Shortcut Kelly Criterion Calculator

Shortcut Kelly Calculator Info

This calculator provides a way to calculate the percent of your bankroll to wager per the Kelly Criterion without requiring you to translate anything into probabilities. You do need to determine the “true odds” of the bet, either as implied by the market or a model.

Odds: The odds of the bet.
True Odds: The true odds of the bet.
Kelly Multiplier: The fraction of the Kelly calculation to wager, [0.0, 1.0].
Bankroll: Total supply of money allocated to wagering.
Odds Format: Specifies the format used in odds fields.

Math

f = \frac{b - b_{0}}{b (b_{0} + 1)}

f: The fraction of your bankroll to bet.
b: The net fractional odds of the bet.
b₀: The true net fractional odds of the bet.

Book Links

But How Much Did You Lose? (chapter 4)

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