Hedging your bet can net you a profit. But only when used correctly.

Key Points

• Hedging a bet is a solid betting strategy that can often guarantee a win for a bettor.

• There are a number of situations when hedging a bet makes sense.

You laid down a pretty solid sports bet, one you are extremely confident in. Then, all of a sudden, you’re not so confident in that bet anymore. 

If only there was a way you could protect yourself. Well, there actually is. It’s called hedging and it’s a strategy often used by bettors to guarantee a profit or, at the very least, limit the amount of a potential loss. 

Here’s how hedging your bet works.

Hedging a Bet Explained

In its simplest terms, hedging a bet is when a bettor places a second bet on the other side of his original bet. The bettor may be unsure that the original bet is going to win or simply wants to guarantee walking away a winner.

An example can help to better understand the hedging strategy. Let’s say you bet on Duke to win the NCAA tournament at +1000 early in the season. When the Final Four rolls around, the Blue Devils are still in it.

It can be as simple as getting a better betting line as you get closer to the opening whistle. That’s the advantage of using multiple online sportsbooks.

You can let that bet ride and hope Duke wins or you could hedge that bet with a wager on Duke to NOT win the tournament. Let’s say you can find that bet at -250 odds. You can place a wager on this side of the bet to guarantee a win.

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Let’s say you put $10 on Duke to win it all early. If you do not hedge and the Blue Devils win, you win $100. If Duke loses, you’re out your $10.

Now, if you hedge the bet, you will win either way though your winnings won’t be the full $100. We’ll say you bet $50 on Duke not to win.

If the Blue Devils do win, you still win $50 ($100 - $50).

If Duke loses, you still win.

Your bet on the Blue Devils to lose pays out $20 at your local bookie. Then you lose your initial bet of $10 leaving you with a profit of $10.

Hedging Your Bet Strategies

Hedging your bet was typically only used with futures bets, but now that the sports betting landscape is changing bettors are changing the ways in which they use hedging strategies.

The rise of live betting, for example, now allows bettors to hedge a bet that looks like it might lose. Before live betting, bettors would have to wait until the middle of a game to place a halftime wager. The advantages of live betting run deep. However, hedging an earlier bet live can help your bottom dollar.

Bettors will also use the hedge as a strategy with parlay bets. Bettors will place a hedge bet on the final game of a multi-let parlay to guarantee a positive result. Sometimes, a hedge is used to lose less than a bettor’s entire stake. Losing less is better than losing it all. 

Hedging a bet is a useful tool for any sports bettor. Do your homework though and make sure the hedge bet makes sense before placing it.

Our last article was just before the Rams big Championship win. Take a look at Super Bowl betting options.

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