Hedging a bet is simply the act of placing another bet to counteract your initial wager. This means that whether your initial bet wins or loses, you still win money on your hedge bet. It’s important to note that hedging bets isn’t always profitable, and it certainly doesn’t guarantee a win (because there are no sure things in sports betting or life), but if done correctly and used as part of a solid betting strategy, it can be an effective way to make consistent profits.
What is Hedging a Bet
In the context of sports betting, hedging usually refers to the act of making a second bet that is designed to offset any losses made on your first bet. Hedging can also be used in cases where you have a strong feeling about one side of a matchup, but are unsure about how strongly you feel about it.
For example, let’s say you think the Los Angeles Lakers have a good chance to win their matchup with the Boston Celtics, but you’re not sure if they’ll cover the spread. In this case, you could hedge your bet by wagering on the Lakers to win, while also betting on them to not cover the spread.
When Should You Hedge A Bet?
There is no simple answer to this question, as hedging a bet should be done on a case-by-case scenario. However, there are a few general guidelines that can help you decide if hedging is the right move for you.
When To Hedge A Bet
Of course, there are also times when hedging is not the right move, such as if you’re fairly certain that your pick will win by enough points to cover the spread.
Hedging can be a useful tool for sports bettors to add an extra layer of protection to their bets. Understanding how it works and how and when to use it properly can help make you a better sports bettor in the long run.
How Do You Hedge A Spread Bet?
To hedge a spread bet, you simply make an equal wager on the underdog team. This means that whether or not your favorite team covers the point spread, you’ll win money on your hedge bet.
To give a practical example of what it means to hedge a bet, let’s look at a matchup between the Chicago Bears and Minnesota Vikings. If you think the Bears will lose by less than seven (7) points, you could hedge your bet by betting on them to lose, but also betting on them to not cover the spread. This would ensure that you win money whether the Bears lost by six (6) points or 10 points.
How To Hedge A Parlay
Hedging a parlay bet is a bit more complicated than hedging a spread bet, but the basic concept is the same. To hedge a parlay, you need to make an additional wager on each leg of the parlay that will ensure you profit regardless of the outcome.
For example, let’s say you have a six-team parlay that pays out 10-1 odds if it wins. To hedge this bet, you would need to make an additional wager on each of the six teams. So, if you placed a $10 wager on the parlay, you would then need to place an additional $10 wager on each of the six teams for a total of $60.
Potential Profit
If any of the teams in your parlay lose, you would still win $10 on each of your hedge bets, for a total profit of $60. If you’re looking to hedge a parlay bet, it’s important to make sure that the additional wagers you place are at the same betting lines as the original parlay. This will ensure that you come out ahead regardless of the outcome.
Hedging Soccer Bets
Soccer is one of the most popular sports for hedging bets, and there are a couple of different ways that you can go about it. The first way to hedge soccer bets is by betting on both teams in a given matchup. For example, let’s say you think Manchester City will beat Chelsea 3-1 and you also think Chelsea will score at least once.
In this case, you could place a wager on Manchester City -1 and OVER 2.5 goals (+100), and then place another bet on Chelsea +1 and UNDER 2.5 goals (-120). If either team wins or scores more than two goals, you’ll win money on both bets.
The second way to hedge soccer bets is by wagering on the draw. This can be a bit riskier, as you’re essentially betting that the game will end in a tie. However, if you have a strong feeling that a game is going to end in a draw, hedging your bet this way can be a smart move.
Is It Legal To Hedge Bets?
There is no one-size-fits-all answer to this question, as the legality of hedging will depend on the specific laws in your jurisdiction. However, in most cases, hedging is legal and can be a great way to protect your profits.
Is It Smart To Hedge A Bet?
As we discussed earlier, hedging is a great way to protect your bets and guarantee that you win money regardless of the outcome of the game. It can also help limit losses if you’re fairly confident in how a given matchup is going to end up. However, there are several reasons why it might not be smart to hedge a bet.
Reasons Not To Hedge A Bet
In general, hedging a bet is a smart move if you’re reasonably confident in how a game will play out. However, there are always risks involved, so make sure you weigh all of the pros and cons before placing any hedge bets.
What Is Arbitrage Betting?
Arbitrage betting is a popular sports betting strategy and can be used to make money whether the favored team wins or not. Let’s say you place a wager on the New York Yankees (who are heavily favored) and the Boston Red Sox (who are considered the underdog). If the price on the Bronx Bombers doesn’t change before the MLB game starts, then there must be another “equal” bet available at a better price.
This means that if you simply switch your bet from New York Yankees to Boston Red Sox, then you will get more bang for your buck (double the odds), without taking extra risk. It seems like arbitrage bettors win either way. But how is this possible? How can you bet on both teams at the same time and be guaranteed to win money no matter how the game goes?
How To Hedge Arbitrage Bets
Well, if New York loses, it means your original bet was correct. You lose your bet on the BoSox, but you’re still ahead in terms of betting profits with a twofold return. If they win, then your bet with Beantown wins as well. Since arbitrage bets are a bonus, they have become extremely popular in recent years with professional sports bettors looking for an edge against online bookmakers.
However, there is one key element to keep in mind when it comes to arbitrage betting. The odds must stay the same at all times during a match for the arbitrage bettor to win. If the odds change, then one of your bets will become a losing bet and you might not be able to recover your money by betting on the second team.
Always weigh the risks associated with arbitrage bets before placing them. The potential risk is always much bigger than the reward (unless things go as planned). If you believe that New York is going to beat Boston but want to hedge your wager, make sure you compare all available odds and find an optimal betting strategy for getting the best return possible.