# Kelly Calculator

The Kelly Criterion is a famous formula developed by its name-sake John Kelly Jr and is used by many a handicapper for and blackjack player. It is effective a way to manage your bankroll and keep you in check.

There is more information on the ins and outs of this by one of our forum contributors here. And more information below on how to use the tool.

The top sportsbooks below offer great odds to get the best out of your betting strategy.

## Kelly Criterion Calculator

The Kelly Criterion helps you calculate the optimal amount you should wager when there is a difference between the true odds and the given odds. **A mathematician called John Kelly Jr. developed it during his time at AT&T’s Bell Laboratories in Texas**, and it was later used for blackjack and card counting. It can help sports bettors manage their bankrolls effectively, but it is fiendishly complex, so this Kelly calculator does the hard work for you.

## What is the Kelly Criterion?

Kelly developed a formula that helps you determine the bet size you should place in proportion to your bankroll and the perceived edge. The formula is f* = (bp – q) / b. Within this formula, the f is the fraction of your bankroll that you should bet, b represents the decimal odds, p refers to the probability of winning and q is the probability of losing. You can use it to decide how much of your bankroll to stake on a particular wager once you gain an understanding of the estimated winning percentage it carries

## Advantages of Using This Kelly Criterion Calculator

The Kelly calculator is one of our most popular bet calculators, because it makes a complex mathematical equation easy to understand. This sports betting calculator works out your ideal stake for 15 different bet options on simultaneous events, or 15 mutually exclusive outcomes of a single event. It allows sports bettors to manage their bankrolls in an optimal fashion. When used correctly, this Kelly calculator for odds and stake percentages can maximize your expected bankroll growth. It gives you an advantage over fellow sports bettors and **helps you find success at sports wagering in the long term**.

## How to Use the Kelly Calculator

Follow these steps to determine your optimal bet stake using the Kelly Criterion:**1.** Choose the event type – independent events, which refers to several different games; or exclusive outcomes, which refers to a single event that could yield various different winners, such as a horse race.**2.** Enter the number of events or exclusive outcomes, up to a maximum of 15.**3.** Enter the consecutive series, which refers to the number of times you will place this sequence of bets. For example, if you expect to place 5 bets per weekend throughout a 17-week NFL season, you would set “Independent Events” to 5 and Consecutive Series to 17.**4.** Choose the Kelly Multiplier. This is where you can enter a fractional Kelly or a Kelly multiplier. For standard Kelly Criterion betting, simply enter 1. A more conservative option would be a fraction, such as 0.5, whereas a bolder option would be anything above 1.**5.** Enter your starting bankroll. You can enter a monetary figure, such as $1,000, or a percentage, such as 1% or 100%, to inform you how much of your bankroll you should bet in relation to the amount you wish to win.**6.** Choose either US odds or decimal odds for the Kelly Criterion.**7.** Enter the odds for each bet option and the Kelly calculator will tell you the implied win probability, or the edge.**8.** Click “Calculate” to see the results.

The Kelly Criterion Calculator will then tell you the optimal stake for each single bet and for parlays. You will learn your expected profit and growth after the first betting set, and after consecutive betting sets. You can also learn the ideal bet size for parlays, which is helpful for anyone serious about using proper bet amounts and probability strategy.

## An Example

Let’s say you plan to bet on four different teams to cover the spread at odds of -110 each weekend over the course of the 17-week NFL regular season. You have a bankroll of $1,000 for the season, and you want to use the standard Kelly Criterion, with US odds as opposed to decimal odds. **You would then enter the following into the Kelly Criterion Calculator: • Event Type: Independent Events • Number: 4 • Consecutive Series: 17 • Kelly Multiplier: 1 • US Odds of -110 in each of the four boxes that appear, and you will see that the probability is 55%**

You will then receive your Kelly Criterion results after you hit “Calculate”. In this example, you would see that the optimal size stake for each single bet would be $186. It also recommends two-team parlays featuring the various picks at $3 each. If you do not wish to place certain parlays, you can change the bet amount to $0 for each of them. In this example, you would expect to earn $11 in profit after the first betting set, and growth of $6. After 17 consecutive betting sets, you would have an expected bankroll of $1,205 and a median bankroll of $1,098, according to the Kelly Criterion bet cal.

## Who Should Use the Kelly Criterion Calculator

All sports bettors and casino bettors should consider using the Kelly Criterion before deciding how much to bet on each pick. **It is great for horse racing fans, as you can enter the number of horses in the race and the odds on each runner, and it will tell you an implied probability and the amount you should ideally bet on your chosen horse or horses**. The Kelly Criterion is also really useful for all sports bettors, from novices to pros.

The Kelly Criterion brings a much more sophisticated level of strategy to choosing your bet size each time, rather than simply risking different amounts each weekend. It leaves less to chance and represents a more methodical approach to proceedings. However, it can be complicated to work it all out yourself. You have to convert US odds to decimal odds, and work out the probability yourself. This can take up lots of your time, which could be better spent making astute betting picks and finding the best available odds. It also leaves more scope for errors to creep in, so it is best to leave the hard work to our calculator rather than leaving it to chance. You will then be presented with the ideal wagering strategy and probability of success over the course of the season.