Hi,
I haven't been able to find a prior question or thread on an issue I need some help on.
I import a min back price and max lay price for my horse selections and calculate bet amounts via a variation of the kelly formula. It seems to work well, but now i want to limit bet placement where the kelly 'overlay' is 5% or greater.
For instance the condition determining back bet size is as follows:
back_bet_size*my_balance*((((back_price-1)*(1/rated_price1))-(1-(1/rated_price1)))/(back_price-1))/100
*back_bet_size is my kelly fraction
Would there be a way to introduce another condition that omits the "back_bet_size*my_balance" portion of the calculation to determine whether any overlay is greater than the threshold?
Appreciate any advice as I am a bit of a newb.