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Best Betting Sites UK / Kelly Criterion Calculator 2024: Kelly Calculator for Betting

Kelly Criterion Calculator 2024: Kelly Calculator for Betting

Last Updated on 24/01/2024
Fact checked by: James Leeland

Kelly Criterion Calculator: Calculate Your Stake Using Kelly

Understanding how the Kelly Criterion betting strategy works is not as straightforward as a number of betting strategies on the market. If complicated mathematical calculations are not your forte, then using a Kelly Criterion calculator will make your life a lot easier when placing sports bets.

Kelly calculator

Odds Format
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What Is A Kelly Criterion Calculator And Its Purpose Of Use?

It is the same with every online betting calculator we have covered on this site, it is important to fully understand the subject matter before you start placing bets for real.

The Kelly Criterion is a mathematical formula that allows bettors to work out the amount they should wager when there is a clear difference between the true odds and the odds displayed by the bookmakers.

By inputting the odds and the probability of the bet winning, the Kelly Criterion betting calculator will then inform the bettor what percentage of your bankroll is needed on a certain bet to maximise your profit.

Kelly Criterion Formula

You will have established by now that the Kelly Criterion is a mathematical formula. Below I will explain the setup of the formula and how it relates to your sports bet.

Do not be frightened, it looks quite intimidating, but because of the Kelly Criterion sports betting calculator this is just an insight into how the formula works, the betting calculator will do the heavy lifting later on.

F=[(b x p) - q] / (b)

FormulaDescription
FFraction of your bankroll to bet
BThe decimal odds minus 1
PEstimated probability of winning
QEstimated probability of losing

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Kelly Criterion Football Example

Football is one of the main sports - along with horse racing - used in sports betting. I am going to use football as an example on how the Kelly Criterion formula works.

Let’s say Bayern Munich are taking on Liverpool in the Champions League final. Bayern Munich are on offer at 1.82 to lift the trophy, not the result after 90 minutes. These odds suggest that the implied probability of Bayern winning is around 55%.

After your own research, you come to the conclusion that Bayern Munich actually have a 65% chance of lifting the trophy against Liverpool. The Kelly Criterion strategy will now work out how much of your bankroll you need to bet.

B = 1.82 - 1 = 0.82
P = 0.65
Q = 0.35
F = [(0.82 x 0.65) - 0.35] / 0.82 = 0.2231

The Kelly Criterion method suggests that you should bet 22.31% of your bankroll on that bet. This is an extreme case as betting 20% of your bankroll could be seen as excessive, but it’s just an example of how the formula works.

This is just a brief understanding of how Kelly Criterion works, but the benefit of using our Kelly Criterion betting calculator is that it takes away all that mathematical calculations and does it for you. It doesn’t hurt to fully understand the mechanics of it all.

Main Purpose Of A Kelly Criterion Calculator

The above formula might be daunting at first, but remember because of our Kelly Criterion betting calculator, you will never need to manually work it out. The betting calculator does all the figuring out for you.

The Kelly Criterion calculator has been designed to make this betting strategy more straightforward. If you are getting confused while trying to understand how a bet works then it doesn;t become fun anymore. You are gambling with your own money, so you need to be 100% sure about what you are doing.

A Kelly Criterion sports betting calculator takes out the majority of the guesswork. You are still estimating what your probability is but other than that the calculator does the rest.

How To Use Our Kelly Criterion Calculator

It is understandable that you could be intimidated by this formula and how it looks on the screen, so it is crucial you use our Kelly Criterion calculator to make your betting journey less stressful.

Here is a brief step-by-step guide on how to use our Kelly Criterion sports betting calculator. Make sure you fully understand how it works before trying it out for real.

