Dutching betting: split stakes and check every outcome

To split a dutching budget, allocate stakes in inverse proportion to the decimal odds: calculate S = Σ(1 / O_i), then stake_i = B × (1 / O_i) / S, where B is your total stake and O_i is each selection’s odds.

After splitting the budget, check every possible net result: multiply each accepted, rounded stake by its accepted odds, then subtract the total of all accepted stakes. If no selected outcome wins, ordinary win bets lose the entire total stake, unless a void, refund, or special settlement rule applies.

Dutching aims for an equal return if one of your selected outcomes wins—not a profit regardless of the result. That is the distinction in Betfair’s dutching explanation. Gross return includes the winning stake; the net result subtracts all stakes, not just the winning one.

How to split 100 USD across three selections

At decimal odds of 3.00, 4.50, and 6.00, the formula produces rounded stakes of 46.15, 30.77, and 23.08 USD.

For this example, assume three mutually exclusive selections in the same market with the same settlement period. They do not have to cover every possible outcome: another outcome could win. Commission is zero.

Use these inputs:

• Total stake: B = 100 USD.
• Sum of reciprocal odds: S = 1/3.00 + 1/4.50 + 1/6.00 = 0.722222….
• Model equal return if a selected outcome wins: B / S = 138.4615… USD.
• Stake on each selection: B × (1 / O_i) / S.

The ToolsGambling dutching calculator uses this stake-splitting formula. Its model return, however, is not the same as a return recalculated from rounded stakes.

Check the net result for every outcome

The rounded stakes produce slightly different returns for the selected outcomes; an unselected winner produces a loss of 100 USD.

The table assumes that the listed stakes and odds are actually accepted. Stakes are rounded to two decimal places and total 100 USD. Returns below are shown before the operator rounds the payout.

For example, the second selection gives 30.77 × 4.50 − 100 = 38.465 USD. The three decimal places are intentional: this is the arithmetic before operator payout rounding. The operator’s rounding rules may change the final cents.

The unselected-outcome row assumes all selected bets lose. Voids, dead heats, and other special settlement conditions require a separate calculation under the applicable market rules. Betfair’s rules are one primary-source example; check the rules of the operator and market you actually use.

Can dutching lose even when every outcome is covered?

Yes. Covering every outcome does not, by itself, make dutching profitable.

Suppose a market has exactly two mutually exclusive outcomes, both at decimal odds of 1.80. A total stake of 100 USD splits as follows:

Whichever outcome wins, the gross return is 90 USD and the loss is 10 USD. This example assumes complete two-outcome coverage, zero commission, and no special settlement adjustments.

How to reproduce the example in the calculator

In the calculator, choose “Total stake,” enter 100, use decimal odds of 3.00, 4.50, and 6.00, and set the modelled commission to 0.

1. Open the dutching calculator.
2. Select “Total stake.”
3. Enter 100 in the total stake field.
4. Choose decimal odds and enter 3.00, 4.50, and 6.00 in the three odds fields.
5. Set commission to 0.
6. Check that the stake split is 46.15, 30.77, and 23.08.

The calculator displays a model return of 138.46 and a net +$38.46 if a selected outcome wins**. It separately displays **−$100 if none does. The summary uses the unrounded model. Use the table above to audit rounded stakes: their results can differ from the summary.

Dutching calculator with a 100 stake, odds of 3.00, 4.50 and 6.00, stakes of 46.15, 30.77 and 23.08, a conditional profit of 38.46 and a loss of 100 if none winsThe calculator shows both branches: +$38.46 if one of the three selected outcomes wins, and −$100 if another outcome wins. These are model results for the entered odds, not accepted wagers.

The 72.22% inverse-odds sum describes only the three entered selections. It is not the probability that one of them wins and is not the margin of the whole market. That is why the calculator shows the conditional gain and uncovered-outcome loss separately.

The calculator also has target profit and anchor modes. These start from a desired profit or a fixed stake on one selection, respectively. After using either mode, check the total stake and the net result for every possible outcome. A mode name is not a promise of profit.

What should you check before using the split?

Check outcome coverage, accepted stakes and odds, commission, and payout rules. Without those checks, the formula remains only a model.

• Coverage: S < 1 for a partial set of selections does not establish arbitrage. An unselected outcome can still lose the entire total stake.
• Accepted odds and stakes: If either differs from the calculated inputs, recalculate the gross return and net result for every outcome.
• Probability: Reciprocal odds express implied probability, not the true probability of an outcome. The combined implied probability of a partial set does not describe the whole market.
• Commission: Both examples use zero commission. The tool applies a commission multiplier to an individual winning bet’s return, whereas Betfair Exchange charges commission on net market winnings. The calculator therefore is not an exact model of that settlement rule when you place multiple back bets.
• Special settlement: For voids, dead heats, or other adjustments, consult the applicable market rules and recalculate.

Dutching is a way to divide stakes among selected outcomes. For complete-market coverage and how it differs from arbitrage, see the arbitrage betting guide. The essential check here is simpler: what is your net result in every possible outcome, including one you did not select?