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Hedging calculator: hedge bets and green up Betfair trades
A hedge bet is a second bet the other way that locks in a result whatever happens. For example, if you back £10 at 5.0 and the price falls to 3.0, laying £16.78 at an exchange locks in £6.44 profit after 2% commission. This hedge bet calculator works out the stake for you.
How to use the hedging calculator for bookmaker bets and Betfair trades
Choose where your first bet is. For a bookmaker bet, the calculator works out the lay stake at an exchange. For a Betfair trade, it works as a green up calculator, with commission taken off your net profit on the market.
Enter the stake and odds of your first bet, the price you can get now and your exchange commission. The two result boxes show what you end up with if your selection wins and if it loses. With the right stake they match.
Hedging a £10 ante-post bet at 5 lay prices
Ante-post bets are placed days or weeks before an event, often at bigger prices than you'll see on the day. If your horse shortens, you can lay it at an exchange and keep some profit whatever happens.
| Lay odds now | Lay stake | Liability | Profit either way |
|---|---|---|---|
| 2.0 | £25.25 | £25.25 | £14.75 |
| 3.0 | £16.78 | £33.56 | £6.44 |
| 4.0 | £12.56 | £37.69 | £2.31 |
| 5.0 | £10.04 | £40.16 | -£0.16 |
| 6.0 | £8.36 | £41.81 | -£1.81 |
If the price hasn't moved, hedging at 5.0 costs you £0.16 in commission. If it has drifted, hedging limits your loss instead of locking in a profit.
Hedging an accumulator before the last leg
Say a £5 acca has four legs and three have won. The bet now pays £100 if the last leg wins, so it's like a £5 bet at 20.0. Lay the last leg at 2.5 for £40.32, a £60.48 liability, and you keep £34.52 whatever happens.
Compare that with the bookmaker's cash out offer. Cash out prices usually include a margin, so laying at an exchange often leaves you more.
When hedging is worth giving up value
Hedging doesn't add value. If the price you took was good, hedging gives some of that value back, plus commission. It's worth doing when the swing would hurt, for example a big ante-post win you can't afford to lose, or when you're trading and the plan was always to exit.
Related calculators
Lay bet calculatorMatched betting calculatorAcca calculator
Read the guide: Betfair trading explained: back to lay, lay the draw and greening upRead →Questions people ask
What is a hedge bet?
A hedge bet is a bet on the opposite outcome to one you've already placed, sized so you win or lose the same amount whatever happens.
How do I work out a hedge bet?
For a bookmaker bet laid at an exchange, the lay stake is the back stake times the back odds, divided by the lay odds minus the commission as a decimal (0.02 for 2%). When you green up a trade on one exchange, commission comes off your net profit instead, so it's the back stake times the back odds divided by the lay odds. The hedging calculator does both.
Is hedging the same as greening up?
Greening up is one kind of hedging. It's the Betfair trading term for a hedge that leaves the same profit on every outcome.
Is hedging better than cash out?
Often, yes. Cash out offers usually include a margin. Laying at an exchange usually leaves more, as long as there's enough money at the price you want.