What Is Each-Way Dutching? Complete Guide to Stakes, Calculations & Strategy

Each-way dutching is a sophisticated betting strategy that combines two distinct concepts: dutching (spreading stakes across multiple selections) and each-way betting (placing both win and place bets on the same selection). By using each-way dutching, bettors can split their total stake across multiple each-way selections in such a way that they guarantee an equal profit regardless of which selection wins or places. This approach significantly increases the probability of achieving a return while maintaining mathematical certainty of profit when executed correctly.

What Is Each-Way Dutching? (Definition & Core Concept)

Defining Each-Way Dutching

Each-way dutching is the practice of dividing a betting stake across multiple each-way selections so that the same amount of profit is returned if any one of those selections either wins or places. Rather than placing a single large bet on one outcome, the bettor strategically allocates smaller amounts across several selections, all calculated to produce identical profits.

The fundamental principle is elegant: instead of choosing between multiple horses in a race and hoping your pick wins, you back several horses with carefully calculated stakes. If any of your selections finishes in the winning position or in one of the place positions (typically the first four finishers, depending on the race size), you profit by the exact same amount.

The Two Components: Dutching + Each-Way

To fully understand each-way dutching, you must understand how these two strategies work independently before combining them.

Dutching is a betting method where you place bets on multiple potential outcomes of a single event. The stakes on each selection are calculated so that if any one wins, your profit is identical. For example, if you dutched three horses in a race with different odds, you'd stake more on the horse with worse odds (higher odds) and less on the horse with better odds (lower odds). This mathematical balancing ensures that regardless of which horse wins, you pocket the same profit.

Each-way betting is a two-part wager. When you place an each-way bet, you're actually placing two separate bets: one on your selection to win, and another on your selection to place (finish in one of the first few positions). If your selection wins, both parts of the bet win. If it only places, the win part loses but the place part wins, though at reduced odds.

When you combine these concepts, you create a powerful strategy: you dutching multiple selections, with each selection being an each-way bet. This means you have multiple chances to profit (from wins or places), and your stakes are distributed to ensure equal returns.

Why Bettors Use Each-Way Dutching

Bettors employ each-way dutching for several compelling reasons. First, it dramatically increases the probability of achieving a return. Instead of needing one specific horse to win, you profit if any of your selected horses wins or places. In a race with 10 horses where you've dutched four selections, you're effectively covering 8 potential finishing positions (4 selections × 2 outcomes: win or place).

Second, it provides psychological comfort through risk management. Rather than placing one large bet and hoping, you're spreading your risk across multiple outcomes with mathematical certainty. You know exactly what your maximum loss is and what your guaranteed profit will be if any selection performs as expected.

Third, for serious bettors and matched betting practitioners, each-way dutching can be used to lock in profits from bookmaker offers, particularly place bets and each-way specials that offer enhanced odds or reduced place terms.

How Does Each-Way Dutching Work? (Mechanism & Process)

The Dutching Principle

The core of dutching rests on a simple principle: implied probability. Every set of odds represents a probability. For example, odds of 3.0 (or 2/1) imply a 33.3% probability. Odds of 5.0 (or 4/1) imply a 20% probability.

When you dutching, you calculate the implied probability of each selection and then determine what stake each selection needs to receive so that all stakes, when multiplied by their respective odds, produce identical returns. Here's the basic logic:

If you have three selections with odds of 3.0, 4.0, and 5.0, and you want to stake £100 total, the implied probabilities are:

• Selection A (3.0 odds): 1 ÷ 3.0 = 0.333 (33.3%)
• Selection B (4.0 odds): 1 ÷ 4.0 = 0.25 (25%)
• Selection C (5.0 odds): 1 ÷ 5.0 = 0.20 (20%)

The sum of these probabilities is 0.883 (88.3%). You then divide each individual probability by this sum and multiply by your total stake to get the stake for each selection. This ensures that if any selection wins, your return is identical.

The Each-Way Component

An each-way bet introduces an additional layer of complexity because each selection now has two potential winning outcomes: the win and the place.

Place odds are different from win odds. They're typically calculated as a fraction of the win odds. For example, if a horse has win odds of 10.0, the place odds might be 2.5 (which is 10.0 ÷ 4). The exact place odds depend on the bookmaker and the place terms, which specify how many places are available and what fraction of the odds is used.

