How to hedge a bet
Hedging means betting the other side of a bet you already hold, so you get a result whichever way it goes.
Key points
- $50 at +400, hedged with $166.67 at -200, leaves $33.33 profit either way.
- Hedge stake = original stake x original decimal odds / hedge decimal odds.
- Every hedge pays the book's margin a second time, so a guaranteed result costs some expected value.
On this page
How a hedge works
You hold a bet with a big potential payout, and the other side now has a price you can bet. Betting the right amount on it means both outcomes pay the same.
A $50 futures bet at +400 reaches the final
- Original bet
- $50 at +400
- Hedge
- $166.67 at -200
- If original wins
- +$33.33
- If hedge wins
- +$33.33
Original wins: $200 profit minus the $166.67 hedge. Hedge wins: $83.33 profit minus the $50 original.
How much to bet on the other side
For equal results, size the hedge so both bets return the same amount: hedge stake = original stake x original decimal odds / hedge decimal odds. With $50 at +400 (5.00) and a hedge at -200 (1.50): $50 x 5.00 / 1.50 = $166.67.
You don't have to hedge for equal results. A smaller hedge keeps more of the upside and guarantees less. A larger one shifts profit to the hedge side and also guarantees less than the equal hedge, which locks in the most.
| Hedge stake | If original wins | If hedge wins |
|---|---|---|
| $0 | +$200.00 | -$50.00 |
| $100 | +$100.00 | $0.00 |
| $166.67 | +$33.33 | +$33.33 |
What a hedge costs
The hedge price includes the book's margin, so a hedge has negative expected value on its own. You're paying to remove risk. Whether that's worth it depends on how much the swing matters to you, not on a formula.
Compare the hedge with any cash-out offer on the original bet. A cash-out is a price too; if hedging at the best available price guarantees more than the cash-out, the hedge is the better deal. Line shopping the hedge price helps.
When hedging makes sense
- A futures bet reaches the final with a large payout at stake.
- The last leg of a parlay is still to play.
- The amount at stake is now big compared with your bankroll.
Hedging can protect a result; it can't fix a bet you couldn't afford. Only bet what you can afford to lose, and if betting stops being fun, call 1-800-MY-RESET.
Frequently asked questions
What does it mean to hedge a bet?
To bet the other side of a bet you already have, so you win something (or lose less) whichever way it goes.
How much should I hedge?
For equal results, original stake x original decimal odds / hedge decimal odds. Our hedge calculator does it for you.
Is hedging a good idea?
It costs some expected value, because the hedge carries the book's margin. It's worth it when removing the risk matters more to you than the extra upside.
Is cash-out the same as hedging?
Close. Cash-out is the book's own price to settle your bet early. Compare it with what a hedge at the best available price would guarantee.
21+ only. Sportsbook offers and availability vary by location. Gambling problem? Call 1-800-MY-RESET.