Hedge Calculator

How to use it

1. 1 Enter the stake and odds of the bet you already placed. For a parlay, use the whole parlay stake and its combined odds.
2. 2 Enter the odds now available on the opposite outcome. That is the hedge.
3. 3 Choose a goal: equal profit either way, break even if the hedge wins, or a custom hedge amount.
4. 4 Read the hedge stake and the profit or loss for each way the event can end.

What hedging does

A hedge is a second bet on the opposite outcome of one you already hold. It lowers the variance of the result: you give up some of the upside if your original bet wins in return for a better result if it loses.

Hedging is a choice about risk, not a way to create value. If the hedge price is fair, the expected result is unchanged. If the hedge price includes the vig, hedging costs you a little in expectation.

The three hedge modes

Equal profit: the hedge stake is your original total payout divided by the hedge decimal odds. Both outcomes then return the same total, so your profit is the same either way.

Break even: the hedge stake is your original stake divided by the hedge decimal odds minus 1. If the hedge wins you just get your original stake back, and if the original wins you keep the larger profit.

Custom: you choose the hedge stake and see the profit on both sides. Use it when you want to hedge only part of the position.

Hedging the last leg of a parlay

When all but one leg of a parlay has won, enter the parlay stake as the original stake and the parlay combined odds as the original odds. Enter the odds on the opposite side of the final leg as the hedge odds. The calculator then shows the hedge stake that gives the same result whichever way the last leg lands. That result is a locked-in profit if both bets are accepted at these odds and the original payout is large enough, and a smaller loss otherwise.

A push or a void on the final leg changes the payouts and is not modelled here.

Worked example

You bet $100 at +400 on a team to win a title. The total payout is $500.00 (a $400 profit). The opposite side is now -150, which is 1.67 in decimal.

Equal profit: the hedge stake is $500.00 divided by 1.6667, or $300.00. If your team wins you make $400.00 minus the $300.00 hedge, which is $100.00. If it loses, the hedge returns $200.00 of profit and you lose your $100 original stake, which is also $100.00.

Break even: the hedge stake is $100 divided by 0.6667, or $150.00. If your team wins you make $250.00. If it loses, the hedge profit of $100.00 covers the original stake, so you make $0.00.

The formula

Frequently asked questions