Place terms vary depending on the number of runners in the race:

For example, if a horse has win odds of 8.0 and the place terms are 1/5 odds, then the place odds are 8.0 ÷ 5 = 1.6. This means if your horse places, your return is 1.6 times your stake on the place bet.

Combining Both Concepts

When you combine dutching with each-way betting, you must account for both the win odds and the place odds of each selection. The calculation becomes more complex because you're essentially dutching two separate markets simultaneously.

You have a choice: you can set your stakes so that you achieve equal profit if any selection wins, or you can set them so you achieve equal profit if any selection places. Some sophisticated bettors even calculate stakes to achieve equal profit across both outcomes.

Here's a simplified example: if you're dutching three horses as each-way bets, you need to calculate stakes so that:

• If Horse A wins, you profit £X
• If Horse B wins, you profit £X
• If Horse C wins, you profit £X
• If Horse A places (but doesn't win), you still profit £X (or a different predetermined amount)
• And so on for all place outcomes

This is why most bettors use automated calculators for each-way dutching rather than doing it by hand.

Where Did Each-Way Dutching Come From? (History & Origins)

The Origin of Dutching

The term "dutching" has a colourful history rooted in 1920s America. It's named after Arthur Simon Flegenheimer, better known as Dutch Schultz, a notorious New York gangster and bootlegger during Prohibition. Dutch Schultz was known for his involvement in various criminal enterprises, including illegal gambling operations at racetracks.

The legend goes that Dutch Schultz, working as an accountant for organized crime, developed a method to consistently profit from horse racing regardless of which horse won. He would calculate stakes on multiple horses so that his profit would be identical no matter which one crossed the finish line first. This gave him an edge over the bookmakers and helped him accumulate significant wealth from racetrack betting.

While the exact details of this origin story are difficult to verify with historical certainty—some sources suggest it may be embellished or mythologized—the term "dutching" has stuck in betting culture for over a century. It's one of the few betting strategies that carries a criminal underworld pedigree, though dutching itself is entirely legal in modern times.

Evolution to Each-Way Dutching

Dutching remained primarily a win-betting strategy for most of the 20th century. Bettors would dutching multiple selections on win markets, using manual calculations or, later, mechanical calculators.

The evolution to each-way dutching occurred gradually as betting markets became more sophisticated. With the rise of each-way betting as a standard offering from bookmakers, particularly in horse racing, bettors began experimenting with combining dutching principles with each-way bets. This was particularly popular in the UK, where each-way betting is a cultural norm in horse racing.

In the modern era, the rise of matched betting (a strategy where bettors use bookmaker promotions to lock in profits) has revived interest in each-way dutching. Matched bettors use each-way dutching to maximize returns from place-specific offers and enhanced odds promotions. The availability of sophisticated online calculators and betting software has made each-way dutching accessible to ordinary bettors rather than just professional gamblers.

How to Calculate Each-Way Dutching Stakes? (Mathematical Breakdown)

The Basic Calculation Formula

The foundation of dutching calculation is the concept of implied probability. Every set of odds can be converted to an implied probability using the formula:

Implied Probability = 1 ÷ Decimal Odds

For example:

• Odds of 2.0 = 1 ÷ 2.0 = 0.50 (50% implied probability)
• Odds of 3.5 = 1 ÷ 3.5 = 0.286 (28.6% implied probability)
• Odds of 5.0 = 1 ÷ 5.0 = 0.20 (20% implied probability)

Once you have the implied probabilities for all your selections, you calculate the sum of all implied probabilities. This sum tells you the bookmaker's margin.

Then, for each selection, you calculate its stake as follows:

Stake for Selection = (Implied Probability ÷ Sum of All Probabilities) × Total Stake

Let's work through a complete example:

Example: Three Horses with Different Odds

You want to dutching three horses in a race with a total stake of £300. The win odds are:

• Horse A: 2.5
• Horse B: 4.0
• Horse C: 6.0

Step 1: Calculate implied probabilities

• Horse A: 1 ÷ 2.5 = 0.40
• Horse B: 1 ÷ 4.0 = 0.25
• Horse C: 1 ÷ 6.0 = 0.167

Step 2: Sum the implied probabilities

• Total: 0.40 + 0.25 + 0.167 = 0.817

Step 3: Calculate stakes for each selection

• Horse A stake: (0.40 ÷ 0.817) × £300 = £147.00
• Horse B stake: (0.25 ÷ 0.817) × £300 = £91.88
• Horse C stake: (0.167 ÷ 0.817) × £300 = £61.32

Step 4: Verify the profit

• If Horse A wins: £147 × 2.5 = £367.50. Profit = £367.50 - £300 = £67.50
• If Horse B wins: £91.88 × 4.0 = £367.50. Profit = £367.50 - £300 = £67.50
• If Horse C wins: £61.32 × 6.0 = £367.50. Profit = £367.50 - £300 = £67.50

All three outcomes produce identical profit of £67.50. This is the essence of dutching.

