If I am pricing a money line that is offered at -120, and assuming I did the proper calculations and I think the line should be -300, how would I calculate what my win probability, or edge is on this, so I can size my wajor accordingly using the Kelly Calculator?
would I use this formula:
win percentage = ml / (ml -100)
WP = -120 / (-300 -100)
WP = -120 / -400
W = .30
so is my win percentage 70% for this?
thanks
would I use this formula:
win percentage = ml / (ml -100)
WP = -120 / (-300 -100)
WP = -120 / -400
W = .30
so is my win percentage 70% for this?
thanks