

    Use the calculator to enter the odds for each of the selections. This will help it calculate everything optimally so it determines your bet.

    Choose the Kelly Multiplier Step 4

    Choose the Kelly Multiplier

    The final step is to enter the Kelly multiplier. In most cases, you should go with the default of 1, although values such as 0.5 and 1.5 are possible for experienced bettors. Enter your stake too and you’ll get the optimal bet.

    Why Use Kelly Criterion Calculator?

    While there’s a formula that’s not very complicated to use, the Kelly Criterion method can become confusing when you have more selections than just a few. Writing it all down manually is never simple. That’s why it’s much better to use a calculator like the one on our page.

    Manually entering odds and calculating the formula can be time-consuming and hard. The calculator saves you time and allows you to focus on the outcome and optimize your profits.

    Betpack Tips for Effectively Using the Kelly Criterion Calculator

    When using a betting calculator such as this one, you should keep a few tips in mind. They’ll make your life easier and help you determine the best possible outcome. Or in this case, the optimal odds. With our Kelly Criterion calculator, you will be able to find the optimal odds even faster than you can imagine. This will allow you to start betting right away at your favorite sportsbook.

    • Try it several times: The calculator is a free premium tool, so you can use it as many times as you want. Try it several times with different odds and outcomes to find the optimal approach for your preferences.
    • Don’t go crazy from the beginning: By not going crazy, we mean keeping your bet and the Kelly multiplier small. Start with a single betting unit and keep the multiplier at 1 until you learn more about the formula.
    • Use various sports and selections: The Kelly Criterion can be used for all sports betting activities. It can even be used on blackjack. Try it with football or any sport you prefer and learn how it works.
    • Manage your bankroll: The most important thing of all is to manage your bankroll. Instead of throwing money around when you don’t know how much you should bet, use our Kelly Criterion calculator for the optimal bet size.

    Benefits of the Kelly Criterion Calculator

    The biggest benefit of the calculator is that it saves you time and headaches. Calculating everything by hand - or even with a calculator - can be messy. This is a very precise formula that determines your optimal bet size, so it must be calculated properly. This is where our tool comes in, and the main reason why you should use it.

    Of course, it’s also fast as everything is automatic. It won’t more than a few minutes of your time to find your optimal bet. After that, you’re free to use it for more practice or get to the real thing - bets on your favorite sports.

    Conclusion

    The Kelly Criterion calculator will help you learn more about the method. More importantly, it will allow you to test it without paying a cent. It’s a one-of-a-kind calculator that you won’t find at betting sites or bookies. The formula itself can be tested manually, but it’s best to let the calculator do the talking.

    Frequently Asked Questions

    What Is Kelly Criterion in Betting?

    Kelly Criterion is a method or formula which helps find your optimal bet. It consists of the overall bet percentage of your bankroll, the odds, selections, and the winning probability of each outcome to determine your optimal bet.

    What’s the Kelly Criterion Formula?

    The formula is f = (bp – q) / b. F stands for your optimal bet; b is for the decimal odds; p is the winning probability, while q is the losing probability.

    How to Use the Kelly Criterion Calculator?

    Enter your bankroll, odds and estimated winning probability into the Kelly Criteria calculator to determine the optimal bet to maximise value and profit on a particular event.

    Can I Use the Kelly Criterion Calculator on My Mobile Phone?

    Yes, of course you can. The calculator works on any device. It doesn’t need you to download it. Simply visit Betpack on your mobile, choose the Kelly Criterion calculator, and run it on the go.

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