Dutching Calculator
Split a stake to target the same return if one of your selected outcomes wins. Compare the total implied probability and see the risk of uncovered outcomes.
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Results
Returns assume one of your selected outcomes wins. An uncovered outcome can lose your full stake; fees and rounding can change the result.
What is Dutching?
How dutching works
Dutching is a betting strategy that allows you to back multiple selections in the same event and distribute your total stake so that you receive the same profit regardless of which selection wins. It is named after the infamous gangster Dutch Schultz, who reportedly used this technique at the racetrack in the 1920s and 1930s. Today, dutching is widely used by professional bettors in horse racing, football, and other sports markets.
The core idea is simple: instead of putting all your money on one outcome, you spread it across two or more outcomes in proportion to their implied probabilities. Selections with shorter odds (lower payouts) receive a larger share of the stake, while longshots receive a smaller share. The result is that every winning outcome produces exactly the same payout, and therefore the same profit or loss.
Dutching vs. Arbitrage
Dutching vs. Arbitrage: Dutching equalizes returns across the selections you enter. Arbitrage also requires covering every possible outcome at prices that leave a profit after costs, with compatible settlement rules. The prices may come from different bookmakers. A combined implied probability below 100% is a pricing condition, not proof that your selections cover the whole market. Bookmaker margins, unavailable odds, stake limits, fees and void bets can prevent the theoretical result.
Common use cases
Common use cases: In horse racing, dutching is used to back two or three fancied runners instead of picking just one, reducing the risk of a losing bet if your second pick wins. In football, you might dutch "Home" and "Draw" when you believe the away team is unlikely to win. On betting exchanges like Betfair, where margins are razor-thin, dutching across selections can occasionally produce a positive expected value. Professional bettors also use dutching as part of larger strategies like matched betting and bonus hunting, where free bet conversions require covering multiple outcomes.
Important note
Important note: For dutching to be profitable, the total implied probability of all your selections must be less than 100%. In practice, a typical bookmaker market has an overround of 105 to 115%, meaning the sum of implied probabilities exceeds 100%. This is the bookmaker's margin. You can only achieve a profitable dutch when the market is priced below 100%, which is rare on traditional bookmakers but possible on exchanges, in early markets, or with promotional odds.
Implied Probability(i) = 1 / Odds(i)Stake(i) = Total Stake × (ImpliedProb(i) / Sum of all ImpliedProb)Return if a selected outcome wins = Stake(i) × Odds(i) (same for all i before rounding)Profit on that outcome = Return - Total StakeProfitable when Sum of Implied Probabilities < 1 (100%)Worked example and limits
With $100 split across decimal odds 3.00, 4.00 and 5.00, the inverse-odds sum is 0.783333. The unrounded stakes are about $42.5532, $31.9149 and $25.5319, giving about $127.66 back if one of those selections wins. Cent rounding changes the returns slightly. If an uncovered outcome wins, the entire $100 can be lost.
Equal returns are derived by setting each stake times its decimal odds to the same amount. A sum below 100% alone does not establish a risk-free profit: selections must cover every possible outcome, settle under compatible rules and remain available at the entered odds. Fees, void bets and stake limits can change the result.
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Frequently Asked Questions
What is dutching?
Dutching is a betting strategy where you split your stake across multiple selections so that you win the same profit regardless of which selection wins. It's commonly used in horse racing and soccer markets.
How is the dutching stake calculated?
The optimal stake for each selection is proportional to 1/(odds × total implied probability). The calculator divides your total stake in this ratio so each outcome returns the same profit.
Is dutching profitable?
Dutching reduces variance by spreading your risk, but it doesn't create an edge over the bookmaker. It's most useful when you have a strong view on a field and want to back multiple selections without being over-exposed to any single one.
What's the difference between dutching and arbitrage?
Dutching equalizes returns across selected outcomes. Arbitrage additionally requires covering every possible outcome with compatible settlement rules and a positive return after costs. A below-100% implied probability sum alone does not establish that coverage.
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