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Implied Probability in Sports Betting

## Description:

Knowing how to convert betting odds into implied probabilities is fundamental for betting as it helps you assess the potential value on a particular market. Once converted, if the implied probability is less than your assessment, then it represents betting value. The most common odds formats are decimal, American and fractional. The formulas below explain how to convert odds to implied probabilities.

For the examples below we will use Smarkets odds for the Australian Open final between Andy Murray and Novak Djokovic Player. How to Calculate Betting Odds.

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One of the big aspects of understanding the odds which you see at a bookmaker is knowing what they actually mean in terms of probability. The odds that are presented, are calculated by the bookmaker in relation to what the bookmaker thinks the chances of a certain outcome of a sporting event happening is.

To convert Fractional odds to probability there is a simple calculation of Denominator divided by Denominator + Enumerator multiplied by For our 65 odds that is 5 6 + 5 Which calculates to 5 11 5 11 equals multiplied by 45. So the bookmaker believes that Liverpool has a 45 implied chance of winning the game. This odds converter calculates implied probability and can convert odds between american, decimal, faction, indonesian, hong kong, and malay formats.

Implied Probability is how often a bet needs to win on average to break even over the long haul. When betting at even money, if we win half our bets and loses half our bets we’d net even. Therefore the implied probability at even money is 50.

If a bookie was giving us 2-to-1 and we lose twice and win once we’re even. Therefore at 2-to-1 the implied probability is. This is the most important fundamental concept in sports betting. All wagers, no matter what the odds format, have an implied probability. Home Bet Calculator Odds Converter. Odds Converter Change Decimals, Fractions Find Probability. RATING 96 players voted Loading Fractional. If the odds convertor calculator isn’t your cup of tea then there is also an odds convertor table available.

Much like the calculator, this simply displays a list of popular odds offered with each and every other format aligned. For example, looking for fraction odds of 81 will display the decimal, American, and probability odds too.

Why do we need an odds convertor calculatortable? Often, online bookmakers display their odds in one format or the other. While these can be changed, they can be difficult to find while wasting valuable time especially if you’re betting in real time. Free odds converter calculate between all odds types find implied probability.

The odds converter tool offers the easiest way to change between different odds format used in bookmakers and different betting sites, such as Fractional, Decimal and American and even the likes of Hong Kong, Indonesian and Malay odds.

By utilizing our odds converter you will be able to convert sports betting odds in an instant, and on top of that we are listing the most popular upcoming events for different sports with the highest odds available, from the most reputable sportsbooks online, which you can check in a format of your choice. The odds conversion and implied probability calculator is a very useful one to have to hand if you are a punter who bets in a number of different countries with a number of different bookmakers, allowing you to easily understand what the odds quoted mean by translating them into a format you are familiar with.

It also allows you to see how likely the bookies think an event is likely to happen and allows you to judge the value of that bet. Being able to use an odds converter can be crucial to successful betting.

If you do not understand what betting odds represent and how to convert odds, you're diminishing your ability for cross-market comparisons to make smart bets. In this article, we will discuss the three most popular ways of displaying betting odds and how to convert odds to their implied probabilities. By the end of this article, you should have a firm understanding of betting odds and implied probability. Before we get into the math, let’s have a play around with our odds converter.

It’s simple to use and will instantly convert odds from one format to another. It will also display the implied probability of your odds.

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Our Odds Converter covers more forms of odds than most of the converters you’d find online decimal European, fractional UK, Moneyline American, Hong Kong, Indonesian, and Malay style.

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You can also use it to check the implied probability for any particular bet.

Decimal or European odds are most popular among the bookmakers online. They’re simple to understand and easy to calculate the return. That’s what the decimal odds represent the return of your bet. For example, if the decimal odds are and your stake is 10, you get 15 5 profit +. Our odds converter provides a quick and easy way to convert your odds between Fractional, Decimal, American and Implied Probability.

Why is this necessary for your betting? It can make it much easier to assess the value in betting odds offered by a range of bookmakers. Sure, odds like 41 and 92 are reasonably easy to understand.

