iCH0_!Ob6t$d:;:ٖwK"[t$}޾wص:uͯlopO9T-zD H+Su VJ?IfI/LV=qFQ >gl nG, >_Uu#%@iO'ݰL#kŠ Okh vJaP $`Qj}G$p/:QfU` V2 qrXt17}oNnu`I\}؞ ZA^;kcV+a)NLJy>YFgh89~mFQ3A yo>~?n=6E^/-uoWo޾[<>~@-ks.YQ"5:2>/t[hC5¿7Ke4[џ׍tqJzyGZ ~ ./-B.5/N;<ò_^xE"xM]azիWpۻRlx^ZfWnśWW㣊tք~>U ]iH//K:>7 n?B,߼I60x/h%ۄ>@<_ZSЮv̰-8/>ZDv^'Wz?8x>i<[5"}lWhl;psjmK-Fxf;Ӻn':QOz-H:ꇍXoӇ -r[5R] Vmuy/ HJ&I9Ïw~w߷>9osbb2OwNcc)ݿ?>:w߽z|~{H?y?^ [S7[S׻O0|||غ~u^˖yyx|m˔59+Lt_o;+DBl \/GZVp4QpڌFk:뜴ڠ@8vW)0^[MZ|^ߣ_"IoÁ:Zrrև΃:|}5ݞ<=Lv4yy\odk:Bpj^>m*vTU:4ƒ1p, %>y:speK:Я1xEg .]}`36#P;@@*ƜVt$=$ѯ "a4-Z<[~_oD/傐F(|qbypryI#ϣ0r":+vy4XgtgsuNc'ޯG]5`{?;Ij` N,ź~t  Zl\;w[\wx<)0O1+ a.Q\(wX!em,$:F;ӵ`4755r׊uj5Nb$:'ݏJrx|D\X'<܅㓠~4j[| ȩ<(6Fm)ETANlvEnvOiNn? K9N2Ӊ-.Fħhx&L;@,xMO+,ݣvwC:~2пS\(4(y2K_q}Z n!]LD*>Hڃ$'6wk8=D< 4>֟N ޕN0}~mip_g o0"EHBCpq8<˾O@%~M^tnT[+*]O?\o??oW7oja\}}3\ M/)lst4'kM͔s v^42# ?7֐* <5$[w}ogcs@}uq}y{5e1Y'hcl{ 6}"%jSf_ٱ=?ʛ2ȥн L(5C; ` 3_13 ,XԬg}'] 5ݾA$]5nƉp  D_ _Y'sz%=)!eBuqqjm ruL] Z=rK_EBI0יN?xYOډp\-%z #N7.-6 ]pޓ^Z?9(F>%Qgޅy#2ūC?`DKNf z=OwW 8xiŒ/lh d˔q!ߢwD,0ʓu%`#\} H]zeX >AKm0s=E=D߬Ot!]zJ|lX v^jPD !\x?u/}`D:&o- ^/4?/$O ?gF#'q}i"/>C_G/)e_{'%6RTYç;3=h'ݢz:xhSG'A?/ْ7{OD3{8c ]bv@K~gEM9#ՃCrKi }е~__nA|9C5X QUz3It=oD^?7ˬ3<^k4X-}㶾?kbf6?̝/zQE `>2(wzBΩ0!~fmOVzzwAd^n> ȭh_[Pߗ/,M7Svǿh S{}i;,"|D}N =}f˱D0tLSa.0#_{9{OFz8?@Trk٫??sYЁсEaŇ ,0!;\"R+ݱOd1'U}DS_O_H&ӷO=b>j~}u+P}1F?d }$]ϟX2ujV@V3]l/T y|/l9nt.yaCEsy'/^zsB݂.SBJו$A?#i(3QT1@#}px/NבO8b>S^b֐* c8h ^)׆uJXrُ>g5h?Zmw}p$@-k!E@:E 9{xO@^˘E6͇5ҟ?ݾ{w;;6"-e}Ҏ>\i?Oiӫ (Ex] n07*Jv.:"`D 퇫+ Ŀ^|z@oIeu:e"'?>^ XO- "5Wtc[*8b(u垜yaQ>R_0hA=$E!@bm2<ACbQ" C6'E]',{_C̰Os)Y諘A&/ڰ V!'SmdXގ)EĪ?/dA+*&e\]IUK H)٨[%T:d9{{!4sGcLa1^t:=eS8?\Qq_Nx ]9&o-r<_t2MPn.Kx|;tY}JX ?&+Z'j?J/ʸ}wtg_3DN%|?ʆF7+YB4E1թF/?f"-~9K >FŎt.L,P ϟ+w//v>CO$MH(5``fY\4Sq.Q="DkMxDϔ?˒=_%K&;9ٯߖ"| ~]*T ./ʕ$cfS %?e>2#$u2!'SR~;-!2l 4?&цI&>thmR$nv/:1G?CVߗa賡e~S3",U,' >?؟63P66bܼz>o5j\yAV^I#IcYK j\67ZUij놥߽m[CH6Wur9rLlhgGx|ߘgwan|_٣fwqb_#Aql${Dꗡ~XwW.ygwW7q{pxuUQݏ(Zϣzrwx|v5y]CM6OfVk,k{a=췒@Q⺅Xl9OY>>^?w`:wr}>:LZO}nT_ž*5oW}W'M5>~>mEwWǥ]}{`uux|?3S^?8̣u] Nf*>~tIu98Яl8V>o4v#x<.ZrӺl߾gϣq |%=>.&D ӣ+cƼKV??":kW}=UwG_mv Z5zޮ}oNnG ӷpDau{aiUɹ&ʾ^hi55ԧeA6ޞޞ(7VV6I{munƉ\U;׳Wxж6߾׾?>.Mݱ.5N'i'^@*<ީ8nw^ׯZUkut;W "i_fTټ!