In-game betting, or live betting, is a popular form of sports betting that allows bettors to place wagers on the outcome of a game or match while it’s still in progress. In-game betting can be more challenging than pre-game betting, as the odds and probabilities are constantly changing based on the action on the field or court.
The Kelly Criterion can be a useful tool for in-game betting, as it allows bettors to adjust their bet sizes based on their changing edge and their risk tolerance. By recalculating the Kelly Criterion formula throughout the course of the game, bettors can make more informed and rational betting decisions.
Another advanced application of the Kelly Criterion is using it for betting on multiple outcomes simultaneously. This can be useful in sports betting scenarios where there are multiple outcomes that are not mutually exclusive, such as in a horse race or a boxing match with multiple rounds.
To use the Kelly Criterion in this way, sports bettors must calculate their edge for each possible outcome and then combine these edges using a weighted average. The resulting Kelly Criterion formula will then provide the optimal bet size for the entire set of outcomes.
The Kelly Criterion can also be combined with other betting strategies to further enhance its effectiveness. For example, some sports bettors use the Kelly Criterion in conjunction with the concept of hedging, where they place bets on multiple outcomes to reduce their overall risk.
In this scenario, the Kelly Criterion can be used to determine the optimal size of each individual bet, while the hedging strategy can be used to manage risk across multiple outcomes. By using the Kelly Criterion and hedging in combination, sports bettors can reduce their overall risk while still maximizing their potential returns.
The Kelly Criterion is a powerful tool for sports bettors who want to manage their bankroll effectively and make more informed betting decisions. While the basic application of the Kelly Criterion is relatively simple, there are also more advanced applications that can be used for in-game betting, betting on multiple outcomes simultaneously, and combining the Kelly Criterion with other betting strategies.
By using the Kelly Criterion in these advanced ways, sports bettors can further enhance their chances of success and make more informed and rational betting decisions. Remember to adjust your bet sizes based on your edge and your risk tolerance, and to combine the Kelly Criterion with other best practices and strategies to maximize your potential returns.