What if you’re presented with prices such as 114 or 2150. To use the odds converter, simply input the odds in the format of your choosing and press Convert. If you experience any difficulties try refreshing the page. How to use the Odds Converter. To use the converter simply input the odds in the format of your choosing and the different conversions will appear in the Betting Odds Converter as you type.

If you experience any difficulties try refreshing the page. There are three common methods of presenting odds that most bookmakers support. Implied Probability is also useful when evaluating a bet. Used mainly in Ireland and the Unite. Converting the odds to implied probability helps a wager to understand the probability of the outcome.

Let us consider the match between Manchester City and Chelsea in which a betting site offers chances for Chelsea to beat Manchester City. The conversion of the Implied Probability of to its other formats is explained with the formula below.

Getting Decimal odds from Implied Probability. After knowing the implied probability, the next step is to know which odds are in favor of the wager. To convert the probability into decimal odds, 1 is divided by the probability and the resulting.

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Knowing how to convert betting odds can be very helpful. In fact, if you don't know how to convert betting odds into their respective implied probabilities, you're not helping your chances of coming away as a long term winner in the competitive world of sports betting. Understanding the implied probability behind the odds on offer is key to assessing the potential value in a particular betting market.

And it is just as important when assessing the value that exists with regards to specific odds on a particular outcome. If the implied probability is less than your own assessed probabi. Our sports betting odds calculator and converter will allow you to convert odds between different formats instantly. You will also be able to calculate your potential payout based on the odds and your bet amount immediately.

Convert between US odds moneyline odds, decimal odds, fractional odds, Hong Kong odds, Indonesian odds, Malay odds, and implied probability.

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Malaysian odds are similar Indonesian odds and decimal odds. However, is the probability of even money compared to in decimal odds. The calculation for Malaysian odds is simple enough. Stake x Odds Profit when the number is positive and Stake Odds Profits when the number is negative. Convert any sports betting odd with this clear easy to read odds conversion table with decimal, fractional US odds, as well as probability.

However 291 is not used in betting markets, instead 301 is used, so that is what appears in this converter. For an explanation of the odds types on this table see decimal, fractional and American odds. To find out what the numbers really represent see understand odds as probability with overround. Decimal, fractional and American odds.

Understand odds as probability with overround. Overround and probability calculator. Huntercoin an innovative and fun altcoin with poor execution. Free 10 m bitcoin to MIT students for using Nitrogen Sports. Odds Shark’s sports betting odds calculator is a great tool for your handicapping arsenal.

Find out what you’d win based on the odds and amount wagered. The majority of betting sites offer each odds type, so it’s up to you to decide which you like best. Here at Odds Shark, we use the American style. Next, enter the budgeted amount you want to bet with and our calculator will determine how much money you’ll win, and the total payout you’d receive. We have it set to, but you can input any amount you wish. Just make sure your bankroll can handle it.

Sports Betting Odds Calculator Using Moneyline Odds. One of the most common bets is the moneyline. This is a straight-up SU bet where you would simply pick a winner.

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Odds Converter - Convert Betting Odds.

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Enter the odds in any format and click Convert. Fractional Odds Traditional UK. Built into the odds is the sportsbook’s commission, which is silently collected on every bet. In real life, the Colts probably have less of a chance of winning and should pay more while the Bears are even more likely to lose than the odds reflect and should also pay more.

Those are the basics to understanding odds. Knowing how to convert odds to probability, or probability to odds can make spotting value prices and bookmaker mistakes EASY! The bookies all construct their books based on percentage probability and understand it fully.

You can see how Horses 2 3 have been given higher probability scores and thus shorter prices than in the first table. This book adds up to an Over-round self explanatory of. This is what gives the Bookmaker the edge, In this case 10. The above example shows why betting odds change depending on how bets are being placed.

Bookmakers do not think in fractional or decimal prices, they think solely in percentages and adjust their fractionaldecimal odds accordingly to remain over-round.

