TheSnapper

There have been some requests from followers who would like to use Kelly staking. The math involved in calculating half-Kelly odds for lay betting can be confusing, so to make things simple, here is a chart I use which is "close enough" to the correct half-Kelly stake.

This is for lay bets, assuming a 5% edge, and these are half of the optimal Kelly Stake (full Kelly stake would be x2 the stakes I have listed)

      Odds Range  Percentage of bank to risk (Maximum liability)
        1.01-1.10 1,0%
    1.11-1,25 2,0%
    1.26-1,5  3,0%
    1,51-1,76 4,0%
    1,76-2,00 5,0%
    2,01-2,20 5,5%
    2,21-2,5  6,0%
    2,51-2,74 6,5%
    2,75-3,00 7,0%
    3,01-3,50 8,0%
    3,51-4,00 9,5%


These are my stakes are for laying runners in the place markets. I avoid runners under 4,00 in the WIN, and over 15,0 in the WIN market.
These stakes represent the maximum liability I will accept laying a bet against the horse.

Remember, the Kelly staking system requires you to recalculate the stake after each bet. It is a percentage of your total betting bank that you will risk on each bet, therefore your stake increases after a win, and decreases after a loss.

Also, you must have an edge to benefit from Kelly Staking. If you have no edge, or worse, a negative edge, you will just lose your bank faster than before. I assume you have at least a 5% advantage. You should verify this over many bets.

The Kelly system will maximize your profits on a hot streak, and protect your bank from ruin on the (inevitable) losing streak. It is not a get rich quick scheme. It is a long, drawn-out, up-and-down, patience-testing and heart-breaking process, with no guarantee of success offered. Just a good chance of good rewards someday down the road.(Hopefully in Florida!)

Feel free to use it! Good luck to you all.  I'd be glad to hear how you make out!