Calculating for Each-Way Bets Specifically

Each-way dutching is more complex because you must account for both win odds and place odds. You have two main approaches:

Approach 1: Equal Profit on Wins

You can calculate stakes so that if any selection wins, you profit by the same amount. The place portions of the bets are simply additional profit. This is simpler to calculate but less elegant mathematically.

Approach 2: Equal Profit on Wins AND Places

You can calculate stakes so that you achieve equal profit whether any selection wins or places. This is more mathematically complex but provides superior profit distribution.

Let's work through a practical example using Approach 1 (equal profit on wins):

Example: Each-Way Dutching on Three Horses

Race details:

• Three horses: A, B, C
• Win odds: A (3.0), B (4.0), C (6.0)
• Place odds: A (1.5), B (1.8), C (2.4) [calculated at 1/4 place terms]
• Total stake: £300
• Target win profit: £67.50 (as calculated above)

For each-way bets, you stake on both the win and place portions. Here's the allocation:

• Horse A: £73.50 to win + £73.50 to place = £147.00 total
• Horse B: £45.94 to win + £45.94 to place = £91.88 total
• Horse C: £30.66 to win + £30.66 to place = £61.32 total

Outcomes:

• If Horse A wins: (£73.50 × 3.0) + (£73.50 × 1.5) = £220.50 + £110.25 = £330.75. Profit = £30.75
• If Horse A places only: (£73.50 × 1.5) = £110.25. Loss on win part = -£73.50. Net = £36.75

Wait—this example shows that place outcomes don't produce equal profit. To achieve equal profit on both wins and places, you'd need to use a more sophisticated calculator that solves simultaneous equations. This is why most bettors use automated tools.

Using an Each-Way Dutching Calculator

Given the complexity of manual calculations, especially for each-way bets with place odds, most bettors use each-way dutching calculators. These online tools automate the process and handle all the mathematical complexity.

A typical each-way dutching calculator requires the following inputs:

1. Total stake (or target profit)
2. Number of selections (usually 2-6)
3. Win odds for each selection
4. Place odds for each selection (or the place terms, from which place odds are calculated)
5. Target outcome (equal profit on wins, equal profit on places, or equal overall profit)

Once you input these details, the calculator instantly provides:

• The exact stake for each selection
• The exact stake for the win and place portions of each bet
• The guaranteed profit if any selection wins or places
• The maximum loss if none of your selections place

Popular each-way dutching calculators include those offered by AceOdds, OddsMonkey, and Matched Betting Blog. Most are free to use and require no registration.

Practical Examples: Each-Way Dutching in Action (Real-World Scenarios)

Example 1: Three Horses at Different Odds

Let's imagine you're betting on the 3:30 at Ascot. You've identified three horses you fancy, but you're not confident enough to back just one. The horses and their odds are:

• Midnight Runner: 2.2 (win odds), 1.4 (place odds)
• Golden Dream: 3.5 (win odds), 1.8 (place odds)
• Silver Streak: 5.0 (win odds), 2.2 (place odds)

You decide to dutching these three as each-way bets with a total stake of £200, targeting equal profit on wins.

Using a calculator, you get:

• Midnight Runner: £89 to win, £89 to place (£178 total)
• Golden Dream: £56 to win, £56 to place (£112 total)
• Silver Streak: £40 to win, £40 to place (£80 total)

Outcomes:

• If Midnight Runner wins: (£89 × 2.2) + (£89 × 1.4) = £195.80 + £124.60 = £320.40. Profit: £120.40
• If Golden Dream wins: (£56 × 3.5) + (£56 × 1.8) = £196 + £100.80 = £296.80. Profit: £96.80
• If Silver Streak wins: (£40 × 5.0) + (£40 × 2.2) = £200 + £88 = £288. Profit: £88

(Note: These profits aren't perfectly equal due to rounding, but a calculator would produce precise equal values.)

