I'm a newbie to sports betting, but I've utilized the SBR Kelly calculator (at half Kelly) for a few months to do my UFC betting with pretty good results. After cleaning UFC Brazil by winning 7/7 bets, I started wondering if Kelly formula is impacted by "overlapping" singles, doubles or trips, and this is where my probability math trips (pun!) up.
Example:
- Bet 1: single: Fighter A to win in Match 1 - I give this a 60% chance, decimal odds 2.875
- Bet 2: double: Fighter A to win in Match 1 and Fighter B to win in Match 2 - I give this double a 36% chance and it has 5.15 decimal odds
Plugging in these numbers (0.5 Kelly, 2 Independent events) gives me 17.3% of bankroll for the first event, 7.5% to the second event.
Now my question is, would these percentages be different if Bet 2 was instead for Match 2 and Match 3, ie. if it is entirely independent from Bet 1? The reason I'm asking is that if Fighter A loses, I automatically lose both bets. But if those two bets don't overlap, I can lose the single but still win the double. I would imagine this should impact the Kelly results, but I have no idea where to start with those calcs.
Any pointers?