To get a decent profit on sports betting, each bettor must have in his arsenal an impressive amount of knowledge and skills to use various strategies, one of which is the Kelly criterion. Novice players almost always make a fairly large number of unjustified mistakes. As a rule, they are associated with a lack of experience and knowledge of some simple rules and strategies. There are even times when you lose the whole pot in a short period of time. This is due to constant pressure on the psyche and the increasing desire to win back money. Losing in the early stages of training is not always bad because that is how all strategies work.
Each professional, using the Kelly criterion, will be able to make the necessary calculations to determine the odds overestimated by the bookmakers, as well as the most suitable amount. A big problem of modern bookmakers is the deliberate increase in odds for some events from the world of sports. Their value depends not only on the probability of the outcome of this event, but also on the behavior of betters. BC employees carry out a detailed analysis and study of all perfect bets, and if a lot of bets are placed on any outcome, then the odds change.
Practical application: If we talk about practical application, then the Kelly criterion strategy for sports betting can be used not only in popular sports. Using the formula: S = (P * K-1)/(K-1) is played in matches of sports such as: Football https://maxfootballbets.com/scores/; volleyball; basketball. This list is far from complete.
There are several important points that betters who use the Kelly criterion in their own gaming practice should consider:
The calculation formula can be used even when the odds are overestimated by the bookmakers - this suggests that even if the bookmaker makes a special increase or decrease in the odds for a match, you can calculate the most suitable amount for betting on it.