Betting Odds Calculator Converter. A betting odds calculator and converter multiplies the stake by the odds to determine the potential profit on your sports betting wagers. Simply enter your stakes and odds, and our tools will tell you how much profit you should expect to receive using American, fractional or decimal odds.

A betting odds calculator uses the same criteria and mathematical principles a person uses it simply streamlines the process.

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Let's look Sports betting sites often adjust their implied probability statistics to give themselves an edge, otherwise they would make little profit. As a result, bettors could add 1 to their own implied probability calculations to eliminate the house advantage and determine their potential winnings more accurately. Moneyline Conversion Calculator Implied Probability.

Money Line Implied Probability RESET. The following chart shows how likely a team is to win based off the odds. This is helpful in handicapping because you can see just what percentage of your wagers you need to win at each given money line in order to profit. Get Jimmy's Premium Service FREE with his sportsbook match offer! The left chart is to be used for favorites, the right for underdogs. Win Percentage of wins required to show a profit at a given money line.

For example, you would need to win 80 of all of your bets ju.

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This betting odds converter can help you to convert decimal odds into fractional or moneyline oddsdecimal converter. It may be useful as fraction-decimal converter for converting UKfractional into EUdecimal odds. It also can be used as fraction converter calculator or odds calculator. Once you understand betting odds and the differences between them, reading them becomes easy.

How to understand fractional odds. If a bookmaker offers odds of 31 for an event to occur, you stand to win 3 for every 1 you bet. Now that you can convert odds into the perceived value, it means that you can work out whether you think the bookmakers’ implied probability of an event occurring differs from your own. For example, if you notice that Chelsea has scored a first half goal in 75 of their home games this season but the bookmaker has the market priced at 50 implied probability then you’ve just found some value.

In betting terms, probability is odds expressed as a percentage. The betting odds calculator allows you to input your stake odds in American, Decimal, or Fractional formats to quickly calculate the payout for your bets.

The betting odds calculator allows you to input your stake odds in American, Decimal, or Fractional formats to quickly calculate the payout for your bets. Conversion between the most common odds types for sports betting. Hong Kong odds, US odds, Decimal odds, Indonesian odds, Malaysian odds, and raw Probability are covered in this package.

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Calculating the Implied Probability of betting odds is easy. Simply enter the odds into the Implied Probability Calculator on this page and then hit the Convert button. The Implied Probability of the odds will then be displayed in the Probability box.

If however, you believe Conor has a 50 chance of winning and the Implied Probability in the odds was 60, then there would be no point in placing the bet because the payout in the odds would not be good enough to cover the risk implied in placing the bet. The goal of making money in betting is to try and find bets where there is value.

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You should always convert odds into their Implied Probabilities so that you can determine whether or not you feel the payout from a bet is worth it. In celticfestchicago.uster Betting Odds Conversion.

Description Usage Arguments Value Examples. Convert Indonesian odds to Probabilities. Implied Probability RiskReturn. This calculation shows the Blackhawks have an implied probability of On the other hand, the Canadiens have an implied probability of. Add the two percentages together +. For completeness, the extra is the vig’. To calculate the probability of winning relative to the betting odds Probability of Winning Implied ProbabilityTotal.

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In the sports betting world odds are of critical importance for both bookmakers and punters. After all they indicate the payout rate of your winning bets and show the anticipated outcome probability for every event. It’s not an exact science, but once you start understanding the concept of odds, you are more likely to claim bigger winnings.

The purpose of this topic is to make you familiar with betting odds at all levels. In the following tables you will see a figure for implied probability. This is an indication of how probable a result is and you can read more on that topic later in our article. Convert stated odds to a decimal value of probability and a percentage value of winning and losing.

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This calculator will convert "odds for winning" an event or "odds against winning" an event into percentage chances of both winning and losing.

Be careful if you are using sports teams odds or betting odds. If you see that the Patriots super bowl odds are 92, that is most likely "odds against" and should be entered in the calculator with "Odds are against winning." This calculator will convert "odds of winning" for an event into a probability percentage chance of success.