>x v2ؿ_}ݬ}&v/ֳlq|;LN͹ۛ.Ogsz^,u6w_|gwz:<8Y'w'9;FB9z|~뼹3'4'7vlXkӫWzqn7ᇖ9{.kǧv5ߦsbjRux<2.Nٛsu9/oGgUFʕ~3:R/N.>n/GVڇpl5f7W'Iվf|p)7ãIL޸ګu(zhQ8[Od?Lgy>Jl{76_ߙ7¬~ɭ$<OǶxuw1GwI.ӫƥst||}^=_7Wkq}:Iߟ~x1jOuxȰe=M@9>}1._;wϯ5"y| _NY֌WgO7C9{mI'&?a?:_ݧQX}_;nef_/.3js5WƈMg]}Mko?iݴ&Y*N4Wٛ*ʩ0NoSa<]_[>w^5:߾oF慩u#~\[釺Ymo}Õqkk8?+7v|i |\ׯ7ݥk=5uypjǙy$Ճj}=Ԟci4v3r\>^M5:zum׵#hXN'o5tp??>ç7shנa|88uA\59G~65:]nO:x||<mt[.-_rx[?zAo|ٲ5^O7Se??ٕ51U:/}cu;WҺ?<57WYpz[;M{dA7h\v}=~׭jm8{Ǜ7Oڻ}<|ө'Y}>zq8=.V}%+]'}v]#"~}8>hw^unק`}NQ[w-BiftMhÃ$]wO'7f黯&O)z#t>;}:4Npnm`; &OI'ޟ6u"~NozvnZǻWΛ}}GKu|{M2*}w]CVf~ͅvpj<׍ Fs?wBms8yot&h]w~r{O zfVW}w3]ͬVoNu$GKw۸?UKzrq~]N.^goiJWߝLw瀞,lWJ|yM2qsdQ \RQ%r Ah6kX(u"%YC?_ZG!t(6,jSBߎ՛w)u=xL)y0ky;u8g[";}qOG'w &{sֺEh2r6@K=P Ч.5_o|_y|_O_ۧ_}nu;\8:1:/!mZ't?ݥ,_KIJ@L&4 _|Y.kA]3 "nBW/d2S VӺxeeOh_Z׃?*bq_X/=U6炦!.37.3lMł ް4)kEY@ J"|x|dbLd:ɭTJ<(X`s@><%X17 9yȇomB4z?>h%u؉y+BTĆXW_oyYf%:UR8|q@pj/W Y=z:yD -ehs=*J 2tL=Y*.d)ǙX=1)FЅsgM,8) B6a݀5kEo:) `CC$#Cj3=_sȽSS٫ѧH/e|ІIK @'k ~G?K=P{gJ\7|K2]\C @R>=_R7UHhq+@g3O\'-E,De+Q. xXB`x;A@>C; ɲyt`s|I;z|\0ŠZ٠i._H7cHzVwCϬܞQ cv T} |sqi i.k:TF:ׂ$OK{t_;j-ӻ~7w7> OuTOH ;_ާM0HY$\ ðe<@`mjG|"-9S}ˢ`h~O|\~έ[־t|9$ V))=>a-U@<.y*s!_/@/  ?_s9\:/{Oq/yLSJ6CaXLP/ߛޝ(w_>Yg?teXP%p y j>i`̓{>ϣjm$hTm7KKVg뷈m PߟпяWxQG?f#O/G ߞvяlߡʟ?_׮ЏsKGh.z~ 8Tfk33֭9Ey%Tt]D MvZ6co# (GQ`|JCa1N nK)O k,׃lÃz&Wu1LqT-{ 7@F"G:Z]¼p}=l#ىԫjv6bJ5{ Ow7HḦ0fm_#xrk-{;Nbv֝M`9؍+[XE)JrR.BPTT}30M)fʴ$ t̚Д]=#vnh8cS /7(;09N-߉[+Ixلo93ZiVժ2]EH81Eñwq 2|kD=M8T:7{cԐ_Y*}?IuFЪI-|u8 6\J,SbW CJ E+|Wm7K k*R Ohƪ;5kjwiol=r"td @۵-U:Aiݹ?Nt"dS-5(L2WúlO`10VÂĄ7gIZ&[y{ O<dK~XC5N x r 5InU 1ת q Saڹ o3FvU4= |,y"9Lv,+?cj2@ޭ===ۅ)!D7y`%'Oj Ԟ{jM+"&Ɋ[!xHA1>1ce2K-ݷD6o%9TWpL߭a]5[0'(O9E; oXR;a+uMWg}3::V!S hb"5^˱~^{6u5wR*e7QFmgήMi\/VrCqwR*S몶kpfNQðDf."IMN8LC2WkPx dO9:џ0a|:(H:? t&3ٙxQ|4Xy4qѳ"bV?. | $YJC3M-oܯO^c`8w,kf a<̑ђPA«e# 8+ׁ~ XK! 緟~J5қj)\4MMwLAƠXI/&a(ao*ILnchGnW2uQhrACRUpl)e}`ud<*ڥh$tI"5[f}C$\&i'muz]dG+G6[Y4791AWq^eb?hzR-x]ݲr*@w~Umɪ5FaoAZ]YaCakm2OerԎR;94xŅ8@$=0NLoe8#K9LuP&1lLl:lZnq*8 !lSט2f:pYD\'mEV.cV mDn-nRGs3g %'#uo@72Kij5N-ݞSv ec\eM<]+bqceƭpk\Dbp sB嫪G2}#i:h*W>nE'Y%Ko<МV)E7B:)tSxR5>KX$? pǪi@% Ҕ%iKMfr8[8&MϤlOƃ9^-[j?Og'=YN c.l!jWQq M:!0q̻ ΰ:Dut|.m80tծerL5@ oO]֖3p ;^p0N"HUx M [z5U#u@+h~(6ʓBȚ0 hM0:'X3R>;AѢl -eP׎tR@L!Q+_CL;L-G.