If you are a gambler or an investor, you can increase your chances of winning and maximizing your long-term returns if you follow a proper strategy or formula, rather than relying solely on your impulses. One such strategy is the Kelly Criterion, which is commonly used by many in the punting community as well as financial markets. What Is It? The Kelly Criterion is a formula developed by J.L. Kelly, who was a researcher at Bell Labs (a place you would never see Harry Solomon from Third Rock From The Sun), in 1956. It helps you calculate the amount you should wager or invest in order to minimize your risks and increase the probability of winning and maximizing