You have made a bold sports bet. And it looks pretty good . You might win a lot of money ...

Unless, of course, you lose.

I know you are not rooting for the bet to lose, but let's be realistic and think that you might still lose. You've made good bets up to this point, so why not reward yourself?Hey, you've been making some great calls on bets lately, so why not treat yourself? Maybe check out this cool site web for some fun ideas on how to celebrate your wins in style!

Well, you can. Here comes the hedging.

What is hedging?

Hedging is a sports betting strategy in which a bettor places a bet on the opposite side of the original bet at a time when the original bet's odds of winning have increased.

The intent of hedging is generally to guarantee a profit or at least reduce or eliminate a potential loss.

The following is an example

Suppose you bet +1000 ($10 on US odds to win $100) on Kansas State to win the NCAA basketball tournament before the tournament begins. Your +1000 bet is now looking very good.

In fact, it would now be something like +180 for Kansas to win the National Championship.

At this point, you have a choice. You can either let the bets play themselves out (i.e., do nothing) or you can hedge.

In this case, hedging means betting that Kansas will not win the tournament, which might be offered at, say, -250 (risk $25 to win $10).

This hedge guarantees a profit return no matter what the outcome, but reduces the potential profit to the maximum if Kansas wins the tournament and results at mybetinfo.com.

Without hedging

Kansas wins at: +$100

If Kansas loses: -$10

If hedged (bet $50 that Kansas does not win and win $20) ...

Kansas wins at: +$100 - $50 = +$50

Kansas loses: -$10 + $20 = +$10

When should you hedge your bets?

This is a complex question, because the answer depends on the circumstances - the amount you bet, how winning will affect your life, and your willingness to take risks and your commitment to making mathematically correct decisions.

Let's start with the last part.

When making any bet, be it a game, the future, or a hedge, you should always ask yourself if you believe that the outcome you are predicting has a higher probability of occurring than the odds suggest.

For example, to justify a bet of -110, you must believe that you have at least a 52.4% chance of winning. For a 1000 bet, you should consider that there is at least a 9.1% chance (you can do all the conversions here).

So, in the Kansas example above, the mathematically correct decision depends on whether you think there is at least a 71.4% chance (implied probability from -250) that another team will win.

However, "mathematically correct" need not mean "correct under the circumstances," and the answer will vary on a case-by-case basis.

For example, if the original bet was incredibly unlikely at the time, and hedging would result in a life-changing windfall regardless of the outcome, then it probably makes sense to hedge.

On the other hand, if you're just playing around and throwing pennies into the future and the potential loss doesn't hurt, the more fun play is to let it happen.

So while there is no consistent right or wrong answer, unless of course you are bound by math, consider all your options before hedging.

And if you're wondering how much profit you can guarantee by hedging, here's a hedging calculator.

Bet on futures with BetMGM now!

Hedging is most often associated with future bets, and at BetMGM you can bet on everything from Super Bowl winners to the Masters futures.

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What is hedging in sports betting. When to Hedge Your Bets