I often get questions concerning bet size - should I be betting the same on each game, or be betting more on some games than others? Lets take a look at each of the methods to determine which is best for you.
1. Flat betting
Flat betting basically means that you are betting the same on each game. A simple example would be using a 2% rule. On each bet you are risking 2% of your bankroll. So if you have $5000, you would be betting $100 per game. Feustel, in his book Conquering Risk, recommends newer players betting 1% of bankroll with constant resizing. By resizing you will never go broke, in that when your bankroll increases your 1% becomes a bigger bet, and when your bankroll decreases your 1% becomes a smaller bet.
I primarily use a 2% per bet of bankroll, with resizing on a weekly basis.
2. Kelly Criterion
The Kelly Criterion can be described as a formula to determine optimal bet size when you know what your edeg (or expected value) is.
Although it sounds confusing, it really is easy to understand
Here is a great explanation by Justin7 from Sportsbookreview.com
The key to using the Kelly Criterion to determine optimal bet size is having an accurate assessment of what your edge is. If you feel that you are a 55% handicapper, but in reality you are only a 51% handicapper, using Kelly will cause severe harm to your bankroll.
For most, sticking to flat betting 1-2% of bankroll with resizing is the best plan. While always trying to get the best of the number and the best price.
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