One thing that we pride ourselves on here at OddsMonkey is our range of betting calculators accustomed to all different styles of betting and strategies. One such example is this Kelly Criterion calculator, which, when used in the correct way, can be very beneficial to your betting experience. The Kelly Criterion is a betting theory that connects betting size to implied odds and calculates how much you should place to create some form of betting equilibrium.
This piece of software joins a whole list of other betting calculators on our site that can be used to improve your accuracy when placing bets. This particular calculator is simplistic in nature, only requiring 3 pieces of data to input - the Kelly multiplier, the odds of the bet, and the win percentage as implied probability states. It really is that simple, and that’s what we aim for with all of our calculators and even with our matched betting tools.
What Is Kelly Criterion Calculator?
Prior to explaining the calculator itself, we will first explain what exactly the Kelly Criterion actually is. In simple terms, it correlates to a formula for sizing your bet based on a few factors that can be displayed on a graph for easier understanding. It is based on logarithmic ideology, which is a confusing topic in itself but is the opposite of exponential growth, which implies something will continue to grow at the same rate. Exponential growth refers to the mathematical concept that growth is equivalent to the initial value, whereas logarithmic implies that the value is multiplied by itself until it reaches the desired value.
Now that’s out of the way, the calculator is the main focus. After reading the previous section, you may be incredibly confused, which is understandable. That is one of the first benefits of using the Kelly Criterion calculator - you do not need to use or understand any of the arithmetic or do any of the equations yourself. The calculator does all of this for you based on your input values. You can find more simple strategies on our site, such as placing an accumulator bet, for which you can use our accumulator bet calculator!
How To Use Kelly Criterion Calculator
Using the Kelly Criterion calculator is as simple as loading it up and entering your desired values. You will see that the calculator has 3 input boxes, as mentioned earlier. The third of these values is the implied win probability of the bet you want to place, and you may be confused as to how this is calculated. Well, you can use our Implied Probability calculator to convert your bet’s odds into their percentage. This calculator can be combined perfectly with the Kelly Criterion calculator. Once your values are entered, you can press ‘Calculate’, and your information will be outputted in an easy-to-understand format, ready to use for your bet.
Why To Use Kelly Criterion Calculator
All of the benefits mentioned above are reasons that you may choose to use this Kelly Criterion calculator. Of course, there are other Kelly Criterion calculators out there, but the main reason to choose OddsMonkey is that it is placed on the site alongside a plethora of other calculators, betting guides, and further bits of software that can all be combined to make your betting experience seamless and enjoyable.
If you want a secure betting strategy, you could try out matched betting. What is matched betting, you may wonder. It is an incredible betting strategy that involves utilising free bets from various bookmakers to place bets on all outcomes of a fixture. For example, you could bet on a player to win a tennis match and then place another bet on the player to NOT win the tennis match. This means whatever happens, one of your bets will win. Using a matched betting calculator, you can figure out what amounts to place on both ends of the bet in order to either break even or profit without any risk.
Who Can Use Kelly Criterion Calculator
As is the case for all of the software and betting calculators on our site, the Kelly Criterion calculator can be used by anyone who is looking to include it in their sports betting. It may look daunting at first, but once you have had practice and understand what is needed for the calculator to work, you are off and running.
More Betting Calculators At OddsMonkey
The range of betting calculators offered by OddsMonkey is not limited to just sports betting options, as we also offer an insightful and easy-to-use Blackjack strategy calculator. This specific calculator can help you make the right decision based on the current cards that are on the table and uses the basic blackjack strategy that is sometimes difficult to memorise.
You can find a range of tools and calculators on our site and flick between them to find the one that suits your specific requirements. Whether it’s an accumulator you are placing, or you just want to work out your returns from a single bet - which you can use a single bet calculator for - there is an option for you.
