Dutching is a betting strategy where you back multiple selections in the same event and size your stakes so that you win the same profit regardless of which selection wins. It is named after the legendary gambler Dutch Schultz. Unlike arbitrage betting which exploits price differences across different bookmakers, dutching can be done at a single bookmaker. The key is that the combined implied probabilities of your selections must be less than 100% for the dutch to be profitable.

How do you calculate dutching stakes?

To calculate dutching stakes: (1) Convert all odds to decimal format. (2) Calculate each selection's implied probability as 1 divided by the decimal odds. (3) Sum all implied probabilities to get the total implied probability (dutch percentage). (4) Divide each selection's implied probability by the total implied probability, then multiply by your total stake. This gives the individual stake for each selection. The payout from any winning selection will be the same: total stake divided by the total implied probability.

Is dutching the same as arbitrage?

No, dutching and arbitrage are different strategies. Dutching involves backing multiple selections at the same bookmaker in the same event to equalize profit. Arbitrage (arbing) involves backing opposite outcomes at different bookmakers to exploit price discrepancies for a guaranteed profit. A dutch can be profitable or unprofitable depending on the odds. Arbitrage, by definition, always locks in a profit. However, dutching becomes a form of arbitrage when the combined implied probability of your selections falls below 100%.

Can you dutch at one bookmaker?

Yes, dutching is specifically designed to work at a single bookmaker. You select multiple outcomes in the same event and split your stake proportionally across them. This is one of the key differences from arbitrage, which requires accounts at multiple bookmakers. However, you can also dutch across multiple bookmakers if different books offer better odds on different selections, which combines dutching with line shopping for maximum value.

What is the maximum number of selections for dutching?

There is no theoretical maximum number of selections for dutching. You can dutch across as many selections as exist in an event, from 2 to 20 or more. Horse racing fields with 15 to 20 runners are common dutching scenarios. The more selections you add, the higher the total implied probability becomes, making it harder to find a profitable dutch. In practice, most dutching strategies focus on 2 to 5 carefully chosen selections where the combined implied probabilities stay below or near 100%.

Dutching Calculator: Equal Profit Bet Splitter

Q: When is dutching profitable?

Dutching is profitable when the sum of the implied probabilities of all your selected outcomes (the dutch percentage) is less than 100%. This means the combined odds imply less than full probability, leaving a margin in your favor. For example, if you dutch three horses with implied probabilities of 25%, 30%, and 35%, the total is 90%, meaning a profitable dutch with a 10% edge. This is most commonly found in multi-runner events like horse racing, or when a bookmaker misprices several outcomes.

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TL;DR

Dutching lets you back multiple selections in the same event and size your bets so every winner pays the same profit. Enter your odds and total stake above, and the calculator splits everything instantly. A dutch is profitable when the combined implied probability is under 100%. Use our odds converter to switch between formats, or check the hold calculator to see how much margin the book is taking before you dutch.

What Is Dutching?

Dutching is a stake-splitting strategy named after the Prohibition-era gambler Dutch Schultz. The idea is straightforward: you back more than one selection in an event, but you calculate how much to put on each so that whichever one wins, your payout is identical. This turns a multi-outcome event into a single binary bet: either one of your selections wins and you collect a fixed profit, or none of them win and you lose your total stake.

Dutching is especially popular in horse racing, where large fields mean bookmakers sometimes misprice several runners. A bettor who likes three horses in a 15-runner race does not have to pick just one. They can dutch all three and lock in the same return on whichever horse crosses the line first.

The Dutching Formula

For each selection i at decimal odds d_i:

implied_prob_i = 1 / d_i
total_implied = sum of all implied_prob_i
stake_i = total_stake × (implied_prob_i / total_implied)
payout = total_stake / total_implied (same for any winner)
profit = payout − total_stake
dutch_% = total_implied × 100
effective_odds = 1 / total_implied

The critical number is the dutch percentage (total implied probability). Below 100%, you have an edge. At exactly 100%, you break even. Above 100%, the bookmaker's margin is eating into your return. Use our EV calculator to evaluate whether the expected value justifies the risk.

Dutching vs Arbitrage: Key Differences

Arbitrage betting and dutching are both stake-splitting strategies, but they differ in one crucial way: arbitrage exploits price discrepancies across different bookmakers, while dutching splits stakes within a single event, often at the same book.

With arbitrage, you back all possible outcomes so there is zero risk. One side wins at Book A, the opposite wins at Book B, and the price gap guarantees profit. With dutching, you only cover some outcomes, so if none of your selections win, you lose your entire stake. That said, a dutch becomes mathematically equivalent to an arb when the combined implied probability of your covered selections drops below 100%, you have a guaranteed positive return provided one of your picks wins, and the market cannot have an outcome outside your set.

For a deeper comparison, see our guide on how to use an arbitrage calculator alongside dutching tools.

When Is Dutching Profitable?

A dutch is profitable when the sum of implied probabilities for your selections is less than 100%. This happens in a few scenarios:

Bookmaker mispricing: The book has inflated the odds on two or more runners in a large field, creating a sub-100% dutch.
Cross-book dutching: You take the best price from different sportsbooks for each selection. Even if no single book offers a profitable dutch, combining best-available odds across books can push the total below 100%.
Prediction markets: Markets like Kalshi and Polymarket often price brackets (e.g., "Team A margin 1-5", "Team A margin 6-10") that together imply less than the true probability, leaving room for a profitable dutch.

Examples

Horse racing: You like three horses at decimal odds of 5.00, 6.00, and 8.00. Their implied probabilities are 20%, 16.67%, and 12.5%, summing to 49.17%. Dutching a $100 stake means you put $40.68 on the 5.00 pick, $33.90 on the 6.00 pick, and $25.42 on the 8.00 pick. If any of the three wins, you collect $203.39, for a profit of $103.39. The risk is that none of the three win and you lose $100.

Soccer with draw: Suppose a three-way market has the home win at 2.60 and the draw at 3.80. Dutch percentage = (1/2.60 + 1/3.80) × 100 = 38.46% + 26.32% = 64.78%. You are well under 100%, so this is a profitable dutch if you are confident the away team will not win. You bet $59.38 on the home win and $40.62 on the draw from a $100 stake. Either outcome returns $154.37, a $54.37 profit.

Dutching Prediction Markets

Prediction markets like Kalshi and Polymarket break events into many brackets. For example, "Total points scored: 190-200, 200-210, 210-220" and so on. Because each bracket is priced independently by market makers, the implied probabilities of adjacent brackets sometimes sum to less than the true probability of the combined range. A dutching strategy across three or four brackets can lock in value that a single-bracket bet cannot. Claw Arbs scans these bracket markets automatically and flags dutching opportunities in real time.

Common Mistakes

Ignoring uncovered outcomes. Dutching does not cover every outcome. If you dutch three horses and a fourth wins, you lose everything. Always consider the probability of an uncovered outcome.
Mixing odds from stale lines. Odds move fast. If you grab one price now and another five minutes later, the dutch may no longer be valid. Place all legs as close to simultaneously as possible.
Forgetting the vig. A dutch percentage of 98% looks profitable, but if the book charges a 3% margin, your effective edge is negative. Use the hold calculator to check.
Rounding stakes. Rounding your stakes to whole dollars breaks the equal-payout property. Use the exact amounts the calculator gives you, or accept a small imbalance.
Confusing dutching with hedging. Hedging is placing a bet after an initial bet to reduce risk. Dutching is placing all bets simultaneously with pre-calculated stakes.

Free Dutching Calculator