Video Summary

Managing your bankroll in sports betting is crucial to minimize risk and maximize profits. One common method is using units, where one unit is 1% of your bankroll. However, this approach has flaws, as it doesn't provide a clear dollar amount and can be misleading.

A more optimal approach is the Kelly Criterion, which takes into account the profit margin and bankroll size to determine the optimal amount to bet. The Kelly Criterion aims to minimize risk of going bankrupt while maximizing potential profits. To implement this strategy, you need to input the odds and win probability of a bet into a calculator, which will provide the recommended fraction of your bankroll to wager.

The Kelly multiplier can be set to a specific value, such as 0.5, to determine the optimal bet size. The calculator will output the recommended bet size based on the bankroll, odds, and win probability. For example, if you're getting plus 105 odds and expect to win 50% of the time, the calculator might recommend wagering 1.19 units of your bankroll.

To make the most of this strategy, it's essential to track your bankroll and adjust your bet size accordingly. The Kelly Criterion can be used with different bankroll sizes and multipliers to optimize your betting strategy. By following this approach, you can make more informed decisions and increase your chances of success in sports betting.