鴖.,2Nm4hoZD*,'Nfم#0p2%ߎ\I,nP)=KrL`E8lFl\=ڲb^ j6\WzhO25P I"6^xDtkVBA\)ouPWߚ|7^BoĬ#\= N݀V:cIO3BC). q^ :uEt 1upbGrU`H|~c2=f2O7NjY]!/=Wk`d0[\%ָ8[WbM[9 hVf1a(s& :R#^`8ت]U l)W?̂e/kiNM[K6È8@]bnD"iw Мv3&UjfaQ|*<F y$.1ɽM0A u :i@'I0݈L-GEЧ*6\Q*~e?_1:|Q,T__O Dh2/{hݡY(c{{Z7LǴqQ+3]v8 8WcW8L%[ 8;oQr ~܋Uωh1j'_j!CwCm1 0j 5b.ZԄA3zhEݝ5Ob˯ZO8-!2PrJuT:1!xe&Z[@uU$ @Zoi-̕eD)L5j%}gB:j~l@Wa4.h̴mg;i8]s3>C%Q#7xfp0MssK++8+ܱ skABgimyc1 G"EKo*{2`FDʳensn:͂H I(´bjYۮtkZA˲Rk SF9Ϩr ٍŮ=fk S}6,JM'&PgUy  ?7䫮]'bt;ZE7Y9ƪv?-Qz E9F#]lDRiPl&6aRf~Ԝt$Cp̄enDX4)IǑaL;Ҽ[E6-Z]NDígTrBG9h!x$crY;8SeN={e.Ndܚ ( >&h2 ZjMrᰆ7±m0t2|8cOiKڰVa , 3iԲ{3E4y2-0wFtMR,IJy=sh^ lԧ^mQ)(9$}!MA|h%SeI"܉N+\}f,)KZRc#)W̃o+dيDW(s\zt\'Q/]q "O^`#ᝀXYjЛdbܭm1DJ} ?ȽKͱ^wmL2ɾCc8hp lP5:ղEY&0!]"JjEm 3M*U"?#툁:IȃrhwD0eI=H'F:&TFjwt>R'D[L`3wE0iu&JdSoGѳۑ58Q"f`a1{z˾aV.Zh1CNE3V{LHc321ɕB0ű,R=fnK,E/Lu.YEtKd,zΠ\s. LDNDqy.ai$/tob'0n޸4W:~:@ c.Ӎӗ™䁎+D&rYʳ,66R굜ķ24CCK`RP e*3r=xh"3q7⦐_7L@Z`HJ}Ny.y pI2aa(^E\0QP8F9VthB=\,er'S,@e 2* 07_0lŮ4JѨ 5;*A(1Q {Au&RW ,讓i[IrzPDUk/?7BMT i*,%<3,[i/`̸ggrjԙnticP/,!Z bk.8(C4zt'3Α2QM,x-U\Kr_avaO%\)lUX#q)~Yݖzť1.lY-hɠ&y䪀^aDòaч3&ZgY't[[f^`5bJa7+Vp#sWIt$XY``Vi <7h3ec|M/S/"^>8K(V~JDh2#OfS50 :Vik5ڤ 5 1q&t֚۳^HsD1Ϡ_9VF^Yi}/n+C$O\ ӣ Yo\56T6**$V5bѿ)+]i!ݵK22Afry +͈'IEu(eRH;)ecb:(wFp^j{tL-4 .iA)g nFB!?X)&Q&0 y8.JH'$ @Fccs^IAlӨ77F;uFK{LVj^Kr\;I򐅉8/ />BZҟ K<s*=3\1&4ǔ',y!…B6ܮ] .>w23Tf3ݎ;3{a)&^Db._۰cɻ)_U$X^R (o.v\FS6n0/#g.̀I+e| P9;pβe-M#8Zabi VKgմVQ;wNg*1ՐSɧ3؄,L id|4o3VL0jܫck1=AI2)b ?}%  cscs96eE{&2׸ v~cUx.F@f߉~TqS9=vN<wEHx' V F - z%i8L=q;ą\%@V5 +gLt;02X(eי[y3"O\bž?/7<0XR=w³&& 4lK%#h/T\#+$+va `l-yebxၧښ7fzYǬc."H8Օ . F5Eϐkk jP/u3Mw%nŴ[:"$},aiaRwzO{%Q)pD{57$5Cwѥ6+ut5H֔\ lw \8˲ϓb:w&[]ɓ2Enx^9@=WeMcqn\x@$sPdZٔY7TKZez1 ӰoƄ…wY61D×S螱["^~-zH[U#~'TԩYN B /Jyv#QIc[β7B DFVuiwjZ(8<,PYMKq ғ1\E C3EyAT"}G'9\ jR<XRz[VPXpŖ[魛5ge7VZ?2{jm&ʣ/MO>)_ouk1k^y]>Ūm|>.~O G8{Yn˖,f S1\P̅MI;9Є(0%~bS__4&T %AT#:̪eM? ։Ag1Ba褀z~ /]$1XUhπGY -Yފp msЖ^3*sزU՟7n̔@y0f0EE/@eֱշěfFK״f7z|lŎ3HfEqU6/*U?jtpYWYqN$1yQӱ&ilڒv ┠ %uh:%~f +qPI ˁEj[ Hju,k`rPPyc?}45\y~W^0tjR$ðOQ!{4O"Py􍖷+d/ypt`?STa_T5+'2$ڬ203K[AQ'V8sK(\G:B\K?پlmj$ڑE隥kG ,r&WT &.