The key point: you're guaranteed a profit if any of these three horses wins. You also profit if any of them places. The only way you lose is if none of them finishes in the top positions.

Example 2: Adjusting for Different Place Terms

Place terms vary between bookmakers and races. In a large-field race with 15+ runners, the place terms are typically 1/5 odds, 4 places. In a smaller field of 8-14 runners, it's 1/5 odds, 3 places.

Suppose you're dutching the same three horses, but this race has 16 runners (so 1/5 place terms):

• Midnight Runner: 2.2 (win), 1.44 (place at 1/5)
• Golden Dream: 3.5 (win), 1.7 (place at 1/5)
• Silver Streak: 5.0 (win), 2.0 (place at 1/5)

The place odds are now tighter (closer to 1.0) because there are more places available. This affects the stake distribution. A calculator would show you need to adjust your stakes because the place portions of the bets are now less valuable. You might need to stake more overall or accept a lower guaranteed profit.

Example 3: Comparing Outcomes

Let's compare the profit/loss across all possible outcomes for our first example (three horses, equal profit target):

This table reveals the strategy's weakness: if one of your selections places but doesn't win, you lose money on the win portion of the bet. You only profit if at least one selection wins. This is why each-way dutching works best when you're confident at least one of your selections will win or place, not just place.

Each-Way Dutching vs Related Betting Strategies (Comparisons)

Each-Way Dutching vs Standard Dutching

Standard dutching involves placing win bets only on multiple selections, with stakes calculated so that identical profit results if any selection wins. Each-way dutching places both win and place bets on multiple selections.

The key differences:

• Coverage: Standard dutching covers only win outcomes. Each-way dutching covers both wins and places.
• Profit probability: Each-way dutching has higher probability of profit because you win if selections place, not just if they win.
• Complexity: Each-way dutching is more complex due to place odds calculations.
• Stake size: For the same total stake, each-way dutching requires lower individual stakes because the stake is split between win and place portions.
• Best use: Standard dutching for markets where place betting isn't available (football, tennis). Each-way dutching for horse racing and sports with place markets.

Each-Way Dutching vs Lay Betting

Lay betting (available on betting exchanges) involves betting against a selection—essentially taking the role of the bookmaker. You profit if the selection doesn't win.

Comparison:

• Risk profile: Lay betting has unlimited loss potential. Each-way dutching has fixed, known maximum loss.
• Profit mechanism: Lay betting profits from losses. Each-way dutching profits from wins/places.
• Availability: Lay betting requires a betting exchange. Each-way dutching works with standard bookmakers.
• Complexity: Both are complex, but in different ways.
• Tax implications: Lay betting may have different tax treatment depending on jurisdiction.

Each-Way Dutching vs Arbitrage Betting

Arbitrage betting (or "arbing") involves placing bets on all possible outcomes of an event across different bookmakers, exploiting odds differences to guarantee profit regardless of outcome.

Comparison:

• Profit guarantee: Both can guarantee profit if executed correctly.
• Bookmaker odds: Arbitrage relies on differences between bookmakers. Each-way dutching works with a single bookmaker's odds.
• Availability: Arbitrage opportunities are rare and disappear quickly. Each-way dutching is always available.
• Stake size: Arbitrage typically requires very large stakes for small guaranteed profits. Each-way dutching can work with modest stakes.
• Bookmaker restrictions: Both are discouraged by bookmakers, but each-way dutching is more openly accepted.

What Are the Advantages of Each-Way Dutching? (Benefits & Opportunities)

Increased Chances of Profit

The most obvious advantage of each-way dutching is that it dramatically increases your probability of achieving a return. In a typical horse race with 10 runners, if you back one horse to win, you have a 10% chance (ignoring odds). If you dutching four horses as each-way bets, you have multiple ways to profit:

• Profit if any of your four selections wins
• Profit if any of your four selections places (typically top 4 finishers)

This means you're effectively covering 8 potential finishing positions out of 10. Your probability of profit is far higher than with a single bet.

Profit Guarantee (When Structured Correctly)

If you calculate your stakes correctly using proper dutching mathematics, you achieve a mathematical guarantee: if any of your selections wins, you profit by a predetermined amount. This removes the guesswork and emotion from betting. You know exactly what you'll win before you place the bets.

For serious bettors, this certainty is invaluable. It allows for disciplined, systematic betting without the emotional rollercoaster of hoping your pick comes in.

