Mastering Bet Size in Online Casinos: Kelly Criterion and More

Wondering which sums are okay to spend at an online casino per session? Get it right, and you’ll have more time (and, hopefully, cash) to gamble. Get it wrong, and you might be out of money sooner than you’d like. 

In this guide, I’ll show you what I’ve learned about bet sizes through years of gambling.

Understanding Bet Size

First off, what does a bet size actually mean? In simple terms, it’s the sum you wager in a single session in a reputable casino like Lucky Dreams. By the session, I mean a spin, hand, or round in any other gambling game. 

Your wager size affects many things. To name a few:

• Your playtime.
• Your winning potential. 
• Your possible losses. 

Like in many areas, balance is crucial here. Spending too much? You risk being left with empty pockets. Wagering too little? Without the thrill, the game might not be that fun!

How to Determine the Ideal Amount to Wager: My Top Strategies

Kelly Criterion

Now, let’s get into one of my favorite strategies: the Kelly Criterion. With this formula, I calculate the right amount to wager based on my budget and the odds of success. 

It looks like this:

f = (bp – q) / b

To decode its components:

• f stands for the fraction of your budget to wager.
• b stands for the odds.
• p stands for the probability of success.
• q stands for the probability of losing (which is 1 – p).

Now, let’s crunch the numbers to put it into practice. Say, you’re playing a game with even odds, like 1:1. You believe you have a 55% chance to come out on top. Then, the calculation would look like this:

f = (1 * 0.55 – 0.45) / 1 = 0.10

That is, the Kelly Criterion recommends you bet 10% of your bankroll on that game. I like this method for its preciseness. 

But it’s not without its downsides. For one, it requires you to know the exact probability of winning. In my case, it’s more like an assumption. Plus, the suggested bet sizes are sometimes quite large. So, I rely on my common sense, too!

Flat Betting Strategy

Does the Kelly Criterion sound too complex to you? Check flat betting as a simpler alternative. 

Here, you bet the same sum every time, regardless of wins or losses. Let’s say you have a $1,000 bankroll. Then, you might decide to spend $10 on each game. No tricky calculations, just a stable approach to wagering. 

Personally, I use flat betting for games with even odds – blackjack or roulette.

Proportional Betting Strategy

Want something in the middle? Then go for proportional wagering. With this strategy, you wager a fixed percentage of your current budget. For example, you may allocate 2% of your bankroll to each game.

What I like about this approach is flexibility. Adjust your bet size to your financial situation.

Conservative vs. Aggressive Betting

Now, let’s talk about gambler styles. Are you a conservative bettor, or do you tend to play more aggressively?

• Conservative Betting

As a conservator, you place smaller bets relative to your bankroll. This approach is safe, as it lets you play longer and hedges the risk of losing everything. Here, you can learn more about the best games to play with small bets.

• Aggressive Betting

On the flip side, aggressive betting involves bigger gambling expenses. It’s a high-risk, high-reward approach. It can lure you with big wins, but it also holds the risks of big losses.

Common Mistakes to Avoid

Even the best strategies won’t make you immune to mistakes. Here are a few common ones gamblers make (yes, I made them, too):

• Not Adjusting to Different Games

Each game has its own dynamics and house edge. Adjust your expenses on each one accordingly! Love high-volatility slots? It’s best to go for smaller wagers. If blackjack is your thing, you can afford slightly larger bets thanks to the lower house edge. 

• Overlooking Bonus Terms

Most bonuses come with those sneaky playthrough requirements. Need to spend a bonus amount 30 times before cashing out? Plan your spending accordingly to meet this requirement and not get left empty-handed.

• Letting Emotions Dictate Betting

After a big win or loss, we all get too emotional. Don’t let your feelings cloud your judgment! Take a deep breath, calm down, and get back to the plan you’ve had in mind. Of course, it’s easier to say than to do. But it comes with practice.

Wrapping Up: Bet Smart, Play Longer

Now you see that finding the right wager size is not something extraordinary. I’ve shared several ways to do it, so it’s up to you to decide which one you like most. 

So go ahead, set up your bet, and pave your way to victories!