[bXO"l q0a7 G?,̱UXRML< $7b /q DѴNȘR˙lo]{1]5F*n0ksFƝ ѻ(iL'cpH O;{C#d P,RkaV15;1@4/[xp(ZE캉"Н5YST 3NM,LX"寫|Pŋ;A HzBlwܽ3 `,oͲX2 Huvr%fY>/ ]X'w{ 3eqލM=EɟbdVHc{\s'U;ءe,U~3e^KRA )^ʖD{sLg-睍97.>TNBB8ڈ-t'vfEܗ" ړ$=W&p\W(pݘ9ti˽W9r'iWfM=vq’ޅE%J^<>}')+r*\lBAa#Ibdqage桑X]pݜ.f7ۦ ث,&3]C;UГz%%zeIX{R6XX% q(W튢NtWk: 7 SeҘilxYlVˁ=ЭQCskhpRu:,g,қzid-$PŚ̶A<< LBZQqZ\8h bD\n=9u{ I|]A-[XـVD_MNȢ 쉫+ ߸nNac!9ݓ&S {9O]A $Ca1iHp̱qs>w1+7\F:ɀⴤTBhyبB!F|{)B$4v|iJP^|? o#EvK8S;p+UX.g[2?[ 3w9A* #c De/PE\.wOtCt9TbLXF,,2G-8kx6񍤵2]G l|62iHrrvu\iF2"xp$JQSd]WVpo]oluA+w 1~0O:^߳f:fLіvw4mYCu=RI!SxO')0YrzIxԔ$01YBXw^-hH1<TvbN{eJ?6p(r*ݯ'Zh2\j778Foj/cL=o3y5nM[4YmV͹v֦S-w`*)=蝘$ЅI=4?A[oUBZ3.'w^y0z0h$/Wh%!,./)S;tn xOps^S;Q37KB-+IyqoY*N49"ukyvuIs4"01L|Jr>r+EjPA<t+54MĔdQkRx0+^ñȿ%a0}t;Vbp_{/直2IC~r.L}&>W+Lv&c-,mfzZ?ŴO&v[ꦾr-[U2^NBL&d K{BT~&G=,bˇH+͙Oj0!! Ui+E+1 o;IY6qbG (&a/{`^9QuLnE+A|_.ɲ$P(!̻` a3vB-PEd&XW?5PH˅ɲE!+ F7X~DQiǛd]-C 5@r*۶ﰊHEY1sry8֎EL2gO =`>WÞD@9UG/2neNkF%4m,"qNځPd1h%0<+<*dK9*JYkmx.3ffE/U!B3q1ွP(UFaȅѴ",Uh5`JĐ<* )Vk2(C'e&5>d)2eY$f#PDY_&UI Z+D]xL=aIv+KuJ1u5k`$jGDdXSM ̀jnTE qW@H .JJʼ[uzqwGZzUODg9owv;xC 3@U;l' "5)m@UԷBc&l[ZI&j _ P”%a&~+\&Y1UML!v& *g$ ,oDvH` ,;hίIyA,ىZ&QhkP&.dhﹰ'B,_7^e}J 6XW޼ :#U7?wմamv8J6 =5 lt2Kt#7ڱeM J0R?uH3}euMJaZI yFe 2/z%t&^O#կҤfh '뭌[0׈8CIϕ<\ԻVM!zL1{xҠ9Q:S#f|:2$[ᒳ(Q3 ҧ'^ 8;l>α9Ԡ2`5q'K7!Uk┥5M !2ЄFW DF+Ɋab!y Y%pf(/\g%|r^#Nb[Nct$QO%i+yO{*`JSˮPqw#'EKrɝ-.x~^(bxAh@9x(DG "-o8kżrߜ(ޒj&rˠ7Xi\x^BG(^^b}˸71;C٥SeS ||!pl3H[F\{8(amgne,g T$bo %`8vS2V-k.檓sFpf0[9\GU)"$a#McS\&͐3A~qsňl?BL:3 s#<%aVIq܌k3nՌ׆.,|G5[V+ڜ"eOa X]w& \CLf S^uhc8RE )!3%=s{te.4o?D_ҶJ'ق;gU`<}"T&*YYa"J'ڀ;J }W y\I?Zy޾EcRkx^`M"Ii0xL(>jJpNb'TJiXۋub{}9ZRZVHL/NJګ(\lxJFM K\lZ!=Eq-,eiZ)+3 ]j\sEv4 i)4Yc-].`W'yz{=06VgI9a Ǭ {KcN4?v yѯ@!t^Wz9/"]f ~Y=N)|ӥ3U+t5fcc"Sp.|O&P7X8}BJF `)*-~xFZW8tgHe< #L'UqbHԒS pO+Ū9R] gv^*/eHNoK!p۳ ŝ`L>3Q\8OHAE#&KW3#躓$+"ڍ^}JS EhdUM7pZ9X ض{`~XAyEEaEɠҥQp0jiN?Ɇ<e^{4#\}x*WҨL/hvIC,~?ݥG~^Nmq3VE]IMS=X]{e6<&U:$<\~Q .8f9|C|wG`vvҠʎgynA:=UNdCMr~(n:)ƒrvl (N6̒q1CWxdPpw@T3hw땀"8r2? RSo4 &Zs̞a4"hӞ9}3 :h4iN0/^!xEJ!