šŸ• Betting on Underdogs

Published on: May 19, 2024

Betting on underdogs can be a profitable strategy if done correctly. While favorites are often more likely to win, underdogs can offer significant value and higher payouts. This article will explore effective strategies for betting on underdogs and how to maximize your profits using our Expected Value Calculator and Kelly Criterion Calculator.

Why Bet on Underdogs?

Betting on underdogs can be advantageous for several reasons:

Identifying Value Bets on Underdogs

To successfully bet on underdogs, it's essential to identify value bets. Here are some steps to help you find value bets on underdogs:

Using the Kelly Criterion

The Kelly Criterion is a mathematical formula that helps determine the optimal bet size based on the probability of winning and the odds. It is particularly useful when betting on underdogs. The formula is:

Kelly % = (BP - Q) / B

Where:

Use our Kelly Criterion Calculator to determine the optimal stake size for your underdog bets. For example, if you believe an underdog has a 30% chance of winning with odds of 4.00, the Kelly percentage would be:

Kelly % = (4.00 * 0.30 - 0.70) / 3.00 = 0.10 or 10%

This means you should bet 10% of your bankroll on this wager.

Tips for Betting on Underdogs

Here are some additional tips to help you succeed when betting on underdogs:

Conclusion

Betting on underdogs can be a profitable strategy if approached with the right mindset and tools. By identifying value bets, using the Kelly Criterion to determine optimal stake sizes, and following disciplined betting practices, you can maximize your profits and minimize risks. Utilize our Expected Value Calculator and Kelly Criterion Calculator to enhance your betting strategy and make more informed decisions.