The term “hedging your bet” has been in the vernacular for many years. But many people don’t know what this term actually means in sports betting terms.
Hedging your bet simply means making a bet against a potentially high payout ticket in order that you guarantee a payout of some sort. A perfect example is the bet that was most recently featured in sports betting news where a gentlemen had a futures championship ticket for the St. Louis Blues at 250-1 odds that he bought at the start of the season. He put $400 on it to win $100,000. A good hedge would be if at the start of the NHL finals he places a sizable wager on the Bruins to win. This would insure that he would make money no matter what the outcome.
The guy is a die hard Blues fan so he let the ticket ride and it paid off for him. Usually people with a strong affinity to the team they bet will not hedge. They are usually in an “all-or-nothing” mindset.
That ticket is now worth $100,400. 👀 pic.twitter.com/1ePEvUUGDv
— NBCSN (@NBCSN) June 13, 2019
image courtesy NBCsports.com