Betting Strategies – the Kelly Criterion Vs the Miller System

Betting on cricket is not only about betting on your favorite teams or players. Bookmakers have evolved through time and progressed in the technological era. They have ensured that the house edge and betting odds are beneficial to the house. So how do professional bettors make profits? The answer is simple bettors have also developed strategies to help them win. Cricket is a popular sport in India with a vast betting market. You will find that professionals use many different betting systems when betting on Cricket in India. The most popular systems are the kelly criterion, miller system, dogon betting strategy, flat betting, martingale strategy, etc.

You will find that each strategy has its pros and cons. Some systems follow basic mathematics, while others are more focused on how the games unfold. We will be discussing the two most important strategies today. Let’s have a run-through about how the betting strategies actually work. While professionals know how to make the best use of a system, it can be difficult for beginners.

How Do Betting Strategies and Systems Work?

Cricket is an engaging game with many different formats and leagues. The betting market for cricket offers many betting options that a betting strategy can easily cover. Straight bets, player side bets, team side bets, and in-play bets are a few betting options, but not all. You might face losses if you stick to a single bet, but a strategy can group them together in a single ticket. There are many advantages of using a betting strategy, like splitting the wager between different players or teams. You can also use them for a specific match or place a bet for each bet on the list.

You can use many strategies, but two types of strategies can be especially beneficial for you. The two main betting strategies are based either on mathematical analysis or game-related. After discussing the basis for our strategies, we will be discussing the miller system and the kelly criterion.

Mathematical Analysis Based Betting Strategies

Cricket bettors are well acquainted with betting strategies based on mathematical analysis. The main focal point of these systems is choosing the correct odds offered to you and making combinations of bets. Some of the most popular betting strategies that have a base of mathematical analysis are:-

  • The Ladder System
  • The Martingale Strategy
  • Flat Betting

Betting Strategies That Are Game Related

Game-related betting plans and mathematical betting strategies are fundamentally different from each other. These are based on your knowledge and skills to predict the future of how a game will end. You need to have a deep understanding of the odds, betting lines, and combinations to successfully use the game-related strategies.

The Kelly Criterion vs The Miller System

There are many different ways for you to distinguish between different betting strategies. You can differentiate using the odds, the teams, or the amounts at stake. We have shared a list of the top betting strategies. We will discuss the Kelly criterion and Miller system. Find the list of top betting strategies below:-

  • Dogon Betting
  • Flat Betting
  • “Percentage of Bank” Strategy
  • Martingale Strategy
  • D’Alembert Betting Strategy
  • Counter-D’Alembert Strategy
  • Oscar’s Grind Strategy
  • The Kelly Criterion
  • The Miller System
  • The Ladder System
  • Danish Betting System
  • Tank Attack Method
  • +60% Mathematical betting Strategy
  • Correct Score Betting
  • The Monty Hall Paradox Betting Strategy

The Kelly Criterion

It is a mathematical system that is useful for multiplying your betting profits. The betting system uses a formula (N = ( (Z*P-1) / (Z-1) ) * B or N = ( (2.2*0.37-1) / (2.2-1) ) * $1000). Here, N – the size of your bet, Z – the bookmaker’s coefficient, P – your probability, and B – your bankroll ($1,000).

For Example, a bookmaker gives you betting odds of 2.2 for Pakistan to not lose against Australia. The match is being played in Sydney. And your opinion says that Pakistan has a lower chance than the one given by the bookmaker. Then you can employ this strategy. This is how you can decide whether to use the Kelly Criterion or not.

The Miller System

The Miller System gives you a 53% winning rate. You can use this strategy for odds that are higher than 1.9 or 2/1. The second condition of using this strategy is to make a profit of 25% before increasing the bet value. This system can help you to greatly increase your earnings in the long run.

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