What is Dutching?

Dutching is a betting method where you back several outcomes in the same event and split your stakes so you win the same profit regardless of which of your selections wins. Instead of putting everything on one runner, you spread the total stake across two or more, sizing each bet in inverse proportion to its odds so every winning result returns an identical amount. The stake for each selection is calculated from its implied probability: you convert each price to a percentage (100 divided by the decimal odds), add those percentages, then allocate your total stake by each selection's share of the combined figure. If the combined implied probability is under 100%, the position is an arbitrage that locks in profit; if it is over 100%, Dutching simply equalises the return across your chosen outcomes rather than guaranteeing a profit. Worked example: in a race you fancy three horses at decimal odds of 4.0, 5.0 and 10.0. Their implied probabilities are 25%, 20% and 10%, totalling 55%. With a £100 total stake, you bet £45.45 on the 4.0 (25/55), £36.36 on the 5.0 and £18.18 on the 10.0. Whichever of the three wins, you collect roughly £181.80, a £81.80 profit. If none wins, you lose the full £100. Why it matters: Dutching narrows the outcomes you need to be right about and smooths returns, but it still needs a genuine edge to be profitable over time, since the bookmaker's margin is baked into every price. Compare with arbitrage betting, hedging and implied probability.