#4RD8b0WBS1 -yUc^>_E|*v)ݶ][|d| - ֲL9a;U?Dr_&+wʪlzrP%*pRo;DLs&r kLm!up jm/lLw#[hD.ok;?m7dU+M,kќؓG/1fdaCqVp+͸c\ " 5~DFY$u# aԠ~yL;VΎJ@x]-4rIFm {fj4ճpu-֮=:JFQX`*B,wBe-afCB;u9r0YL|1R]X!7oOBzyk)0ү"lVܲ. -`QE.u*~r 12ba)^NcL t~E2bfEs Uy)˹4Hl[nd,ZI*2vjt{y^RB&6YE]*8*a=Us=Hv0OjfUi8) +!MC_.V z(tuL%,&Xܵ y07pəQD` T/ڃas=*Oΐ[D745&o׿#um3 K1"ƎAh:TػM$ |5[mUmFgv:31\KISZb*ՑDk0WfjcwMki^eޞ7]4d}.+5$0ML^$CԀqeSyqL-Kw=V;Ԭq82VI7$yZl7t4mv(qDU+ ]Dձ Ƈ<#a!IWceۓTE RH"FAȹ6bMx0큘K\Le>iSDngll9mzQfJk/;)`]+ vc>Ls 95[׸O9&v1A' 8  d D,`/'gZYƓ1cCz+jKRE_H&҅Py3ZL6gdb7£f=7HBA0'/soADJU'qLF-Z>1GjIZ؛L:XIH32u@72 'Yfy\B/u4P8r ?)_1af"5lK v_0H  Lqe(y^r/TNG7T/Ա8@-9ABu/eɷS ={^ɓT{!덣Y|"{ӷt=(P=NgnfTtbz*1EVӞwpB(_!zsZ&UAYt,PPpY6smY}'#~4hE3?4FH#y.$YJgyhrNyE).0) M*fzZ?3A%#Aa7UpWeI:v?-P?t@Q>_, U^J祿K/zmQCIg1 ߄ Uإ0-L-d%Y7_,G0@[ &%eyis,%9$,"s- Y[p "ٽIR eg @H+=r3rhO%8(\K)u, G7p (_$4/wDi[cB1=!Т*stΨ.,Cl_b8Xp衁g+]z$T:|cT4cn@0hǭ%Vu!Q3nŕԔŰ1ܗhHc ĐfQ(ܮ~:1UNu{kj+&rdJ#fy /׭h8K!odV(ti+ @ȓUf})ΏN"뉣El%)",0}tfg8^MNɩ@DlrW|<1 RQ@za$8v`!7&|GNfQ; ?E$$Uv RI,Z c L,ŠB!HqIqZU\2t⊔bECtޅOM&QoKsz}@akS9n#܈-8gUE?WLLJf%W߉]dAu١F L.<{%h%>=|{Wb8/rU^/i{5`$IfvzjiqV &^W3 G,-K3ۊaǕB:ZX&+9e8$2zx=AXԗ[ =]&f1d fF<*0J*?SGy|DQp,R̯ /4 v3d./Ud|xK]RKNe3J(XQ{CSOSbuh6A22VGɹ@9QD"yq%bz,.uN,nfov42~'EWOE\BՊCh'P[I;x5y$^Y_VLMimP\OW={Y$3ha4PW+\:}IZF4ۊ XS+/J[d9_vjL]U3j~`J@ ,-Cxڨ?}ïV:itc콵p}l5b{m^x.Dn/)`Y٫q +hetɼD1&6жz86@ԗSEL:?o{U*9o= TI;9Ϩ]5 xr(ZiیaIl}3ѐV3 mitȆwW,$>ͼr%8`U. eEC+u; B(˒녉\Pno ]RxY:K!kV›".!ޮ0 ypͮ#$睎I/]Qp=PW6R,$s<{TNHd,'3Bdݟ "s5n2J덮mB{ #a)WR8!윒%fM@Vq c'nV0:a@@616U7tL[rb 5@ndg `a\!cRBPW80d*B(Ss1s4@O㴌1G=yRh?UdG [.^{VB$fM+5aZ_S㗑ޮN2"Qj4$8Dhe9:=AqJ({> =(Cսf7nn;ReR1BYZYH"8 L#M5ԗr\sQ$Ĕ'{ۓ4cVIϚkdӛVbpzIgMfzb₎It,guEC3TꙆgi5 ) <*E@e pY4p]@#H5ᝬA*b\ℙBԦeZz)ļ *z%&+rc]H =^`$\V4We:0itVYy5 ؆HfRJVdYnnZ-y=PZ@,ȼ+#iNj9M]gW_*Aԙ%Bhg\/[Ĺ<LڅYiUj 08wՄ=."vc6^m5 A c0*N^ܲv9Wj;Yo'`3S-oFGZj Pt>rc5:W@\@@qUV<2n$'K&ʑuMrbg)>}}aE,f bE; |q|TH!b}x:hBK[R# Yne!`*śrit<5CR e iEE -KZ𜥙F]L^ّr ꖧ֑a@~J7;FPFJ*m7d<-o%,3o[YLc,0NQ׿Jo2b`5w‘JlYxp a0 _ 605wa%$ R)7_dbN!iV`J(aAh3bZ)f%fϕ,L6'BJV lpcqc: ǚm'SNjJ ̱#LV/MkJ5‘Q~+3)Ri =Y$K+sک2+XksO?;٘+7^8) aaxer8Ew 2v-iG&)ǰ>K1-Zpq?ħ±aSɳ%GP YH Ac{Q)1q>v/\JKEtM'v@R~,82:c+sy'hvcU?MERzwN̔Dv=öşaumKIwMC+SҜurYpψv̕MA ?G)>]RF%_t{+/qiOy[bEs3\ ϿD#`/_䲩j^5`Bس`=5-<,eߡaNBLb;Wf/RIJ8z8`¢oyb!A?V *<&T#x9:%]637>9!`VKkux6!@FP!J0 f($wo^RyBki55% LQ^k`= 5Srx+,3jd/TE H0ԣPև8yHUOB0jy{cLW*ElFU\Yrt-|@㡫fN\Mșzi^Vr~NXkppT!pEuud_P]dG X>&pH"@be18)8AHq-97&ј ANpumyBJ%ռH+*]-k\ܠQ6|b?ZQn W֪?