Hedging a bet is essentially an insurance plan. Here's the proper way to hedge and guarantee yourself profit on a wager.
How to hedge your bet
For example, if a bettor has a $100 futures ticket on the Tampa Bay Buccaneers to win the Super Bowl LV at 60/1. That ticket could be worth $6,000 if Tampa Bay wins or nothing if they do not.
One way for the Buccaneers bettor to go would be to wager half of their potential winnings ($3,000 in this case) on Kansas City to win on the moneyline. The Chiefs were around -165 to win outright which means our bettor is looking at only a $1,818 profit in this scenario, but it’s much better than the alternative if the Chiefs won.
Some people will argue letting it ride is gambling in a truer sense. Go big or go home. A hedge bet is not for those types of people.
As for the $100 Kansas City bettor who took the Chiefs at the 7/1 opening odds, the hedge actually works out better due to the fact they can toss half of their possible winnings ($350) on the Bucs' moneyline at +145 (winning $435) or aim to just get their original wager back with a $69 bet on Tampa Bay to win outright.
