Download the appBy Outlier · Updated
About the Arbitrage & Hedge Calculator
A hedge is a bet on the opposite result of another bet. This calculator balances the two stakes so either result pays back about the same amount. It shows the possible profit or cost.
How to use this calculator
- Choose a total budget, or choose to hedge a bet you already placed.
- Enter the odds for both results.
- Enter the total budget or the stake on your existing bet.
- Check how much cash you need and the profit or loss for each result.
Formula and definitions
- To hedge an existing stake: s₂ = s₁ × d₁ ÷ d₂.
- To split a total budget: s₁ = B × d₂ ÷ (d₁ + d₂). Then s₂ = B − s₁.
- Profit if outcome 1 wins = s₁ × d₁ − s₁ − s₂.
- Profit if outcome 2 wins = s₂ × d₂ − s₁ − s₂.
- s₁ and s₂
- The stakes on outcomes 1 and 2.
- d₁ and d₂
- The decimal odds for outcomes 1 and 2.
- B
- Your total budget for both bets.
- Arbitrage
- Prices that could leave a profit whichever covered outcome wins, if both bets are accepted on matching terms.
Worked example
- Suppose both sides offer +110 and your total budget is $100.
- Split the budget into two $50 stakes.
- Either winning bet returns $105. Subtract the $100 spent to get $5 profit before fees.
- At -110 on both sides, the same approach gives a loss instead.
How to read your result
The main result shows the lower profit of the two outcomes after stakes are rounded.
A positive amount is a possible arbitrage. A negative amount shows the cost of balancing the payouts.
Assumptions and limitations
- The two outcomes must cover every result, and only one can win. A three-way soccer market also needs a draw, which this tool does not cover.
- Both bets must be accepted at the entered odds with matching settlement rules. Odds and betting limits can change.
- Stakes are rounded to cents. Fees, taxes, and the sportsbook’s own payout rounding are not included.
Common mistake to avoid
Subtract both stakes from the winning payout. Subtracting only the losing stake makes the profit look too high.
Put your result to work
Try a related calculator, or read our sports betting strategy guides to learn more.
- Hold Calculator — Market margin
- Bonus Bet Conversion Calculator — Bonus value in cash
- Odds Converter — Odds formats & payout
Arbitrage / Hedge FAQs
Is every hedge an arbitrage?
No. A hedge balances your exposure to the two results. It is a possible arbitrage only if the combined bets show a profit for every covered result.
Can I hedge a bet I already placed?
Yes. Choose Hedge an existing bet. Enter the original stake and odds as outcome 1. Outcome 2 is the new cash bet on the opposite result.
How results are calculated
Results use the formulas and assumptions above. Money is rounded to cents. Odds and percentages are rounded to make them easier to read.
The calculator uses the odds and win chances you enter. It does not load live odds.