仞SGcҌ܁鷒=.)5e. d>aWr ًf2+|s7.!O$hLp":7U~10Yt2۠ۄځ]ɤh-'bu=,zaːryduܻB'gQy4M[~&M1C3UO$Cgؤi: O*ބaײj|Ex@ L&K X\qDRN:LJAzؑjh,aۉZ MV FAMʱ̇@-QU 0zLZ舀ۋǧ Mvot6el>w'¶1# ,,I_XOE#Ji< aH= ;TK,@T_9Vn4iex)Z#iUEaJ;SKSϵm杧 ThjUE{S\4c}U#KVp}Jq.ze2ܡ@whiS){DjY<<}UF:CXGsi0Th8WuMy1+ $&zbhp՝lC_3/U nd'\w|K}˿47 C߁bƅ KVK)d!JWDZRjyV{ZtF>0Je WZ1<en[?N׾HO24|u6jcTIv/lgI,}9ݢJDp4HMx}fbSpxJ@H(mb;vW55,D=ܵWn~0rw0l'p^ <Ro<\ZVqEeqU'?EkM5չM JbK3ڳl9`L7:Kc,3O^y: 0`$}aܳqS!1+˽[o;STxW!< ۋjP̈́<5D2)f`^d˰V%: z1v[uU'xi4&$lC:D"/%'fVQLQ^l}l,PsUR"iҩ(B=ݥyvS8sYfbdtbBBqV%gH$tA%^{=[8?2O5 bs38Yw6c7jn˯B 81E 3L*pK^y)"ւQX R7h2\O,hUI(fx+5 Թ/b{xݱZg:1@8G׾{lj{-oojYS)>̱D _z5GGId>{E8 ԂB7x!6lY:-]Ft*&U3uw,&L2q9.lcK.g7U+fZގA_GR/].|/%{@򺠥Y)4R\ WVm{取;MqBIי;nrzmW LKM[ڱVA,q۴Ԇ0`Lۘ*ɍUUUFbhOڵh:VNa sZdlr:7=dN-A.: Τ;FX 9@ʘU#&F;H58Yp ~VK~daRş8,+% oyƪ [X/#GXXI6ܺNs 7 vgYPGˉ=/%FS*]FJC,:ek9ZjXelY8@;1S/5JXB!^@lR:)ՄE dbmf`'fY,8U# zX3&9M0^aPJ";MbKN.vO J11U 6  cja,HLJ|=\/כn\(m1pUe8$5{U=G1g5%J_s+lngY˵`lC&4@/9F+>K T\JyK$kT x l)Coհ#۩eX+rj"p]{nM*HZ܀xpa Piʺ3wyh0Y=B @.1Jl9"O1;^ySV* M\DR@`v079PRd5y}9F3в!6.BQ0BI'gC5'⫿L}_v&ePq Ỳ~󏳽b:N,PdgfHbV>ԋP+k摮B_DE݁B=t";+q3ߛ;ѴdpM̍٭HgtXB?'zw2OGkk@\x?(E}r A VFf  #wh-G`qɿFm6yeo"dhaxiRectJ\/{ _tK)OZ %u8:`4)jQF& y`X:d!u,Kw~8sf1KT hgonӎ? "4$:"ҜSgJ 2 I^u/Rt0\|,N&ɩ][.ylކR:-󥅹i#rzWV)1~lv:#_jq#;]ma(kdiVOBՉ!s&Y辀`mT+DŽTil-|z,ղb$ ˩\G& KGɳċ㕔s₶f(kME;[4DdXq_F#4IG6>8hzt3OuI{k"ZfII9~fnheNb[.O9o^?f~K#om 3p1ugLz#MUajVgNgGSV+/JqjR"㪴H }o?ɔG"d$OBN-reYv<p XG6ԧu4wlQ YZ.bfG~~"{jf7q=ש'іPM>~EA_Tȶk;KпJtTt/>WMabֱO5o͚h.N~"9G,ūĿl}\[&OQBk_t!8ZINi@힘 /Iٵ#,.cYr,\v'Q ݞe M/8S: (`dG&MWQ/^KMД'èe1GIB0L."rOr,Z!܀xu-/,ZsxkڃhŮ5O5_!6I[aK!7ɬ8!5/p %\N9E MY\vp'0 ;yvZq{8i/an&:Ut.BQW("4u;{&f h=Z@WDM{de=3{Qu CO %`ε Y@ܭ`#rU<84VhO̖ۚ~;DcЏ\z! qqp.!Ŷ" "a p7̘}T*fW@Gş~Mv(#˩bљO >zA\•yZպ647{+ 6k*i%633v$\w(dQF2^ݒvF^,//[\;G^n1 C /0˵tsV2wF`Zv^LS3'qCҐ mkMU7H5^kZ[fDE@ (HB@DSpJ{#qPkj ̹OSZR- "SvoBl2Z(4gdSQ%ҙJ1_|ַҦ$ߑBnWYn6夠Y+ hVudooxCjۙɢ,""( xpY )H3 ;h.\D_ 95EEx!,↑IYMCh&4t2N.;wAEe ЂA`kh5YN{>^5!'֨ٵFTyޟק|3C@CYfkq5Eۜ.WPYNV.R$z֖S6[Å%Ŵ5=k>YZ2a ,?1 ݞ% pWf٠ #hrH H4t'fD6֐h7X-$NRyB5TLs)% [|\B'dյ6K-x X0qѷ.t("/8IU ]mŹ-|%ѦF(A<%ʓFrg)Kv!sgEMK*tҠbGm.