Risk Management

Each-way dutching provides excellent risk management. You know your maximum loss upfront (the total stake if none of your selections place). You can structure your stakes to ensure the guaranteed profit outweighs the maximum loss over a series of bets, creating a profitable long-term betting system.

This is particularly valuable for matched betting, where bettors use bookmaker promotions to lock in profits. Each-way dutching amplifies these profits by covering multiple outcomes.

Flexibility and Adaptability

Each-way dutching can be adapted to different race conditions, odds environments, and betting markets. You can adjust your target profit, change the number of selections, or modify your approach based on place terms and odds availability.

What Are the Disadvantages & Risks of Each-Way Dutching? (Challenges & Limitations)

Complexity of Calculation

Manual calculation of each-way dutching stakes is error-prone and time-consuming. A single mistake in your stake calculation can destroy your profit guarantee. This is why most bettors rely on calculators. However, even with calculators, you must understand the inputs and verify the outputs.

Additionally, if you're dutching across multiple bookmakers (which is often necessary to find the best odds), you must verify that each bookmaker's place terms match your calculations. A discrepancy can turn a profitable bet into a losing one.

Bookmaker Restrictions

Some bookmakers actively discourage dutching, viewing it as a threat to their profitability. They may:

• Limit the number of selections you can place in a single bet
• Restrict stake sizes on dutching bets
• Close accounts of bettors they identify as dutching systematically
• Change odds or place terms after you've identified a dutching opportunity

These restrictions are more common for matched betting and professional bettors, but casual bettors can also face limits.

Place Odds Variability

Place odds are not fixed. They depend on the bookmaker, the race conditions, and sometimes change as money flows in and out of the market. If place odds change between when you calculate your stakes and when you place your bets, your profit guarantee evaporates.

For example, if you calculate stakes assuming place odds of 2.0 but the bookmaker reduces them to 1.8 before you bet, your profit guarantee no longer holds. This is particularly problematic if you're dutching across multiple bookmakers with different place odds.

Stake Size Limitations

Each-way dutching requires placing multiple bets with specific stakes. Bookmakers may have minimum and maximum stake limits. If your calculated stakes fall outside these limits, you can't place the bets as planned. This is especially problematic for high-value dutching with large total stakes.

Reduced Profit Margins

The profit from each-way dutching is often modest relative to the stake. If you dutching three horses with a £300 stake, your guaranteed profit might be only £60-£80. This is a 20-27% return, which is excellent, but it requires capital to be tied up and assumes you place many bets. For casual bettors, the modest profit margins may not justify the effort.

Common Mistakes in Each-Way Dutching (What to Avoid)

Miscalculating Place Odds

The most common mistake is treating place odds the same as win odds or using incorrect place odds in calculations. Place odds are always lower than win odds (typically 1/4, 1/5, or 1/6 of the win odds). Using win odds in place of place odds will skew your stake calculations and destroy your profit guarantee.

How to avoid it: Always verify the place odds before calculating stakes. Check the bookmaker's terms explicitly. Use a calculator that clearly separates win odds from place odds.

Ignoring Bookmaker Place Terms

Different bookmakers have different place terms. One bookmaker might offer 1/4 odds, 2 places, while another offers 1/5 odds, 3 places. If you calculate stakes based on one bookmaker's terms but place bets with another, your calculations are invalidated.

How to avoid it: Always check place terms before placing bets. If dutching across multiple bookmakers, ensure you use the specific place terms of each bookmaker in your calculations.

Not Accounting for Commissions or Margins

Bookmakers build in a margin—the odds they offer are slightly worse than the true probability. This margin reduces your profit. Some bettors forget to account for this margin when calculating stakes, resulting in lower profit than expected.

Additionally, if you're using a betting exchange (which offers better odds), you pay a commission on winnings. This commission must be accounted for in your calculations.

How to avoid it: Use calculators that include bookmaker margin adjustments. If using a betting exchange, account for commission in your stake calculations.

Placing Bets at Different Times

If you calculate stakes when odds are at certain levels but place your bets later when odds have changed, your profit guarantee is lost. This is particularly problematic in fast-moving markets like horse racing, where odds can shift significantly in the minutes before a race.

How to avoid it: Calculate stakes immediately before placing bets. Place all bets as quickly as possible to minimize the time window for odds changes.

