Optimal Allocation of Bets on Many Simultaneous Events
Instructions for use
This tool uses Kelly criterion and betters edge to find the optimal bet for simultaneous events like multiple sports games. You can read my article for more details.
Optional: Enter casino odds in the text box labeled: Default Odds. Which will be set for all the bets.
These odds are in the American style. For example, if you enter +110, the payback if you win from the casino would be 110/100 X your bet amount + your original bet, or if you enter -110, the payback would be 100/110 X your bet amount + your original bet. So if the number is positive, the payback is the odds value number divided by 100, and if the number is negative, the payback percentage would be 100 divided by the absolute value of the odds. Generally events with a spread have odds of -110.
Optional: Enter your bankroll (the amount you have for betting) in the text box labeled: Bankroll
For your first bet, enter the odds for the bet in the box with the inline "Moneyline Odds", if there is no default or you want to change the default value.
In the box marked "Probability Correct" type your estimated probablity that your pick is correct. The value should range from 0.0-1.0.
The boxes marked "Kelly Criterion", "Better's Edge", "Optimal % of BankRoll", and "Units from Bankroll" will contain the results from the Odds and Probability values.
To create additional boxes for additional bets press the green plus (+) symbol to the right of the last text box. To destroy a bet, press the red minus (-) sign next to any of the created boxes.
The Kelly Criterion Sum Upper Limit is the upper limit from where the optimal bet transfers from the Kelly Criterion to the Better's Edge. It set at .95 as a default. The range can be anywhere between 0.0 and 1.0.
The Max Percent of Bankroll to Bet is if the the sum of the optimal bets is greater than Max Percent of Bankroll to bet, the optimal values are proportionally scaled to be below the Max Percent of Bankroll. By default the value is 1.0. The range can be anywhere between 0 and 1.0
Press Submit to calculate the optimal bet values. If the output for the betting percentage says No Bet the odds are not in your favor and you should keep you money in your pocket.