}@жE[y=(d ) >~bЛJ !9-;<3$~؋f7Y:0PDAL1%}C _V̐,Idoqt]e%{޴5p/ן9E(ۙUD]3Xv`-6^+c2[\Rp jiN*'a&I /m?fJuV>PJ |_{۸! '4F3*a"].aYkĢLNYc/l40/ݲ657-Ώ!/ `W~z><#%# /(gmr0I\;fʺdK+I Vx Ԋgsft4s8 ka ,nt3WdU+.hڭYz{ LG(Qj(>Q!3㓕֗'dNJgc3su~v5qBGZҢڑw(Xv&+sّ!OGdZ q^`[iF%qd@Pty3rGyvp-:?i1Q3Ɋub(/vWfR-^4B;I`7rNz+]] Sw:&dCefJ7Xn^CqcnVrZ(aUZ5YQ^[k+YjuLf*0q[dogVXyu0 Wؗ`J(KqS"=?z A,pVQR8BsvjܹUp %xB;xPa±bh$ѯnѽ8ބӂ uE^l^Low[MelmtL'`n,!ԾIUfy28u?'z= Uj[cfet Q o+GO+gYM p;װo8ע_<s|FX k) PyʯEq)0Pnщ:w>S4JznX*ʐ/U Gb<:a3apڮC3[^,|ۍc YݠQIO MAj1 !Cen%EK )lRrX}^D{L_nAB+0*=`'8ŻJOf ř^nZjIww=O|1⊋4,sZ+^7RcQǹr 1)=b82VW#+?DCKC!;NioѠ{F$qb "nrZ[ɨ)a)X#%"L..:u zh{%'3tBRYj(Qz@/(?w(;7n5.aJSĔi'B*.N~n".׃XmaY65ABEfͨ/P>taqh2%+$>}-V<KdFg&nЙ7@zkrn|q;2DmT#R W|QHSΒ?QT is^OIF9vlOՅohB u}ޖ"VC4Ot:6?}an_#F|]9()Y*&#@eD`!q#E+?:%_Iv%*"ewu3iUea~|b+'5Pmo<=IKނ{< jK&<|%4F9,?$qSZm_orF}pT_i/Yv!J/ 1{Q'څNRY\zR_p/!P $_tn\ BО BO(&7ÁPVJl긁IQ"ގF)js!**q4x|H~G6r<;vXA bJYFOϽֿ!a(AX,K0w5ǣv&&C܊I*j}z&[0 ڇ52*Ǩw/\ic6 H4&mMV5Ӣ*,Mly} %k6Ì /.aڗIH?hu.:ooU#|"_aX•&sEM7CB9BU}F5qzC5{lA\+!J`lFT껃jS褶/JofӡK^ګȄ0/~(*v&='w )~۰cE Pc*s =X?"cY35q行#[}nҦ7 u '9x,Oʽ$<=iS Zt="^x-tPSUʟkoPc )儁-g1d|uL/F,B dzYp7 TI-[Ja')3oF*`{Rӣ'2~)六 _g嬰/d6 EDe)b8k)+Wlͤ!e:+Ggӑ m6- JM?v>g0c6̗|5&4PG+s; zh,껽pl(jdS-҈VBzC9K⯵ i72_z Pq5@> S&K]VܒrOF&Wn 7hʝ ^; n8LEUӣ~o}m=_ 4PT4}TE*\.E>!_Gr*F:Q]ESdS<dʼnf9;I6naXpV3ϴϟǷM8Wϟ?78;`ĝoVKJAt˨$54`2!>=dBn?zR9z2 W;޺)bOrojBKkoOpK#{k?JO:?!f0/1)qX޳1ܣm> G(ke]*oOALwtF$RKtZNEJkn].1 3hti,en2~*.,@:{_ӬKx϶R Gwed`l(yF:ǒ7(~yw.qegB")?Ly"KT_Z}' AyvdeBQlĦ6WSP5\ۮgԡUAG=qOBP[ : tuL/{ 9|ĺ\Oi /]!M'|N $.j(}ׯ&zvKA(IċM"^0_-jvbX؂)+ obVv .8)^Δ:ETx nν#K'2 c}hE3\py<@i(Y\֜VN3](uQ197ű4B_E,w&|iKpvC/@50m?#>0Fmj""yp* >y_h3ҷC^TFuߏ"E1v *hq/$nl[~uxabSK ^(pƾ N?/r;=O.|ɦϯD&]$4Ӷb7G_7h=kACLGhT+}Px67Ύ)^~ם(Qjv)unO^ p3-L 8}ޝ=xf1$|@xieEb4Éa,%*#O` UAj<3)̴ܿeAT&9jDZ6بMiNl{C&4I?V0KU=[yݷMp} h :{WUuHw? ?Ѿ\ ] 6[ ߴEvyX*t1~xWյ]/8@»aokmhV.)9amV{. yyNgŏDUW8Qx]Z溊N\N Wr}ekY9Lv^x&GL)Ĺ 꺹.γa6jv~t0nSC4mf)a"HDi-N7_@ _yLqdް O*9L+(˸ۗsqz=Fp^&z'zxUĽrI"7/rO~I9ӨS"Qli4bYd!*[^4b![Ļ -4x-n(ҽagy=lly\YvCS=D.kfO _i堶< <29yM1;@ˉEng!T=:i hT;VKȒy u3[n{Yj:U.-jeEdcmƉGbZ]3Ph /o`jLv{6i^i Examples of the Kelly Criterion in Action in Sports Betting - kellycriterion

