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Hedge Bet Calculator

Enter your bet and the current odds on the other side to see how much to stake to lock in a result either way. Hedge in full or in part, at a bookmaker, an exchange or on Polymarket, or work out how many Polymarket shares to sell.

$
Hedge stake
$312.50
Full hedge stake
$312.50
If your bet wins
$87.50
If the hedge wins
$87.50

A full hedge locks in the same result either way.

Full hedge stake = stake × odds taken ÷ hedge odds, adjusted for commission so both results are equal. With commission c on the hedge: stake × odds ÷ (1 + (hedge odds − 1) × (1 − c)). A Polymarket hedge buys shares of the other side; its odds are 1 ÷ (price + fee per share), where fee per share = feeRate × price × (1 − price).

How to Use the Hedge Calculator

Sportsbook bet:

  1. Enter your original stake and the odds you took.
  2. Choose where you’ll hedge. For a bookmaker or betting exchange, enter the current odds on the other side and the exchange’s commission (0 for a bookmaker). For Polymarket, enter the price of the other side and the market’s fee.
  3. Move the hedge size slider. 100% is a full hedge: the same result whichever side wins.

Polymarket position:

  1. Enter the shares you hold, the average price you paid and the current best bid.
  2. Choose a market order (instant, taker fee) or a limit order (no fee, waits for a buyer).
  3. Move the slider to sell part of the position.

The Hedge Formula

A full hedge makes both outcomes pay the same:

Hedge stake = stake × odds taken ÷ hedge odds

Example. You bet $100 at 5.00 on a team to win the league. Late in the season they’re favourites and the other side is 1.60. A full hedge is $100 × 5.00 ÷ 1.60 = $312.50:

  • Your team wins: $400 profit − $312.50 hedge = $87.50
  • They don’t: $312.50 × 0.60 − $100 = $87.50

On an exchange the hedge’s winnings pay commission, so the full hedge is slightly bigger: stake × odds ÷ (1 + (hedge odds − 1) × (1 − commission)). At 5% commission it’s $318.47, and the locked-in profit falls to $81.53.

Full Hedge or Partial Hedge

A full hedge is not always the right call. If you still think your pick is underpriced, hedging all of it locks in a small sure profit and throws away the edge you bet on. A partial hedge is a middle path: hedge enough to cover your stake, or a share of your profit, and leave the rest riding. The slider shows both results as you change the size.

Hedging on Polymarket

On Polymarket, hedging a position is selling it. With 500 shares bought at $0.35 ($175) and a best bid of $0.80:

  • Sell all with a market order: 500 × $0.80 = $400, minus a taker fee of 500 × 0.05 × 0.80 × 0.20 = $4, so you receive $396 and lock in $221.
  • Sell all with a limit order at $0.80: no fee, $225 locked in, if a buyer fills it.
  • Sell half: you lock in $23 even if your outcome loses, and make $273 if it wins.

Buying the opposite side and merging each Yes/No pair back into $1 gives the same result as selling. Whichever you do, check the spread first: selling into a wide gap between bid and offer, or paying the taker fee when a limit order would fill, eats into what you lock in. The hedging guide covers when to hedge and how much.

Frequently Asked Questions

How do you calculate a hedge bet?
For a hedge that pays the same either way, stake = original stake × odds taken ÷ hedge odds. A $100 bet at 5.00 hedged at 1.60 needs $312.50 on the other side, which locks in $87.50 whichever side wins. If the hedge is on an exchange that charges commission, the stake is a little higher; the calculator adjusts for it.
What is a partial hedge?
A partial hedge stakes only part of the full hedge amount. You lock in less certainty but keep more upside on your original bet. At 50% of a full hedge, for example, you might guarantee you don't lose money while keeping a much bigger win if your original pick comes in.
Is hedging a bet worth it?
It depends on price. A hedge at fair odds costs you nothing in expectation; a hedge at a bookmaker's odds pays its margin on the hedge stake. Hedging on an exchange or Polymarket, where the margin is a small fee or commission, is usually the cheapest way to lock in a result.
How do you hedge on Polymarket?
Sell some or all of your shares at the current bid. Buying the other side and merging each Yes and No pair back into $1 gives the same result. Selling with a market order pays a small taker fee; a limit order that rests on the book pays none.
Is hedging the same as cashing out?
They lock in a similar result, but cash out is priced by the bookmaker, usually well below the bet's fair value. A hedge at a good price on the other side, or a sale on an exchange, normally locks in more.