Odds, are given as chances for success chances against success or vice versa. Our free Odds Converter is a simple tool to convert decimal, fractional and US odds. Welcome to our Odds Converter page. Here, we provide you with useful information when it comes to understanding the difference between decimal, fractional and American odds. Please use the below chart to convert odds between decimal, fractional and American prices according to your betting needs.

Please note that decimal, 1110 fractional and + American are all the same odds but just expressed differently. Most bookmakers and operators offer odds in a decimal and fractional format and it’s easy to change between the two according to your betting needs. Convert odds for winning probability percentages. With this calculator you can calculate the probability of an event, based on the odds, Odds Converter is a quick, simple tool to convert fractional, decimal and moneyline.

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If, for example, a betting company has an odds of for team A to win a soccer game you can, with this calculation, determine the probabality of this event to happen according to the betting company.

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In order to calculate this one need to know or calculate a so called Payback Rate which is determined by the betting company. The Payback Rate is the return the betting company gives back to the players and is usually around 95. This means that the betting company pays out 95 of all turnover and keeps 5.

It is possible to calculate this Payback Rate in this calculation for Compl. Convert between ratio odds e.g. 4 to 1 and percentage odds e.g. 20 using this free poker odds converter tool.

I personally much preferred using percentage odds when I was getting to grips with all this probability business. But on the other hand I know that many players find the ratio format to be the one that makes the most sense at first.

In all honestly, it just comes down to personal preference. Odds Converter tool helps you to convert fractional to decimal or American odds. Basically, there are three ways of stating odds that a lot of bookmakers and sites support. Implied probability is useful too when evaluating some bet or when checking how likely the outcome is.

Decimals quote the potential return that the bet succeeds, as per the stake. For instance, if 5 is the bet at odds of 3, the total return will be 15, potential profit being I.e. Used mainly in Ireland and UK, fractions quote potential profit should the bet succeed, relative to stake. For instance, if 5 is the bet at odds of 21.

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Purpose of Betting Odds Decimal Odds Moneyline Odds Fractional Odds Best Odds Bookies. Usage of the Betting Odds Explained in Detail.

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In the next section, we will have betting odds explained for you. If you are a novice, we do recommend you stick around. Odds are one of the important factors in sports betting, and you need to make sure you understand their purpose and function. As you will see below, there are different odds formats, but they all play the same role they help you determine if a bet is worth placing or not.

You certainly need to read about odds in detail to figure out what the. Bet Calculator Convert Odds American Decimal Fractional. You can convert any odds format to another with USAbetting’s Change Odds Format Calculator. For instance, change American odds to their fractional and decimal versions. It will also settle your bets. Try it out with our odds converter and bet calculator below, just input the odds you want to change Bet Size The calculator will also work out the winnings from your bet.

Just enter the odds of your winner and the bet size and then the net profit will be calculated automatically. Net Profit This field on the form above represents the profit you have made from your winner. It does not include the stake that will also be returned to you by the betting company. So 10 on a + 21 winner will show as a profit of. Odds and probabilities calculation of a football soccer match. The probabilities odds calculation is based on the methods of mathematical statistics see SPORTS and MATHEMATICS, the basic random variables are the distribution of Poisson or Skellam.

Match parameters - Team Goals estimate or basic Odds 1X2 [+ OU]. The odds converter instantly converts fractional, decimal and moneyline betting odds and shows you the implied probability of an event occurring. For more information on betting odds and how they work, please see my Betting Odds Explained guide. A quick reference chart for all of the traditional odds used by bookmakers.

### Related posts Decimal odds can be turned into their implied probabilities via the formula P1odds. If you do this and sum you get so I am guessing there is a small rounding errors in the decimal odds reported. In response to the comment below, yes I am sure since these are,decimal odds. What is missing in this formula is the overhead that a "bookie" often uses to make the odds lower. This formula is odds 1P + sigma, If you assume that the sigma are the same you can calculate this bias, and the probability will sum to 1.