Forgetting the Each-Way Component

Some bettors accidentally place only win bets instead of each-way bets, or vice versa. This defeats the purpose of each-way dutching and destroys the profit guarantee.

How to avoid it: Double-check your betting slip before confirming. Verify that each bet shows both the win and place portions.

When Should You Use Each-Way Dutching? (Strategic Application)

Best Scenarios for Each-Way Dutching

Each-way dutching works best when:

1. Multiple selections have reasonable odds: You need odds that allow for profitable dutching. If all selections are heavy favorites (odds under 2.0), the profit margins become very thin.

2. Place terms are favorable: Wider place terms (1/4 odds, more places) make each-way dutching more profitable than tight terms (1/6 odds, fewer places).

3. You have capital available: Each-way dutching requires placing multiple bets simultaneously. You need sufficient capital to cover all stakes.

4. You have time to calculate: Manual calculation takes time. You need to be able to calculate stakes before odds move.

5. Bookmakers allow it: Ensure your chosen bookmakers don't restrict dutching bets.

Races Where Each-Way Dutching Works Best

Each-way dutching is particularly effective in:

• Large-field races (15+ runners): More place positions and wider place terms make profit more likely.
• Handicap races: Handicaps typically have varied odds, which creates better dutching opportunities than weight-for-age races where favorites are more likely.
• Races with uncertain outcomes: When no horse is a dominant favorite, multiple selections have reasonable odds, making dutching viable.
• Races with enhanced place odds: During promotional periods, bookmakers offer enhanced place odds, creating superior dutching opportunities.

Frequently Asked Questions

What is the difference between each-way dutching and standard dutching?

Standard dutching places win bets only on multiple selections with stakes calculated for equal profit if any selection wins. Each-way dutching places both win and place bets on multiple selections, covering both winning and placing outcomes. Each-way dutching has higher probability of profit but is more complex to calculate.

How do you calculate each-way dutching stakes manually?

Calculate implied probabilities for each selection (1 ÷ odds). Sum the implied probabilities. For each selection, divide its implied probability by the sum and multiply by your total stake. This gives the stake for the win portion. Divide this stake equally between win and place portions. For place odds to also produce equal profit, use a more complex simultaneous equation approach or a calculator.

Can you make guaranteed profit with each-way dutching?

Yes, if you calculate stakes correctly and all bets are matched at the odds you assumed. However, the guarantee only applies if at least one selection wins. If all selections place but none wins, you lose money on the win portions. Additionally, if odds change between calculation and placement, the guarantee is lost.

What place odds should I look for in each-way dutching?

Higher place odds (closer to the win odds) are better for dutching. Place odds of 1/4 win odds are better than 1/5 or 1/6. Wider place odds mean higher payouts on place bets, making the overall dutching more profitable. Look for races or bookmakers offering enhanced place odds.

Do bookmakers allow each-way dutching?

Technically yes, but some bookmakers discourage it and may restrict dutching bettors. They might limit stake sizes, restrict the number of selections, or close accounts of identified dutching practitioners. Each-way dutching is more tolerated than standard dutching because it's less obviously profitable to bookmakers, but systematic dutchers can still face restrictions.

What is the best each-way dutching calculator?

Popular options include AceOdds Each-Way Dutching Calculator, OddsMonkey Dutching Calculator, and Matched Betting Blog calculators. All are free and reliable. Choose one that clearly displays place odds and allows you to input place terms. Some calculators offer advanced features like commission adjustments and multiple profit targets.

How does place terms affect each-way dutching profitability?

Tighter place terms (1/6 odds instead of 1/4) reduce place odds and make each-way dutching less profitable. Races with 1/4 place terms are better for dutching than those with 1/5 or 1/6 terms. Always check place terms before calculating stakes, as they vary by race size and bookmaker.

Is each-way dutching legal?

Yes, each-way dutching is entirely legal. It's a legitimate betting strategy used by professional bettors, matched betting practitioners, and casual bettors. However, bookmakers may restrict or discourage it in their terms and conditions. Using it doesn't violate any laws, but it may violate specific bookmaker terms.

Related Terms

• Dutching — The broader betting strategy of splitting stakes across multiple selections
• Each-way — A two-part bet combining win and place wagers
• Place bet — A wager on a selection to finish in one of the first few positions
• Matched betting — Using bookmaker promotions to lock in guaranteed profit
• Arbitrage betting — Exploiting odds differences across bookmakers for guaranteed profit