Betting Strategy Guide
Hedge Betting Explained
Key takeaways
- Hedging means betting the other side of an open bet, often a futures ticket or the last leg of a parlay, to reduce how much the final result swings your outcome.
- A $50 futures bet at +2000, hedged with $420 on the opponent at +150 in the final, leaves a $580 profit whichever team wins, instead of $1,000 or a $50 loss.
- Hedging trades the full payout for a smaller return whatever the result, and because the hedge carries vig it reduces swings rather than adding value.
Hedging means betting the other side of a bet you already have open, giving up part of the potential payout to secure a smaller return whatever the result. Bettors most often hedge futures tickets and parlays that are one result away from paying.
How a hedge works
Your open bet and the hedge cover opposite outcomes, so whichever way the game goes, one of them pays. You choose the size: a full hedge evens out your result across outcomes, while a partial hedge keeps more upside and less protection. The hedge is a new bet at the current odds, with its own vig.
Worked example: a futures ticket
Before the season you bet $50 on a team to win the championship at +2000. If it wins, the ticket returns $1,050: $1,000 profit plus your stake. The team reaches the final, where the opponent is +150. Your net result, with the $50 already counted:
| Final result | No hedge | $200 on opponent | $420 on opponent |
|---|---|---|---|
| Your team wins | +$1,000 | +$800 | +$580 |
| Opponent wins | -$50 | +$250 | +$580 |
At +150, $200 wins $300 and $420 wins $630. The $420 hedge evens out both results: divide the ticket's $1,050 return by the hedge's decimal odds, 2.50. See odds formats for the conversion.
The trade-off
A hedge gives up the chance of the full payout to secure a smaller return whatever the result. In the example, the full hedge gives up $420 of the $1,000 to turn a possible $50 loss into a $580 profit. Because the hedge carries the sportsbook's vig, hedging usually costs a little on average; it reduces swings rather than adding value. Whether that is worth it depends on how large the payout is next to your bankroll.
Hedging parlays and open bets
With a parlay, the moment to hedge is before the last leg: you bet the other side of that leg, sized against what the parlay would return. You can also hedge a pre-game bet once the game is under way, or, if the line has moved, take the other side at a different number and leave room for a middle.
Things to consider
- A full hedge can cost more than the original bet; make sure it fits your budget.
- The hedge price can move before you place it, which changes the return you can secure.
- Where a sportsbook offers to cash out a bet, compare that amount with what a hedge at the current odds would leave you.
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Frequently Asked Questions
What does it mean to hedge a bet?
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Placing a bet on the opposite outcome of a bet you already have, giving up part of the potential payout to secure a smaller return whatever the result.
How much should I bet to hedge?
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To even out the result, divide the open ticket's potential return by the hedge's decimal odds: $1,050 ÷ 2.50 = $420. A smaller hedge keeps more upside and less protection.
Is hedging a bet a good idea?
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It depends on your goals and your bankroll. Hedging reduces swings, but the hedge carries vig, so on average it costs a little rather than adding value.
What is the difference between hedging and cashing out?
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A hedge is a new bet you place on the other side at the current odds. A cash-out, where a sportsbook offers one, closes your bet at a price the sportsbook sets, so it is worth comparing the two.