Examples of the Kelly Criterion in Action in Sports Betting.

Examples of the Kelly Criterion in Action in Sports Betting
The Kelly Criterion is a popular betting strategy that can help sports bettors maximize their potential returns while minimizing their risk of ruin. By determining the optimal size of their bets based on their edge in a given wager, bettors can make more informed betting decisions and avoid overbetting or underbetting. In this article, we’ll provide real-life examples of how the Kelly Criterion has been used successfully in sports betting, with specific examples from different sports and leagues.

Betting on the NBA.

The National Basketball Association (NBA) is a popular league for sports bettors, and the Kelly Criterion can be an effective tool for managing bankroll and making informed betting decisions. For example, in the 2019-2020 season, the Milwaukee Bucks had an impressive record of 56 wins and 17 losses, with a winning percentage of 76.7%.

Suppose a bettor believes that the Bucks have a 70% chance of winning a particular game, and the sportsbook is offering odds of 1.5 (3/2) on the Bucks to win. Using the Kelly Criterion formula, the bettor would calculate the optimal bet size as follows:

f = (0.70 x 1.5 – 0.30) / 1.5
f = 0.30 or 30% of their bankroll

This means that the bettor should wager 30% of their bankroll on the Bucks to win. If the bet is successful, the bettor would win £45 for every £30 wagered.

Betting on Football.

Football is another popular sport for sports bettors, and the Kelly Criterion can be used effectively in this sport as well. For example, in the 2019-2020 English Premier League season, Liverpool had an impressive record of 32 wins, 3 draws, and only 3 losses, with a winning percentage of 84.2%.

Suppose a bettor believes that Liverpool has a 60% chance of winning a particular game, and the sportsbook is offering odds of 1.8 (4/5) on Liverpool to win. Using the Kelly Criterion formula, the bettor would calculate the optimal bet size as follows:

f = (0.60 x 1.8 – 0.40) / 1.8
f = 0.20 or 20% of their bankroll

This means that the bettor should wager 20% of their bankroll on Liverpool to win. If the bet is successful, the bettor would win £36 for every £20 wagered.

Read our detailed guide about how it can be applied to football betting to maximize returns while minimizing risk.

Betting on Tennis.

Tennis is a popular sport for sports bettors who are interested in individual matches rather than team sports. For example, in the 2021 Australian Open, Novak Djokovic was the favorite to win the men’s singles championship, with odds of 1.90 (9/10) at many sportsbooks.

Suppose a bettor believes that Djokovic has a 70% chance of winning a particular match, and the sportsbook is offering odds of 1.90 (9/10) on Djokovic to win. Using the Kelly Criterion formula, the bettor would calculate the optimal bet size as follows:

f = (0.70 x 1.90 – 0.30) / 1.90
f = 0.34or 34% of their bankroll

This means that the bettor should wager 34% of their bankroll on Djokovic to win. If the bet is successful, the bettor would win £36 for every £20 wagered.

Betting on Horse Racing.

Horse racing is a popular sport for sports bettors who are interested in the excitement and unpredictability of this unique and thrilling sport. For example, in the 2021 Kentucky Derby, Medina Spirit was the surprise winner, with odds of 12.00 (11/1) at many sportsbooks.

Suppose a bettor believes that Medina Spirit has a 10% chance of winning the Kentucky Derby, and the sportsbook is offering odds of 12.00 (11/1) on Medina Spirit to win. Using the Kelly Criterion formula, the bettor would calculate the optimal bet size as follows:

f = (0.10 x 12.00 – 0.90) / 12.00
f = 0.005 or 0.5% of their bankroll

This means that the bettor should wager 0.5% of their bankroll on Medina Spirit to win. If the bet is successful, the bettor would win £120 for every £10 wagered.

Conclusion.

These are just a few examples of how the Kelly Criterion can be used effectively in sports betting, with specific examples from different sports and leagues. By using the Kelly Criterion formula to determine the optimal size of their bets, sports bettors can maximize their potential returns while minimizing their risk of ruin.

Remember to calculate your edge, adjust your bet sizes based on your confidence in a given wager, and use the Kelly Criterion in conjunction with other betting strategies and best practices. With practice and experience, you can use the Kelly Criterion to become a more successful sports bettor and make more informed and rational betting decisions.

FAQ.

The Kelly Criterion is a popular betting strategy used by sports bettors to determine the optimal size of their bets based on their edge in a given wager. It helps bettors maximize their potential returns while minimizing their risk of ruin.

The Kelly Criterion uses a mathematical formula to calculate the optimal size of a bet based on the bettor’s perceived edge and the odds offered by the sportsbook. The formula is f = (bp – q) / b, where f is the optimal bet size as a percentage of the bettor’s bankroll, b is the decimal odds offered by the sportsbook, p is the bettor’s perceived probability of winning, and q is the probability of losing.

Some real-life examples of the Kelly Criterion in sports betting include betting on the NBA, football, tennis, and horse racing. In each example, the bettor uses the Kelly Criterion formula to determine the optimal bet size based on their perceived edge and the odds offered by the sportsbook.
Sports bettors should consider several factors when using the Kelly Criterion, including their perceived edge in a given wager, the odds offered by the sportsbook, and their confidence in the bet. It’s also important to use the Kelly Criterion in conjunction with other betting strategies and best practices.
No, the Kelly Criterion cannot guarantee success in sports betting. While it can help bettors make more informed and rational betting decisions, there is always a risk of losing money when betting on sports. It’s important to practice responsible gambling and to never bet more than you can afford to lose.