Also see this post How to convert sport odds into perce. Betting odds indicate the predicted chance or probability of an outcome happening. Knowing the odds helps you calculate the probability. Remember, the bookmaker has considered the probability of the outcome before setting the odds, so you as a punter should also consider the probability if you’re looking for continued, long term success in betting.

The key to this is converting odds into implied probability. Converting the odds to probability makes it easier to see the likelihood of your chosen horse winning. Novice punters may be dazzled by the lure of a big win on a horse with odds of, but an experienced veteran will calculate the odds at being less than ten percent and make a decision accordingly.

Identifying value in bookmaker odds. Convert betting odds easily with our odds calculator see how much you can win based on your stake. Works for American, decimal, fractional implied odds! Are you confused by the different ways in which betting odds are presented on online sportsbooks? American, decimal, fractional, implied odds what’s the difference? At WSN, we have created a simple-to-use and free betting odds calculator and converter that lets you convert American, decimal, fractional, and implied odds.

Finally, implied odds are simply the implied probability of winning. As such, they are the result of the conversion of betting odds into a percentage. Bet for Real Money with Legal Sportsbooks. Use Odds Converter Tool to convert odds between American, fractional, decimal, Hong Kong, Indonesian and Malay formats. Enter any one of the seven inputs and the other six will be computed and displayed. Implied Probability is a chance of winning percentage. American Odds are, of course, the most popular at US bookmakers. They’re also known as money line odds or lines.

A negative number indicates what you must bet to make profit and a positive number indicates how much you might profit if you bet They show the fraction of a dollar that would be won from a 1 bet. European decimal Odds express the amount that would be returned from a 1 bet inclusive of original stake.

Hong Kong Odds are like fractional format, except they’re expressed in decimals. American Odds Decimal Odds Fractional Odds Fractional Odds Winnings. It isn’t only probability that these odds are used to calculate, but they are also used to show how much you are likely to win if the event does happen. This calculation is a bit simpler, all you need to do is present the odds as AB and for every B that you bet, you will win A, plus your stake.

Although fractional odds are the more traditional approach, more CSGO betting sites are starting to use decimal odds. Although, these are still not quite as common, they are more likely to be seen on betting exchanges. The calculation for decimal odds is. Visualising probability, prediction and analytics. Calculated based on a wide range of statistical information the probability widgets will give the punter a greater sense of control and thus help to facilitate betting decisions. Clear visualisations that neatly display data in real time make these widgets a great user retention tool that will give you a competitive edge. Season outcome visualisation based on current match result and odds. This visualisation changes in real-time depending on match events. Bookmakers present their odds in decimals, fractions or an American format. They all look different but they all mean the same thing. All odds are a representation of the probability of something happening.

Using implied probability in betting can also help you compare odds between bookmakers. However, if you consider betting to be just about odds, you're missing the bigger picture. To really expand your understanding of odds and betting, you must also understand how to calculate probability. The probability that an event will occur is the fraction of times you expect to see that event in many trials. Probabilities always range between 0 and 1. The odds are defined as the probability that the event will occur divided by the probability that the event will not occur.

If the probability of an event occurring is Y, then the probability of the event not occurring is 1-Y. Example If the probability of an event is 80, then the probability that the event will not occur is, or 20. The odds of an event represent the ratio of the probability that the event will occu. Betting is about assessing the chance or probability of an event happening and bookmakers like Pinnacle use odds to translate probability into a more usable form in order to offer betting. To really expand your understanding of odds and betting, you must also understand how to calculate probability. The fact that there are many different odds formats American, Decimal and Fractional illustrates the point that odds are simply a means to an end i.e. Bookmakers really deal in risk measured by probability.

