Originally Posted by
Bsims
With all due respect gentlemen, using the Kelly criteria or any progressive betting system for sports is not a good idea. I really fell in love with the Kelly criteria when I first tumbled on it a few decades ago. I attempted to implement it in my systems for several years. Unfortunately, I was never able to demonstrate that the results were superior to flat (unit) betting. In fact, after a successful season of wagering with Kelly, I went back and asked what would have happened if I had just made flat bets with the same amount of money. I always found the Kelly approach to be less profitable.
The fool that I am, I am still trying to use a variation of Kelly with my current run line wagers. I'm just finishing up a study of the impact of using multiple outs on this system. Unfortunately, once again out of curiosity, I compared the results to flat wagers and found the flat wagers superior. I'll publish these results soon.