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Kelly’s criterion (aka “Kelly’s Formula”, “Kelly’s Strategy” or “Kelly’s Bet”) may be generalized on gambling on many mutually exclusive outcomes, like in horse races. Suppose there are several mutually exclusive outcomes. Kelly’s criterion was first described by American Bell Labs scientist John Larry Kelly, Jr.. During Dr. Kelly’s lifetime, his strategy has been successfully applied by his research associate Claude Shannon and his friend Edward O. Thorp in Las Vegas and in the stock market.
Practical application in Sports betting
How to use Kelly Criterion for betting – Determine how much you should bet, applying the Kelly Criterion. This is a very practical article, written by Dominic Cortis in 2016 – highly recommended!
Check out this Multivariable Kelly Calculator developed by the guys at SportsbookReview.com – it calculates Kelly stakes for bets on up to either 15 simultaneous events or 15 mutually exclusive outcomes of a single event.
A Kelly Strategy Calculator by Albion Research Ltd. You can easily calculate your bets with this tool by simply entering your custom values for your Gambling Bankroll, the Odds offered, your estimate of your Probability of Winning in %, bet multiples and the minimum bet allowed. The accompanying page also offers you practical advice on how to evaluate the results you get using the calculator.
Three examples with simulations – a step-by-step explanation by The Wizard of Odds – definitely worth reading!
Dave Hornby’s Summary – a concise, straight-to-the-essentials article. Very informative! (unfortunately, the original article has been taken offline – please read through the archived copy, though – it still makes a very useful case study, directly applicable to your own bets!)
How to test the Kelly Criterion – J.R. Miller’s article is aimed specifically at sports bettors who use (or plan to use) the Kelly criterion to size their bets.