Enter the bet you hold
Type the stake and the odds you got. For a futures ticket or a parlay, use the original stake and the total odds.
Hedge bet calculator
Enter the bet you hold and the price on the other side. The calculator finds the hedge for an equal profit either way, a stake-back hedge, or the result of any stake you choose.
For a parlay, enter the parlay stake and its total odds above, then the price against the last leg here.
Hedge for
Your hedge
Bet on the hedge$600.00at -150
If your bet wins+$350.00
If the hedge wins+$350.00
Cash staked$650.00
Open bet pays$1,000.00
Locked: +$350.00 either way. Bet $600.00 on the hedge at -150. Unhedged, your ticket wins +$950.00 or loses $50.00.
Results are profit after both stakes. A hedge is a second bet at the book's price, so a hedge trades expected value for certainty.
How it works, the math and FAQ
How to use the calculator
Ticket, price, goal
Enter the hedge price
Use the best price on the other side across your books. A better hedge price leaves more profit locked in.
Pick the goal
Equal profit locks the same result either way. Stake back covers your stake and keeps the upside. Or test any amount.
When to hedge
A hedge buys certainty at the book's price
A hedge is a new bet with its own vig, so the hedge lowers your expected value. The trade pays off when a loss would hurt more than the expected value you give up. A ticket worth a month of rent deserves a hedge. A $10 ticket at the same odds usually does not.
Bonus bets flip the math. A bonus bet returns only its winnings, so the stake costs you nothing to place. Put the bonus bet on a longshot, hedge the other side with cash, and the calculator shows how much of the bonus turns into money you keep. Prices near +300 to +500 on the bonus side usually convert the most. Past +500, the bigger hold on longshots eats the gain.
The formulas
How the hedge math works
payout = stake × odds (bonus bet: stake × (odds - 1))
equal hedge = payout / hedge odds
stake-back hedge = stake / (hedge odds - 1)
if your bet wins = payout - cash stake - hedge
if the hedge wins = hedge × (hedge odds - 1) - cash stake
all odds in decimal
Example: $50 at +1900, hedge at -150
- Payout: $50 × 20.00 = $1,000
- Hedge: $1,000 / 1.667 = $600
- Your bet wins: $1,000 - $50 - $600 = +$350
- The hedge wins: $600 × 0.667 - $50 = +$350
Reference
Locking a profit on a $1,000 ticket
A $50 bet at +1900 pays $1,000. The equal-profit hedge and the locked profit at common prices on the other side.
| Hedge price | Hedge stake | Profit either way |
|---|---|---|
| -300 | $750.00 | +$200.00 |
| -200 | $666.67 | +$283.33 |
| -150 | $600.00 | +$350.00 |
| -120 | $545.45 | +$404.55 |
| +100 | $500.00 | +$450.00 |
| +120 | $454.55 | +$495.45 |
| +150 | $400.00 | +$550.00 |
| +200 | $333.33 | +$616.67 |
FAQ
Common questions
How do you calculate a hedge bet?
Divide the open bet's total payout by the decimal odds of the hedge. A $50 ticket at +1900 pays $1,000. Against -150, or 1.667 in decimal, the hedge is $1,000 / 1.667 = $600, and you clear $350 whichever side wins.
Should I hedge my bet?
A hedge is a second bet at the book's price, so the hedge carries negative expected value of its own. Hedge when the payout is large next to your bankroll and a loss would hurt. Hold when the ticket is small and the price still favors you.
How do I hedge the last leg of a parlay?
Enter the parlay stake and the parlay's total odds as the open bet. Then enter the price on the other side of the last leg as the hedge.
How do I convert a bonus bet to cash?
Place the bonus bet on a longshot, then hedge the other side with cash, and tick the bonus bet box. A bonus bet returns only its winnings, so the calculator sizes the hedge to the winnings. A $100 bonus bet at +400 hedged at -500 locks $66.67, a 67% conversion.
What does the stake-back hedge do?
The stake-back hedge bets enough to return your original stake if the hedge wins and keeps the rest of the upside on the open bet. The equal-profit hedge splits the result evenly instead.
The Kennel
Read the math in depth
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