You’ve looked at several sports betting sites, have closely studied the betting odds and are already counting the guaranteed profit your sports bet will bring.
However, something happens in the lead-up to the game that you think will negatively impact the chances of your original bet coming in. No sports bettors want this to happen but sometimes you have to be realistic and accept that occasionally your wager might lose. However, there is still a way you can reward yourself for the good bet you have made right up until the game starts.
This is where hedging in betting comes in, and it can become a mainstay of your overall betting strategy.
What is a Hedge Bet?
Hedging bets is a strategy in which a bettor will place a second bet on the opposite side of their original bet if they have doubts that the outcome of a wager will be a win.
Even if a punter is still fairly confident a bet wins, they might still choose to hedge a bet just to cover themselves and guarantee they walk away with something. Of course, the win won’t be as big as if you would have just left the original wager to conclude and not done anything else, but it is like a form of insurance to guard against a total loss.
Hedge betting can be a useful thing to include in your approach to sports betting even though betting on different sports isn’t the same. For example, some single games use a point spread while betting on others will just involve a moneyline. Then there is also the option of placing a futures bet which is a long-term wager which also uses a moneyline.
You can choose to hedge a bet against any of these types of bets. It gives you the opportunity to come out of a bet as a winner or at least salvage something so everything is not a complete write-off if you choose. However, you should always remember that if you place a second bet on a hedge, you will be paying to the site’s vig for the second time, so your potential profits won’t be as high.
If you want to work out your possible returns, you can use our free hedge betting calculator.
How do you Hedge a Bet?
The good news is that hedging a bet isn’t complicated, it is just it’s not the first thing you think of when you have bonus bets to use and you are keen to get that on the Kansas City Chiefs to win the Super Bowl placed as soon as possible. Hedging is you trying to protect some sort of profit that was or still might be, possible from an initial wager.
Hedge betting revolves around you placing a second bet against your original wager so you will receive form returns at the end. You can hedge a bet on a futures wager or an individual game. Let’s look at an example of you hedging a futures bet:
Initial Bet: $100 futures bet on the Arizona Cardinals to win the Super Bowl at +6000
Potential Winnings: $6,000 plus stake
Your Hedge Bet: $1,000 bet on the Ravens to win the Super Bowl at +200 when they play the Cardinals in the showpiece event.
In the above scenario, clearly, the best result would be for the Cardinals to pull off an upset which would see you win $6,000. The $1,000 bet on the Ravens is your insurance in case of a loss. Then, the total win would be $5,000 instead of $6,000.
If the hedge bet wins the result is you win $2,000. When everything is all said and done, the $1,000 hedge bet minus the initial $100 bet gives you a final return of $900.
If you didn’t hedge at all and the Ravens win, your stake and the $6,000 is entirely lost. This example proves that hedging a futures wager is still profitable. It protects you from losing everything and while the returns have a low ceiling, it is better than nothing. By choosing to hedge you are admitting the profits won’t be as high as they could be. But the purpose of hedging is to at least give you something.
It all comes down to what type of bettor you are. You might be the type that wants to live or die by your original wager and see placing a second bet as not in the spirit of sports betting. Or, you might be the type that wants at least something to show for your work so you will decide to incorporate hedging into your overall strategy, it is personal preference.
The point is the option is there and you can also use a hedging calculator to see exactly what you stand to make if you hedge a bet.
Top Sportsbooks for Hedged Betting
When Should You Hedge a Bet?
While hedging a bet isn’t complicated, knowing when to hedge a bet can be more tricky. This all depends on the situation, how much money have you bet and will it make a big impact on your life? It also comes down to how much you are willing to take risks and whether you will take the time to make the correct mathematical decision in your hedge betting strategy.
On the mathematical aspect, whenever you make a bet, you should always have confidence that the outcome you are predicting is more likely to happen than what the odds suggest.
For example, if you are placing a bet with -110 odds, you must be confident that it has at least a 52.4% chance of winning. For a +1,000 wager, this turns into a 9.1% chance. Ultimately this is all on a case-by-case basis and there can be circumstances surrounding the event that could change things without getting into the mathematics of it all.
For instance, if your previous bet was very unlikely at the time, and hedging still leaves you with a large amount of money no matter the outcome, then it makes total sense to hedge.
Alternatively, if you just want to throw some money on a futures bet for a bit of fun and the outcome doesn’t affect your bankroll too much, it is more fun and exciting to just let it ride. As always, just consider all of your options before hedging.