  1. Open up our Kelly Criterion calculator
  2. Select which odds format you wish to use - Decimal is usually the preferred choice
  3. Input the odds for the bet you have selected from the best UK bookmakers
  4. Type in your estimated probability of that bet winning
  5. Press Calculate
  6. You will then receive the fraction of your bankroll recommended to use on your bet

Here Is Our Kelly Criterion Calculator

Here is our Kelly Criterion betting calculator which has been designed mainly to make your life a lot easier when navigating the world of sports betting.

Have a good look at the Kelly calculator and input some numbers into the relevant boxes to get a feel for how it works before placing your first bet.

Kelly calculator

Odds Format
 / 

The Advantages Of Using A Kelly Criterion Betting Calculator

Protects Your Bankroll

Using the Kelly Criterion calculator helps you protect your bankroll and ensures you do not bet more than you should.

Keeps You Grounded

It is very easy just to blow the majority of your bankroll because you believe you have a ‘sure bet’. Firstly, there is no such thing as a sure bet in sport. This strategy keeps you grounded in the sense it advises you on what to bet and not to exceed your expectations.

Knowing When To Bet

We have all raced into a bet because the odds were too good to turn down. We have not, however, considered all the implications of that bet. The calculator will give you a percentage number of what you should be betting. If that number is negative, then you should not be placing that bet at all.

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What Is Fractional Kelly Criterion?

Although our Kelly Criterion sports betting calculator does not have this feature as of yet, it is still important to know about fractional Kelly.

When you are using Kelly Criterion as a betting strategy, you are making an estimate when it comes to your implied probability. You could go too high or even too low and that changes everything in relation to your bet.

The fractional Kelly Criterion is a more cautious approach. Rather than having the suggested percentage of what you should bet, this way uses a fraction of it. This system is also known as a half Kelly, but people will know what you mean if you mention fractional.

To work out the fractional Kelly Criterion, you will need to follow this formula:

((Probability x odds) -1) / ((odds -1) x (chosen fraction multiplier))

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Other Betting Calculators We Offer 

Hedging Calculator

Using our own hedging calculator gives you the tools to work out how much you need to back or lay in a bet to guarantee a profit or just to minimise your losses. It takes out the guesswork of your bet.

Accumulator Calculator

You can have up to 20 selections in your accumulator. The accumulator calculator will take all your individual selections and combine them into one large bet. All your selections need to be successful for your bet to be a winner.

Arbitrage Calculator

With an arbitrage calculator you can input your odds for a two or three-way bet. It will calculate it altogether and hand you a breakdown of how to guarantee a profit no matter what the real outcome is.

Dutching Calculator

Our specially designed dutching calculator makes life a little bit easier for when you are placing bets. The calculator will work out the odds of more than one outcome on the same event with different bookmakers.

Tricast Calculator 

Using our tricast calculator is very helpful when betting on horse racing. If a punter backs three horses to finish in a certain order, then the calculator will provide you with a breakdown of what you could potentially win.

Kelly Criterion Calculator Eliminates The Stress

The Kelly Criterion strategy is very complicated to understand and if you do not trust your mathematical skills, then the calculator will be your friend.

The Kelly Criterion calculator is vital for your betting needs. The calculator takes a very complicated matter and simplifies it by handing you the amount you need to bet.

This allows you to manage your bankroll efficiently. If you know exactly how much to bet without it causing too much damage to your overall bankroll, then that can only be a good thing and you can continue on your betting journey.

Kelly Criterion FAQ

❓ What Is Kelly Criterion Betting?

The Kelly Criterion is a mathematical formula that works out the amount you need to stake to maximise your overall profit.

👨‍🔬 Who Created The Kelly Criterion?

This formula was created by American John L Kelly – a computer scientist who created it as part of a scientific paper he wrote in 1956. It was originally used to help his company with telephone signals.

💷 Is There A Betting Limit In Kelly Criterion?

The Kelly Criterion calculator will show you exactly how much you need to bet, so there is no limit as such. The amount you will place will depend on the implied probability of the odds.

Yes Kelly Criterion betting is legal. There is no law against this form of betting, but you would need to do it via legitimate betting websites.

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