Overview

Dutching is the practice of backing multiple outcomes in the same market so that any winning ticket returns the same total profit. The calculator takes your target return (or total stake) and tells you exactly how much to put on each runner so the math works out identically no matter which one hits.

The Math

For N runners with decimal odds o1, o2, ... oN, the stake on each runner is:

stake_i = (target_return) / o_i

Total outlay = sum of stakes. The combined market sums implied probabilities; if that sum is below 1.00 you have an arb across multiple outcomes (rare in 3+ way markets but possible in horse racing and futures).

When To Use It

Use it for horse racing exactas, futures markets where you want to back several contenders, golf top-5 fades, and any time you have narrowed a field to 2-4 plausible winners and want flat exposure to the cluster.

Example Walk-through

Masters Top 10 finish, you like four golfers:

• Scheffler +120 (decimal 2.20)
• Rahm +180 (2.80)
• Morikawa +250 (3.50)
• Schauffele +300 (4.00)

Target return: $500. Required stakes:

• Scheffler: 500 / 2.20 = $227.27
• Rahm: 500 / 2.80 = $178.57
• Morikawa: 500 / 3.50 = $142.86
• Schauffele: 500 / 4.00 = $125.00

Total outlay: $673.70. If any one of the four hits, you collect $500 and net −$173.70. So this is not an arb — it is a structured bet that pays $500 regardless of which of your four picks finishes top 10, and loses $673.70 if all four miss. Your implied breakeven is roughly 57.4% probability that at least one wins.

Second example, a 3-way soccer match: Home +220 (3.20), Draw +250 (3.50), Away +280 (3.80). Implied sum = 31.25% + 28.57% + 26.32% = 86.14%. That is a 13.86% market arb across all three outcomes. Dutching $1,000 returns roughly $1,161 regardless of result, a clean $161 profit. Genuine three-way arbs are rare but the calculator finds them when they exist.

Common Mistakes

• Confusing dutching with arbing. Dutching only locks profit when the implied sum is below 1.00. Otherwise you are just structuring exposure.
• Forgetting dead heats. In horse racing, ties split payouts and break the math. Read house rules.
• Rounding stakes. Books require whole-dollar amounts. Round up the smallest legs and accept tiny variance in returns.
• Including dead longshots. Adding a 100-1 horse to round out coverage costs more in stake than it adds in EV.