kelly: Kelly Criterion Calculation

In papagorgio23/bettoR: Sports Betting Tools

Kelly Criterion Calculation

Description

This function calculates the Kelly Criterion percentage of your bankroll to bet in order to maximize returns.

Usage

kelly(win_prob, odds, type = "dec", kelly_type = "full")

Arguments

win_prob	Probability of winning a bet (0.55)
odds	Odds for a bet (-110)
type	Type of odds. Possible values are: us, American Odds dec, Decimal Odds frac, Fractional Odds
kelly_type	Optional input altering the kelly formula. Possible values are: half, Half Kelly quarter, Quarter Kelly eighth, Eighth Kelly

Value

Percentage of bankroll to risk on bet

References

Kelly Criterion wikipedia page

Examples

kelly(
  win_prob = 0.58,
  odds = -132,
  type = "us"
)
kelly(
  win_prob = 0.53,
  odds = -105,
  type = "us",
  kelly_type = "half"
)
kelly(
  win_prob = 0.545,
  odds = 2.1,
  type = "dec"
)
kelly(
  win_prob = 0.27,
  odds = 5.5,
  type = "dec",
  kelly_type = "quarter"
)
kelly(
  win_prob = 0.10,
  odds = 40/1,
  type = "frac"
)

papagorgio23/bettoR documentation built on May 24, 2023, 5:01 a.m.