Kelly criterion calculator

The Kelly formula maximises long-term bankroll growth by sizing stakes to your true edge.

Edge
Full Kelly
Half Kelly
Quarter Kelly

Enter odds, probability and bankroll.

How to use this calculator

  1. Enter the decimal odds offered (e.g. 2.50).
  2. Enter your estimated probability of winning (e.g. 0.45 for 45%).
  3. Enter your bankroll.
  4. The recommended stake (full Kelly) and half-Kelly appear instantly.

Worked example

Odds 2.50, true probability 0.45, bankroll £1,000. Edge = 0.45 × 2.50 - 1 = 0.125. Kelly fraction = 0.125 / (2.50-1) = 8.33% = £83 full Kelly, £41 half-Kelly.

Common questions

Should I use full Kelly?

No. Most professionals use half or quarter Kelly. Full Kelly maximises growth in theory but is too volatile in practice — and your edge estimates are never perfect.

What if Kelly is negative?

Negative Kelly means the bet has no value. Do not place it.