Considering how we are faced with risk every single day of our lives. Odds calculators in Bet cards, bet slips, bet coupons. Sports Interaction has an odds calculator in the bet card - just click the odds you want to combine, fill in your stake and boom, your potential winnings are staring at your face. Change odds format from the bottom left-hand corner of the page. Implied Probability and Expected Return. Learn more about multi betting. To use the calculator select an odds format, input the odds for the individual selections then click Calculate Parlay Odds. Betting odds is the ratio by which one better's wager is greater than that of another. Bookmakers set odds for events based on many factors. With the ability to read them we can easily determine the probability the bookmaker gives for certain situation to take place. The problem is different bookmakers let punters place their bets in few formats Decimal, Fractional, Moneyline or Malaysian to name the most common. Every format has different formula, but overall they are telling us the same thing - what do bookmaker think the possible outcome will be, and how much money can we win on a bet. Odds Converter - BookMaker Sportbook online betting tools. Get the latest and best online betting applications to make your gambling experience more fun and profitable.

For example, if you bet at odds of 31, you receive profit if you win, plus your stake of back. Used by most European bookmakers. Shows the total amount you will receive if you win, including the return of your stake. For example, if you bet at odds of, you will receive in total if you win.

Over 30 years of experience - As seen on Main Menu. Home Betting Odds Explained How to Understand Odds in Betting. Betting Odds Explained How to Understand Odds in Betting. For anyone new to betting, terms like odds, probability, and payouts may seem a little strange.

Much like anything we come across for the first time, it will take our wonderful brains a little bit of time to process it all. We have a super-easy, lightning-fast betting odds and payout converter tool which can make the whole process as easy as a Sunday morning.

Simply enter the information you require such as fractional odds for moneyline odds hit the convert odds button, and you will have all the info you need. If this sounds simple, it’s because it is. Value bets tool display bets that have odds with implied probability value higher than the real probability of it happening. Those bets are calculated based on a comparison between bookmaker's market odds with total average odds. Oddspedia overvalue algorithm takes into account various factors and collects data simultaneously from at least several bookmakers. Betting with value included in the bets will statistically lead to long-term profits. The "Odds" column features best betting odds available.

The "Probability" column shows the statistical likelihood to win the be. American betting odds are easy to understand. When you see a selection with [ - ] in front of it, you’re looking at the favorite. That negative sign indicates how much money you need to bet to win Let’s take a couple of examples to see how easy it is to understand these sports betting odds Baltimore Ravens [] bet to win Dallas Cowboys [] bet to win Another popular sports betting option is total line odds.

These are known as the over and under bets in the game. If the total number of points exceeds what the bookmaker offers, you can make money by betting on that. Learn about the three popular formats that betting odds are expressed in fractional, decimal, and moneyline. Find out how to interpret these types of odds. Did you know there is a probability 401 odds that Dwayne "The Rock" Johnson will win the next U.S. Presidential Election in, according to one of the well-known betting websites? If you are planning to start betting, be it casino gambling, sports betting, or any other type, it's important to understand the odds. It would be preposterous and absurd to think about placing bets without having a good grip on the main types of betting odds and the ability to read and interpret the various associated formats. Converting Odds to Probabilities. Show 1 more Show less When you calculate probability, you’re attempting to figure out the likelihood of a specific event happening, given a certain number of attempts. Probability is the likelihood of one or more events happening divided by the number of possible outcomes. Calculating the probability of multiple events is a matter of breaking the problem down into separate probabilities and the multiplying the separate likelihoods by one another. Probability vs OddsMario's Math Tutoring. How to find probability and odds and the difference between the two. We also discuss experimental probablility, theoretical probability, odds in favor, and odds Probability Calculation Football Betting TipsSmartCapper. Algorithm probability calculation football betting tips is useful tool for every player who place bets in bookies because helps to predict correctly results of football Implied Probability in Sports BettingOdds Coach.

Implied probability is one of the most use. Sports prediction and betting software. Computes hundreds pre-match and live odds for soccer, hockey, tennis, basketball, baseball, amfootball. More reliable calculations in the tool Odds converter Added ability to add or remove all games attributes in menu Games Addremove attributes Added ability to manually edit strength variables of teams in terms of delta amendments to the computed values. Using sophisticated probability analysis, it does directly instruct bettor as of what bet structure is preferable, as well as of the specific betting fund distribution.

Unlike simple programs based on Kelly criterion, Stake Wizard 4 allows to use a realistic range of bankroll growth, and to specify confidence probability of reaching the target fund.