The Kelly Criterion is a formula to determine the proper size of a bet with known odds and a definite payout. The Kelly Criterion Bet Calculator Practical Application of the Kelly Criterion To Betting Strategies We automatically calculate your ideal bet size with the Kelly Criterion and your assumptions. Any adjustments you want to make to be conservative.Neither the casino nor the other gamblers need to know how much you’re hiding in your pockets or wallet.On this page you'll find a Kelly Criterion Bet Calculator. One last bit of advice: don’t ever advertise how much money you have on you. You’ll have to weigh the risk of possibly running out of money on a trip with the risk your willing to take of carrying X amount of money. You can enter in the length of session or trip you plan on taking, as well as the game you’ll be playing, and it will tell you the risk of running out of money for various trip bankroll sizes. If you want to calculate how much to bring with you with greater accuracy, I would recommend using the “Trip Bank” feature on CVCX to help you calculate how much money to bring. So if you find yourself with $500, and you’re betting strategy says to bet $100, you’ll have to actually bet $70, so you have 6 bets to back it up. But it is always more important to perfectly follow your playing strategy than to bet more money. You will have many chances to get your money back. The running count just jumped up to 30! Surely I should put even a larger bet out to win my money back?” No, padawan. I know what you’re thinking: “But Colin, I just doubled down on a $100 bet, and I only have $500 left. The reason being, you need to be prepared to split and double down multiple times. So if you bet $100, make sure you have another $600 to back it up. So how about deciding how much money to be betting when you start losing, and the money left in your trip bankroll is getting smaller and smaller as the session goes on? An important rule is to always keep 6 bets to back up any bet you place. If you don’t feel comfortable carrying that much extra money “just in case”, then you can bring less, but I’d rather have too much on me than not enough. That might sound like overkill, but I’ve had sessions where I’ve been in for that many bets or more. So if your betting unit is $100, then I’d bring $10K. A decent rule of thumb is to bring at least 100 betting units (for a 4 hour session). That being said, here’s my advice: Keep in mind that it kind of depends on how long you plan on playing, as well as the variance of the game you’ll be playing. But then again, I’m willing to take the risk of traveling with extra cash on me. So I’d lean more towards bringing more than you’ll need than not enough. You don’t want to leave early, or even worse: be in the middle of a positive shoe and run out of money! Especially if you flew into a town or had to drive a ways to get to the casino. However, I’d say one of the worst things that can happen is finding yourself under-funded at the casino. But does that mean you should bring all that money to the casino for each session? Probably not. But then again, never starting your card counting career is also a risk. But, you’ll have to be patient, aggressive, have a perfect game, and you may need to be willing to take on a little more risk. While a $20,000 initial stake would be great, that’s not our story, nor is it realistic for many people. We weren’t worried about backoffs, and would play a 1-20 bet spread or higher, always playing the table minimum below a true 1 and leaving the table at a true -1. Our risk of ruin (the odds of losing our entire blackjack bankroll) would give most card counters (not including Ben) severe hypertension. I estimate that I was generating about $5/hr to 7/hr for the first couple months, but we were growing something so it didn’t matter! But we worked our tails off to get perfect at blackjack. Ben started with $800.ĭid we start with a perfect game? Doubtful. though I don’t think I ever bought in past my first $1,000 stake. And while many professional card counters are quick to say, “I wouldn’t bother getting into card counting with less than $20,000,” I cannot give you that same answer. I’ll give you a neat, clean, mathy answer about it in a minute, but honestly it’s complicated.
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